Modern housing demands have seen property owners grow more creative as they aim to maximize space and profits. Among the growing trends developed by property owners over the last couple of years is building a granny flat.
Basically, a granny flat is a housing unit that caters for the needs of elderly persons in the community. Such units, therefore, have specially tailored facilities that make life easier for the elderly.
How do property owners benefit from building such flats? Such buildings not only help to address a social demand but also carry monetary value for property owners.
1. Additional Income
At a time when there is hardly enough money to meet life demands, additional income from a granny flat comes in handy. You can rent out this facility to help raise your overall income. This income could go a long way in helping you to offset a mortgage or some other loans. Modern designers of granny flats such as AspectZ Central Coast make them attractive and easy to rent out, especially when they are in a good neighborhood. Consider your granny flat as a way to gain some extra income.
2. Adds Property Value
When you are selling out your property, buyers look at all the benefits that come with it. Any additional structure that addresses a certain need within your compound will certainly be valuable to the buyer. In modern times, a granny flat is a good addition that will increase your return on investment. It is expected at going into the future, property owners will consider putting up more of such facilities. In return, their rental prices will stabilize and make a more attractive market.
3. Keeping Families Together
The hustle and bustle of life has led to situations where the elderly are long separated from their loved ones. In many developed cities, homes for the elderly are common. However, this may not necessarily be the best place for older persons to spend their sunset years. Building a granny flat presents an opportunity for them to live closer to family members. This not only presents much -needed care but also gives them extra comfort in their sunset years. If circumstances and resources allow, a granny flat is no doubt a great way of giving elderly parents graceful aging. This also allows families to spend more time together and ultimately leads to better bonding.
4. It is A Flexibility Structure
An additional building within your property will be useful in one way or the other. Even if you don’t rent it out immediately, you can restructure it into a home office or a guest house. The idea here is to put it into good use and turning it into an office is certainly a good way of going around it. This way, you can achieve a good work-life balance since you are able to work from home without disturbance from the main house. This can be used as a multi-purpose house without diminishing its initial usefulness.
5. Downsize into Granny Flat
Life situations change from time to time. Although your main house might have served you well over time, it may be too spacious as children grow old and move out. With this turn of events, you can downsize to the granny flat and rent out the main house. This approach further allows you to make good use of space while assuring you of some income.
It is also easier to maintain a house that is being occupied. A vacant house will easily deteriorate, thus, occupying the granny flat saves you the trouble. Besides, this house can be used by your college-going children or other family members.
6. Turn It Into A Guest Room
A major development with the modern traveler is a demand for accommodation facilities that offer home-like services. Companies such as BnB have thrived in this space by connecting homeowners with travelers seeking accommodation in their vicinity. It has proven to be a suitable business model that has had significant success.
You can use your granny flat for the same purposes. However, this may require some adjustments in your property to cater to different needs.
The granny flat can also be a useful space for your guests. It will no doubt serve a good purpose when you have an influx of occupants at home. This gives your guests great privacy and even more comfort while within your compound.
Property owners around the world are getting more creative with how they use their space. One of the common purposes is to have maximum utilization of available space while getting great value for money. Whether the granny flat in your property brings in extra income or not, it will certainly be a valuable addition to your home. Besides, the value of a granny flat doesn’t necessarily have to be monetary but also offers great social benefits.