The interest in granny flats has grown significantly over the last few years. Post-Covid, we started to look at where and how we live a little more closely. From working from home opportunities, to wanting greater financial stability and the realisation we were taking access to loved ones for granted, the concept of income generation, and/or keeping family physically close gained importance. Recent property reports have also revealed that over half of all properties in the Sydney regions have the space and capacity to facilitate a granny flat. The rising interest is showing granny flats to be an incredible solution to a lot of the lifestyle goals we are aiming for.
Versatility
Not just a clever name, ‘granny’ flats were titled after their initial intent: to house ageing parents or grandparents in close proximity to our own dwellings, allowing support, independence and financial freedom from living in facilities. However, granny flats have now developed a reputation for being far more versatile than that. While, yes, multi-generational living is still a big reason we hear from granny flat seekers, there are many other reasons now being communicated. Typically they include:
- Passive rental income
- Keeping growing kids close to the primary house, and offering affordable accommodation with independent living benefits
- Working from home solutions
- Guest space
These applications are offering major lifestyle solutions, cost-effectively and time considerate.
Affordability
Affordability has become a more and more significant factor when considering all purchases, but certainly for granny flats. This is less due to the investment of the dwelling, but more calculations and appeal on the financial benefits they can create, while still offering low output. Granny flats are far more affordable than existing properties for investment purposes, and maximise the value of your existing property, while still offering great rental yield. This affordability factor has made granny flats an appealing option for both homeowners and savvy investors.
Flexibility
Due to their versatility, Granny Flats are a really flexible option. While you have a range of options on how to use a granny flat upon investing in one, it also doesn’t need to stay stagnant. Your needs, goals and lifestyle will change over time, and this one investment could help support you through these different times. While it might start as a safe and affordable housing solution for your grown children, it can then turn into a rental opportunity and a reliable home for your ageing parents. The possibilities are endlessly endless.
Expertise
The increasing desire for granny flats has meant the construction industry is revving up its offering to facilitate them. Some are reliable and trustworthy options, but it also means you have to do your research and ensure you’re getting a dedicated quality builder, and not someone quickly tacking it on as a service for the monetary boost. Amidst numerous options, Acrow Granny Flats stands out with our decades of dedicated experience, commitment to quality granny flat builds and emphasis on collaboration with our clients. It is imperative you choose the right professionals and closely collaborate with your builders.
Beyond being a solution for multigenerational living, granny flats have evolved into versatile, cost-effective, and sustainable housing options.
Are you ready for your granny flat build journey to begin?