Granny Flats have become an increasingly popular choice for homeowners and investment seekers, offering the much needed opportunity to invest in property while interest rates keep making the news. While the housing market might be taking a hit, we’ve only seen further growth in the interest and purchase of Granny Flats, and we can see why. Whether opting into a Granny Flat for family, financial or freedom reasons (or all three), there’s plenty of appeal to taking advantage of this cost effect and lucrative way to add value to your property. Here are the top reasons we see…
Giving homeowners a passive income
Investing in property for passive income is nothing new. However, with interest rates only set to rise further, there’s greater concentration on investment options that have lower buy in but positive yield. For those who currently own a property that has the spacial requisites to have a Granny Flat, it is only increasing the value of the property, and offering a passive income solution to have the property rented out.
Taking this route means there’s no lining up at open homes, attending disappointing auctions or going through the rigmarole of back and forth with real estate agents on offers, while still getting the benefit of an investment property.
For those looking for a property to invest in, and add a granny flat to the property, you can find that the competition for the property itself is lower. There’s less heart requirement on your end to have the existing house be ‘perfect’ for the very specific set up of your individual family and their needs. Instead, only a property that is comfortable for a range of possible tenants, while increasing your earning potential by having two dwellings on the land.
We are transparent about the viability of your property for legally and logistically being able to build on it, and are happy to answer any questions you have prior to purchasing a new property. Having a granny flat can also increase the value of your entire property should you decide to sell it later.
Offering homeowners freedom to travel
You’ve spent your adult life making memories and living in your home, and just because your kids have flown the nest doesn’t mean you’re ready to downsize completely. It does, however, mean you have a lot more freedom to go out and do what you’ve been dreaming of doing; heading out on holiday adventures, living abroad for a while, or even taking long local trips. But, you still have the mortgage to pay… A way that we have seen many couples handle this (and no, not just empty nesters, though they do love this option, typically), is building a granny flat that they can live in easily, whilst renting out the main house, or vice versa. This keeps someone on the property at all times (and you’re not leaving an empty house for long periods), while generating an income to cover mortgage repayments while you enjoy life.
Ensuring safe, secure and close options for family
Whether it is having elderly parents you want to live closer to, or having kids reach the age of wanting more independence and considering moving out, a granny flat can be a wonderful solution to keeping the family close, but not living together.