A Granny flat is a second home or dwelling on your property.
Photo by form PxHere
These flats can be independent of your main house, or they can be attached to the main house. These houses have many features and benefits. Some of the major benefits of owning Granny flats are mentioned below:
8 Benefits Of Owning Granny Flats
1. Additional income
One of the major benefits of the Granny flat is having an extra rental income. If you own a Granny flat, you can rent them and can earn around $300 per week. Therefore, it is one of the investments that give you maximum return. If you have a loan on your current property or on anything else, then it’s great to have Granny flats because they don’t have tough lending policies. They are also exempted from taxes. Therefore, if you put your granny house on rent, then you can easily pay off your loans. Thus they tend to reduce the financial burden of the house owners.
2. Affordable construction
Unlike independent dwellings, granny houses are very affordable to construct. The total cost of building a granny house is 50% less than the original construction.
3. Eco friendly
These days, the companies that offer granny house constructions, provide you with materials that are eco-friendly and biodegradable. In the current era, it is our social responsibility to make sure that we don’t add more burden of pollution in nature. And when you make an eco-friendly house, you are mentally satisfied.
4. Easy to install and dismantle.
One of the other benefits of owning these flats is that they can easily be installed and dismantled. So, if you want to erect a temporary structure for any specific occasion or a particular season, then these houses are extremely convenient.
5. Can be constructed quickly.
Unlike other types of houses, which can take years to construct sometimes, a granny flat can be built within 12 to 16 weeks only.
6. Keeps the family close.
If you have old parents or teenagers who need privacy and additional place, then having these flats is like a blessing in disguise. In addition, if you have guests to come for an event like a marriage, then it provides extra space and saves a lot of money that otherwise would be spent on hotel rentals.
7. Property value is increased.
If in the near future you wish to sell your property, then having a Granny flat on it will increase its value. You will get much better rates, and your property will sell off quickly. If you want to know the exact value these flats will add to your house, you must check with the estate agent in your area.
8. Income Risk is reduced
Many households still have one bread earner in the family. In case the bread earner of the family falls sick, meets an accident or god forbidden dies in an unfortunate circumstance, then the income from these flats can lend ample support. Moreover, it reduces the mental burden from the bread earner’s mind.
Wrapping it up
So, these were many benefits of owning a Granny flat. If you wish to construct one in your property, you must find out a reliable and experienced company that will build a durable apartment. Before hiring any such companies, you must do some research and hire the ones that have been in the business for more than 15 years. You should also check the previous flats that they constructed already. Another thing that will help you in finding whether the company is reliable or not are the online reviews. Once you are satisfied, you can give them the contract.