Why are granny flats gaining so much popularity these days? Owners and investors alike are making granny flats a priority to make money off of their existing properties. What is the secret strategy that makes it a great investment?
Money and Space
As Australia’s population grows, the residential spaces around major cities continue to shrink. Building a granny flat can maximise your space and give your parents or grandparents a place to call their own. it’s practically a win-win situation. Investors can also make these granny flats available for tenants as cost of living keeps on rising.
Granny Flat Guidelines
Granny flats are secondary dwellings that you can add on your main property. It is self-contained with a separate entrance, bathroom, bedroom, kitchen, and living area. In Australia, you can build only one granny flat per residential property. The owner of the primary dwelling should also own the granny flat. Also, the living space should be no more than 60m², but you can add verandas, patios, or carports to the living area.
Adding Value to Your Property
Don’t get caught up in the hype of granny flats. You still need to handle it correctly and intelligently to make the most out of it. Ideally, you should build the flat on the same block as your place of residence. This will make your property rise in value and will generate additional income, too.
Do Your Homework
Analysing your situation and location is important to know how much you’ll make out of a granny flat. Contact your local council to find out your limitations and restrictions. Talk to real estate agents in your area to know if the demand is high for granny flats. Check the prices of other granny flats in your area to get an idea about costing.
If you want to invest on granny flats, make sure you’re up for it and you plan accordingly. It’s a growing trend, so keep up with the competition to make it work.