10 reasons to build a Granny Flat
The Granny Flat concept has really seen a resurgence in interest – and you may be wondering why! The fact is there is a long list of reasons why building a granny flat can be the right decision – for families, investors, the retired, the creative or the home business owner!
Below are our top ten reasons why so many people are choosing to build a granny flat.
1. Return on Investment of 10-20%
If you chose to rent your granny flat out – or live in your granny flat and rent the larger home, it has been found that yields can be achieved of up to 20 per cent!
2. No Council approval
Anyone who has ever had to gain approval of a DA understands that this can often be a long process. The fact that granny flats – if they meet requirements – do not require approvals can speed up your timeline by a few months.
3. Tax Depreciation benefits
Building a granny flat as an investment is a sound choice because you can create an extra income with a very small initial outlay.
4. Senior Family Member Accommodation (traditional use)
As the name suggests, granny flats were originally a concept to allow older generations to be close to their family, whilst still maintain their day-to-day independence.
5. Home base for Grey Nomads
If you’ve always wanted to travel, but would be loath to sell your family home, renting it out, whilst living in your newly built granny flat (on your trips home) can be a great way to free up some money whilst still retaining all those memories.
6. Home Office
If you work from home, the freedom of having a separate work space can be a luxury that you think is out of reach. However the development of a granny flat is a low cost solution to your needs.
7. Art Studio
Those with an artistic flair can use a granny flat space to easily store their supplies as well as be able to work in peace.
8. Teenage Retreat
A granny flat can be a great way to give teenagers the space they crave, still within the confines of parental control.
9. Alternative to home extension – additional space
If you’ve been thinking of renovating, a granny flat is an excellent alternative as it provides much more flexibility in the use of the space (as many of the above points demonstrate).
10. Own a large block, but not big enough to subdivide.
If you would like the make the most of your space, a granny flat is a small investment choice, which has the possibility of high yields and another source of income.
We’ve only discussed our ten top reasons to build a granny flat in short, so stay tuned to our blog for more in-depth information as to why a granny flat is a great alternative!
And if you’d like to know more about starting a granny flat build yourself, please click here.