5 Benefits of Building Granny Flats
If you are considering an extension to your current house or looking for means to increase the value of your property, you must have considered building granny flats. So by contacting your granny flat builder, you can check out the different designs, sizes, and style options that meet your needs. Moreover, it can be the most versatile way of adding extra space to the home that you can use in several ways. Find out more about home builders by visiting Carlisle Homes
So, there are numerous reasons why a granny flat can be an excellent investment choice. And if you are still in doubt, check the following benefits:
- Source of Extra Income
Granny flats can be a great source of passive income for individuals. A granny flat builder can help you design a modern and well-built flat with premium inclusions, instantly attracting prospective renters. As such, you can have a myriad of options ranging from four-bedroom flats to studios.
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You don’t even have to make a long-term commitment for some extra cash. With the popularity of short-term rental platforms, you can list the flat for shorter terms and enjoy the benefits.
Hence, when investing in a well-constructed granny flat, you increase property value, attract tenants and boost your income.
- Affordable Accommodation for the Elderly
With the increasing accommodation costs for the elderly, granny flats provide a much more affordable alternative to retirement communities or aged care facilities. Moreover, these flats can help them enjoy the benefits of independent living with the peace of mind of family members living next to them. You can also make special inclusions or use custom designs to ensure wheelchair accessibility and meet other special needs.
- Scope for Customisation
Granny flats provide several options for customisation, giving you the scope to experiment with the latest designs. As such, you can have any preference, from luxurious and modern, functional and spacious, to eco-friendly and green designs. Hence, an expert granny flat builder can build anything you ask for.
You can also choose energy systems, intelligent technology options, materials, and other inclusions. Since starting from scratch, you can have anything you want, which would otherwise not be possible in an already built property.
- Increased Property Value
When you add a second house to your property, you can increase the property’s value by 25 per cent. Moreover, granny flats have minimal ongoing running costs compared to single-dwelling investment properties.
You only have to take care of the mortgage payment and maintenance costs. Also, if you are the property owner, you don’t have to worry about conveyancing costs or stamp duty. And the rates of land tax payment remain unchanged. Therefore, building a granny flat can be a smarter investment choice than any stand-alone investment property.
- Access to Extra Space
Extra space can have so many benefits if you want to have your friends over or accommodate your extended family for a couple of days. Also, the house could help your older children to have some space of their own.
The housing prices and the cost of living are rising at an unprecedented rate, so it might be difficult for young people to save up and get a footing in the property market. But with granny flats, they can save for the mortgage deposit and move out when the time is right. And if you don’t have the concerns of young adults, you can use the extra space for your office work or storage.
A Granny flat can give your property an impressive makeover; a small yet stylish home can serve different purposes and provide a sense of luxury and warmth. Also, you can take the liberty to add outdoor features and redesign landscaping to give it any look you want.