There’s a big reason granny flats have become immensely popular in places like Sydney, Newcastle, and Central Coast. They offer excellent value. Inexpensive to build yet versatile in how they can be used, small homes are shifting the property market in Australia as more people seek out the practical benefits of granny flats. Here’s a look at all the reasons you may want to build a granny flat yourself.
Why build a granny flat? While your original intention may be to provide an additional living space for your parents or in-laws, a lot of granny flat owners today are using their investment as a source of passive income.
You don’t even have to make a long-term commitment to renting out your unit to make extra money. With the surge of short-term rentals through platforms such as Airbnb, you can potentially earn extra money by listing your granny flat as a short-term option for people on holiday or who are visiting your city.
You can then use your rental income to work towards your unique financial goals such as increasing your retirement savings or investing in more property. The sky’s the limit when you start out with something as cost-effective as granny flats.
With a granny flat, your elderly loved ones can age-in-place. They get all the benefits of independent living, plus the security and peace of mind of living right next to family members who can care for them. What you may not realise until you look at the numbers is that building a small home may cost less than most nursing homes and retirement communities.
Another reason why you should build a granny flat is the range of design possibilities. Green and eco-friendly, modern and luxurious, spacious and functional – whatever you want, an expert team of granny flat builders can make it happen. You can pick and choose materials, energy systems, security, smart technology options, and other quality inclusions. Because you’re starting from the ground up, you decide what you want the home to have, rather than having to settle for what an already-built property already has if you were buying an existing investment property.
Building a granny flat can give your overall property an attractive facelift. A stylish small home adds a sense of warmth and luxury. You can also redesign your landscaping and add outdoor features such as a pool or new decking at the same time and really transform your living space.
Another compelling reason is the space you’ll have. When you aren’t using your granny flat to house elderly parents or as a rental, you’ll have an entire home suite with bedrooms, baths, living space, and a modern kitchen to access whenever you want. Granny flats are perfect for older children who want more independence but aren’t ready to move into a place of their own. You can also use the extra space for a home office, extra storage, or as a guest house.
There are so many good reasons to build. And, as a well-designed granny flat will instantly add value to your property, you’re likely to gain just as much as you spend, if not way more. Plus, you and your family will have the option to enjoy all that extra space for years.
Wondering what to include in your granny flat? Make an appointment to view our display home and get ready to be inspired.