Is it profitable to build a granny flat?

Generally, property values increase over time so you instantly increase the value of your property portfolio by building a granny flat on your block. You have also improved the chances of a quick and profitable sale of your property in the future.

acrowinvestments.com.au - Everything You Need to Know About Building a Granny Flat

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A “granny flat” often used to be a room, at best. Families would provide accommodation for elderly family members. They allocated a room, or two, at the back of the family home. They might have included a kettle for preparing hot drinks. Those dark days are long gone. A modern granny flat is a quality, luxurious, self-contained dwelling. This article is a discussion on the modern granny flat and why you should consider building one on your property.

Why should you consider building a granny flat?

For many families, the home can become too cramped with a growing family. The children may be young adults, needing their own living area and the first taste of independence. A granny flat is a perfect solution. An affordable way of providing a modern and comfortable additional living space, delighting the children. Mum and Dad have the peace of mind of them living very nearby plus they get to stay in their own beloved family home. If you are lucky enough to live in a popular holiday or tourism destination, you may find you often get visitors, taking advantage of your great living location. It may be you have a large family who enjoys an occasional get together. A granny flat makes a wonderful guest suite. You will have all the pleasure of entertaining friends or family without feeling overcrowded in your own home. Your visitors will have the luxury of having their own bathroom and kitchen while being a stone’s throw from you and those fabulous get-togethers. Do you have members of the household working from home some, or all, of the time? Maybe you are working from the spare bedroom or the family dining table has become a desk. You will appreciate the desire for extra office space. A granny flat is a quick and cost-effective solution to your home-working dilemma. You will have plenty of space for storing documents and installing office furniture. You could use a bedroom as office space while reserving the living area for meetings, with built-in catering as a bonus! If you are planning on renovating the family home or undergoing a major building project you will need to consider temporary accommodation for you and your family. A granny flat will provide a self-contained living space including secure, weather-proof storage space. Plus, you will be on-site to keep an eye on your building contractors. Increasingly, granny flats are seen as a source of income. They are affordable and relatively quick to build on your own plot of land. The average weekly rent is $350-$450 per week along the NSW Central Coast. If you take out a property loan with interest-only repayments, your additional rental income could be over $1,000 per month.

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If you are uncomfortable with the thought of having permanent tenants then using your granny flat for the provision of holiday lets is very popular. The Central Coast is the perfect location for holiday accommodation, with tourists and weekenders flocking to the cool, waterside lifestyle. Using holiday rental specialists or websites such as Air B’n’B or Stayz, you could be getting an income of over $200 each night that your granny flat is occupied. If you live in, or near, a town or city, you may also consider providing accommodation for business travellers. Businessmen and women tend to be very quiet guests, and they are out at work most of the time! You could choose to have nobody staying at all for a period of time if you want some privacy. You may choose to keep your granny flat vacant when you need some guest quarters for your friends or family when they come to visit your family. A granny flat on the Central Coast is a smart financial investment. Generally, property values increase over time so you instantly increase the value of your property portfolio by building a granny flat on your block. You have also improved the chances of a quick and profitable sale of your property in the future. By constructing a granny flat you will have increased the total number of bedrooms and bathrooms (plus kitchens and living areas) available when you sell the property. Potential buyers will view your property as a more attractive investment because of the additional space.

acrowinvestments.com.au - Everything You Need to Know About Building a Granny Flat

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