There are a few advantages if you’re thinking of building a granny flat. They’re a great option for older children and extended families. They also make a nice place to accommodate guests. They can even be a good way to increase the value of your home.
It increases the value of your home
If you’re looking for a way to increase the value of your home, you may want to consider adding granny flats SA. They’re a great way to accommodate an aging parent or other family member and can also be used as a rental property.
A granny flat is an accessory dwelling unit (ADU) on the same property as the main house. These are often designed as additional family bedrooms, but many use them as guest accommodations.
Although these units have been around for decades, they’re now becoming more commonplace. With the cost of housing skyrocketing and the increasing cost of elder care, a well-designed ADU can be a smart move for any homeowner.
Getting a granny flat built can be a relatively simple process. But you’ll need to decide how much money you want to spend and ensure you have enough lending capacity. Unless you’re a real estate pro, you’ll likely need a broker to help determine your borrowing capacity.
If you’re unfamiliar with the term “granny flat,” you may think of the mother-in-law suite. These two-story units are generally sized to fit on a multi-family home’s second or third floor. Typically, they’re used by families with children or elderly relatives.
Putting one of these structures on your property can increase the value of your home by as much as 50 percent. While the exact amount you’ll see is up for debate, the benefits are clear. You’ll have an extra living space, and you’ll also have the convenience of a nanny or housekeeper.
In addition to increased property values, you’ll be able to reap the rewards of positive gearing and extra claimable on your depreciation schedule. As long as you follow the right rules and laws, you’ll find that investing in a granny flat can be a smart financial decision.
Aside from the usual approaches, you can also look into value-adding strategies like using unused basements or a studio for extended family. While these might not produce a large return on your investment, they are an excellent way to generate cash flow.
It can be a space to house guests
When a couple of ages and have children, a mother-in-law’s apartment or granny flat can help them with their health and childcare needs. These units can also be rented out for extra income. Rentals are available through sites such as Airbnb and VRBO.
These units are often built as a single unit to add value to a home. They may have a kitchen, bathroom, and separate entrance. Depending on the location, it can be built as a stand-alone unit or attached to the primary house.
These units are an excellent investment. They can pay off in years to come, and they can increase the value of a home by as much as 51%.
If you are thinking about building a granny flat, you will need to check local laws to ensure that it is legal. Some cities have strict regulations about granny flats, and some homeowners associations may also prohibit them. A good contractor can help you with all the necessary paperwork and permits.
You can use an empty garage or unused backyard for your granny flat. You can rent it out for short or long-term periods to earn extra income. Guests can enjoy the privacy of a separate living space while you relax in your main house.
If you don’t plan to rent your granny flat, consider turning it into an office. It can give you a private place to work or to store your supplies. Creating a functional office space out of a rarely used garage can be much less expensive than building a new unit.
A granny flat can be a great way to bring families together. Many use these units for multiple purposes, such as a home office, hobby room, or guesthouse.
If you decide to build a granny flat, hire a reputable contractor. If you rent it out, you’ll need to pay extra insurance for any damages. Some insurance providers will not cover the cost of an ADU.
To generate a monthly income from your granny flat, you should consider renting it out to a long-term tenant. You can also turn it into a pool house, with changing rooms, storage areas, and chemicals.
Adding a granny flat to your home can also give you the freedom to age. It can be especially beneficial for older parents. Not only can it keep them in your home, but it can make them feel more at home.