Granny flats over the last decade have exploded with popularity. These relatively small kit homes might not look like much at first glance, but if constructed well and smartly they can become quite useful and be hugely aesthetically pleasing. They can bring a lot of benefits to the owner, as well as anyone that might be renting them, especially with the current trends in the Australian housing market. It is however important to note here that renting opportunities for these properties vary depending on your location, as individual states vary on their rules in this area.
Sometimes the family needs to have extra room but there’s not enough space to all be under the same roof. Instead of splitting the family up by pushing individuals to move out or having another live in a second costly home, the family can construct a much more affordable granny flat. Of course, price isn’t everything but with granny flats offering many of the same amenities of a regular house simply scaled down, it’s no wonder that they’ve become so popular. Allowing for extra room and privacy, all while living on the same property.
- Affordable for renters
A lot of people tend to move to different places for different reasons, like work or studying. Instead of opting to rent a house or an apartment, which can be absurdly expensive in Australia, renting a granny flat is an ideal choice. Many renters have opted out of shared living after wanting their own place, however with the crazy cost of putting a deposit down on a house or apartment, many are now focused on granny flats for their housing needs.
- Extra income
With renters looking for cost-effective places to live, it is only logical that granny flats offer the opportunity for home owners to earn extra income from renting. Since they are relatively cheap to construct, owners will be able to see a return on their investment much sooner than with a house or an apartment. On top of that, as the granny flat is constructed on the property itself, the owner will be able to keep an eye on the property and make sure that it isn’t being misused by the tenant.
- Adds value to the property
For such an affordable investment, kit homes easily add real value to any property. That’s because its uses are multifold. They can be easily customized to suit a variety of options including living area, storage space or even a man-cave. Alternatively, if a portable granny flat has been constructed and the owner prefers to get rid of it then it can be easily removed, compared to a permanent structure.
- Professional use
As touched upon previously not all portable granny flats are created purely for living purposes. Since they’re so compact and easy to construct, you can use them for things like an office or a hobby shop. Instead of paying absurd rates somewhere else, you can set it up to be your personal office and work from home. Allowing for a separate professional space away from the distractions of home, while only being just a few steps from your own front door.
Granny flats are an amazing investment. They have a lot of uses and are relatively easy to construct in terms of both speed and cost. But once again it is important to take note of your location and the various regulations and laws surrounding granny flats to make sure you reap the benefits of such a property, while avoiding any unwarranted surprises.