A granny flat is defined as “a small, self-contained dwelling on the grounds of a larger house for an elderly relative or family member.” The idea behind this type of investment is that it provides a way to earn revenue from your property and also provide a home for your loved ones.
There are many advantages to building a granny flat including reducing living costs, being able to stay in the same neighbourhood, and having somebody nearby who can help with household tasks such as gardening and cooking.
In Australia there has been an increase in demand for these types of dwellings due to population growth which means now may be the perfect time to invest in one. Below are more of the reasons why now is the right time to build granny flats.
1. The housing market is improving with home prices rising
The housing market is improving with home prices rising. Homeowners are enjoying the benefits of higher property values and lower mortgage rates, but these factors can make it difficult to plan for future homeownership or retirement.
The good news is that there’s a solution: building a granny flat on your property. It is an inexpensive way to provide living space for family members and income-producing rental units for extra cash flow.
For years, people have been building “granny flats” or detached units on their property. It’s a way to accommodate aging family members who need more space or less upkeep than an apartment would provide.
Now with home prices rising, it’s becoming more of a practical investment for homeowners looking to get into residential real estate investing.
2. More people are living in cities than ever before, which means less space to live
The population of cities has been steadily increasing for decades, and people are living more densely. This means that there is less space to live in the city, which is why many people are turning to granny flats as a solution.
These small additions on a property can provide an extra bedroom or two, an office space, or even just some extra storage. Granny flats have become popular because they offer homeowners with limited space the opportunity to increase their living area; without building another house on their lot.
3. Demand for granny flats have increased because of the need for elderly care and assisted living
The need for elderly care is on the rise, and as a result, there has been an increase in demand for granny flats. Granny flats have become popular because they can be an inexpensive way to provide elderly care, they’re easy to maintain, and the cost is less than a nursing home.
A lot of homeowners want to build these homes as a way to help their loved ones; who can no longer take care of themselves. With this benefit, it’s no wonder why people are choosing them as their answer to this kind of housing need.
4. Granny flats can add value to your property
Granny flats are an excellent way to add value to your property. They provide you with the opportunity for more income and living space, which is great if you’re a homeowner or someone who’s planning on building one.
It will increase your property value by adding extra square footage to the house. You can rent them out for an extra income, live in one and rent the other one, or just use it as a guest house. The possibilities with granny flats are endless.
If you’re planning on building a granny flat, why not consider a kit home. Let Steelbuilt Home to help you with this addition. We can help you sort through all of the rules and regulations that may apply to your region.
5. Granny flats can be built at a lower cost than buying an existing one
You may be sitting on a gold mine in your backyard. A granny flat is an independent living space that can be built as an addition to your house or as a standalone structure. They are often cheaper to build than buying one already constructed, which means you could end up with more money in the bank and less clutter in your yard.
Wouldn’t it be great if you could build your granny flat? It’s possible and it can even be tailored to suit your budget, so no need to worry about being short on your budget.
6. They’re also a good investment for when you retire and want somewhere to live
Do you often think about the future? Do you have plans for what to do when you retire? For many people, their retirement plan includes living in a granny flat. This gives the homeowner two homes and allows them to live on-site if they want after they retire.
When you’re planning to build a granny flat, it’s important to know that they’re not just for when your children grow up and move out. You can also turn them into an investment plan for your retirement. You can live in it, rent it out or sell it in case you want to downsize after moving into the home full-time.
If you have the land available on your property, then it’s worth looking into what granny flats could do for you. Your family will thank you too because they’ll be able to visit more often without having to find accommodation elsewhere.
So now’s the perfect time to start building a granny flat, right? It’s not too late! We can help you take that idea and turn it into reality. Our team of experts will work with you to design your project from conception through completion, ensuring that we meet all your needs and timelines.
Let us know if this sounds like something you want to do. We’ll talk about what makes sense for your family and budget so we can get started as soon as possible. Call us on 07 4637 2662.
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