The demand for homes is always on the rise and property investors are devising more creative housing options to boost their income, and a good example of such an option is the granny flat. Granny flats Adelaide are truly versatile buildings that are well-liked for many good reasons. Continue reading to find out more.
Boost Your Earnings
Building a granny flat on your current rental property has the potential to bring in more rental income. Moreover, it increases the value of your property quite significantly. Apart from giving you the opportunity to earn from two revenue sources, either of the two living spaces can see you through even if one tenant vacates.
Nevertheless, do a bit of research to determine whether or not it is appropriate for your neighborhood or the type of property you own. Something that works in one location may not work in another.
Constructing the flat is a relatively affordable endeavor. Moreover, it takes a very short time to complete the project as opposed to putting up a conventional house. Before constructing a granny flat, plan sufficiently and work out the costs the project will incur together with the cost of land to be acquired for its construction.
A good majority of tenants have a preference for granny flats. Apart from granting users access to the same backyard, utility bills are included together with the rental price. The buildings are also quite helpful particularly if you would like to accommodate many guests. They can be used as a separate house for guests or even for elderly folks.
Some Popular Uses for Granny Flats
Below are some of the common uses of granny flats Adelaide. The uses include:
i. Home Offices
You can save money you would otherwise spend renting costly commercial space if you build an office at home. Doing so will eventually cut down your travel costs and eliminates the need to eat out.
ii. Housing Elderly People
Instead of putting your elderly parents in an elderly home, construct a granny flat as this enables them to enjoy their independence.
iii. Additional Bedrooms
The structures allow you to add an extra bedroom at a lower cost compared to renovating your home. This gives you additional living space for teenage kids.
iv. Hobby Space
If you love woodwork, art and crafts as some of your hobbies, the building will be suitable space for engaging in hobbies you are passionate about.
From above, it is easy to understand why granny flats Adelaide have become so popular. Plan ahead before constructing one and make sure it is done right if you want to enjoy its full benefits.