Let’s start off by establishing something; granny flats are no longer just for your granny. They can be teenage flats, adult children flats, home offices or just about anything. So how can a granny flat add value to your home, read on to find out.
1. Dual occupancy. A granny flat is generally detached from the main dwelling (main house). This makes it perfect for a dual occupancy. This basically means that you can live in the main house and rent out the granny flat to an outside tenant. Depending on location and size you could earn anywhere between two and four hundred dollars a week on rent from granny flats. As the flats are usually fully self-contained it is an easy way to add to your regular income. It is however, not for everyone. Some homeowners may not like the lost privacy.
2. Home office space. For those that may not like the idea of renting to tenants a home office is another way that granny flats can add value. Professionals such as hairdressers, massager therapists, chiropractors or counsellors could use the space as an office. This is a great option as the practitioner is not required to find a room to run their practice from and it not required to pay weekly rent. The flat is also separate from the main house so there remains an element of work and home separation.
3. Can increase seeling price. The addition of a granny flat can often mean that it is acceptable to ask a little more when selling than just a single dwelling. When people are looking to buy houses they can see the potential investment and the potential income (see previous two points) and are more than happy to fork out a little bit of extra cash. A granny flat becomes an asset, like a swimming pool or large garage, so it is hard to over capitalise for homeowners. In most cases when selling, you will earn money on the investment made by installing a granny flat. For more information about this article, you can ask the experts in this weblink regarding this topic.
4. Cheap to install. A high range granny flat can cost around $60,000 which when you think about renovations to homes, doesn’t go that far. So putting a granny flat in can be a great way to maximise the value of your home without spending too much cash. For about the same price a new kitchen you can earn money back on the investment. For example a $60,000 granny flat generally can be rented at a price of $240 per week. This means that in less than one year you will be making profit on the granny flat (it will have essentially paid for itself). And, that is something a kitchen renovation can’t do and something that people looking to buy houses understand and are willing to pay a little extra for.