If you have extra space in your backyard, why not consider building a granny flat? Apart from serving as a home for house guests and another liveable space for you and the family, it could also potentially bring extra income.
Are you are still on the fence whether you should utilise your extra land space to build a granny flat? Some points and advantages listed below might be able to convince you.
Experts consider granny flats an asset. As such, it could increase the resale price of your home. In the future, if you decide to sell your home, this secondary home could be property’s main selling point.
It’s always nice to have a sense of togetherness in the family. However, there are times when you just want privacy. Having a granny flat that is easily accessible outside your home would be a great way to have another uninterrupted area.
Building a granny flat is more affordable and financially realistic than purchasing another stand alone property. Because it is obviously a lot smaller than a typical home, you have more wiggle room in building it.
If you don’t plan on renting your granny flat, it does serve as a good additional space, especially when visiting friends or relatives come over. Having this room makes sure that they have a comfortable place to stay in.
An Additional Source of Income
As already mentioned, this additional area in your property could potentially be an extra source of monthly income. Homeowners can rent out their granny flats and turn it into an instant money maker.
Of course, risks also come with any investment, but those can be manageable. In the end, if you think that this could be a great source of income or a major selling point that could add to the value of your property, you should consider giving granny flats a go.