Real estate prices are finally cooling, which means it’s time to get creative with how you add value to your home. One way that homeowners can get more space and add value at the same time – without going through a disruptive renovation – is to install a granny flat in the backyard.
A granny flat used to be the exclusive domain of grandma and grandpa. But nowadays, it is common to use a granny flat as a teenager’s retreat, an extra entertaining spot, or a guest flat.
When you install a granny flat, you are giving your growing family options for staying at home for longer, without compromising on everyone having their own space. After all, kids these days are staying at home for longer as they save up to get their own foot on the rungs of the property ladder.
Looking to add value to your home with a granny flat? Learn more about refinancing to add a granny flat and increase your home’s equity.
A Granny Flat Is Great For A Home-Based Business
Many people are moving away from the traditional model of working in an office, and more people are now starting their own home-based businesses. A granny flat provides a flexible and convenient way for you to have the space to run your own business without impacting the sacred space of your own home.
- For many people who run a business from home, it can be tough to separate home from work
- A granny flat is an entirely separate space where you can work during the day and meet clients and then go home to your main house in the afternoon
- There are tax benefits as well; a granny flat is an exclusive-use business space that can be easily included in your business taxation calculations
A Granny Flat Provides Extra Rental Income
Looking to make a little extra money from your backyard? A granny flat is a great way to add value and get some extra cash every month if you choose to rent it out.
- You don’t even need to rent your granny flat out permanently; house-sharing sites like Airbnb offer a great solution for people looking to make some extra money on the side.
- Consider a granny flat as the ideal money-making convenience option!
A Granny Flat Is The Ideal Choice For A Growing Family
When you install a granny flat in your home or backyard, you are giving your family options as they grow. You should consider a few key design features to ensure that it continues to meet your needs.
- Make sure that your granny flat has its own access and sufficient privacy, so it remains an exclusive space if you do end up renting it out.
- Try to incorporate some outdoor space into your granny flat, even if it is just a small patio. This can increase its rental appeal.
- Think about how the style of your granny flat will incorporate into your main residence.
- Finally, work out how you are going to supply mains power and water, and whether you will have separate metering for your granny flat.
A Granny Flat Is A Great Studio Space
If you are creative, musical, artistic, or otherwise in need of some extra room to indulge your creative passions, think about installing a granny flat as a dual-purpose space.
Aside from the perks of having a separate bedroom, kitchen and bathroom, you can also get a living room that’s big and bright enough to serve your artistic needs. You might even just like to stock your granny flat with all of your books and make it the ideal reading retreat.
Contact Buddii To Discuss Your Granny Flat Finance
A final thing to consider when you are embarking on your granny flat journey is to think about the finance and how you will fund this. You may have equity in your home that you are looking to access, or you might be getting a loan. Whatever option you choose, make sure you have sufficient serviceability.
And if money is an issue and you don’t want to rent your granny flat out permanently, you can always think about renting your granny flat out for a period of time to help you make the repayments early on.
Got questions? Call us today on 1300 283 344 and speak to one of our experts about your granny flat financing options.