Granny flats are a great investment and help generate additional income through rents. The humble flats are also seen as a way of adding more space to the home. The granny flats are cheaper, easy to maintain and help build a steady source of income.
If you are planning to buy or build a granny flat as an investment property, you must do your due diligence as like any investment this also comes with risk, benefits and drawbacks. The first step for you will be to find some reliable granny flats builders.
Adding a granny flat to your property
Granny flats are usually considered as secondary dwellings. This means that the flat is built on the same land as the main dwelling. Granny flats are self-sufficient units, have their own separate entrance, bathroom, kitchen, living space and laundry area.
If you are considering adding a granny flat to your property, there will be many options. You can build a standalone building in your back yard or build it as an extension of the garage. You may decide any place for building a granny flat, but keep in mind that it must have an entrance of its own for complying with the regulations.
Rules and regulations you must keep in mind
You may choose to buy a modular granny flat from reputed Granny Flats Buildersor build it on your own. In any case, you must ensure that it complies with all local rules. You must check with the local council to know the exact details of rules that apply. Here is a general list of rules that apply to granny flats and can act as a quick checklist you can refer to.
- Built on a residential property
- Built on a property that is at least 450 square meters
- Should be the only granny flat on that property
- Must be owned by the same person who owns the primary dwelling
- The maximum living space should be around 60 square meters
- Must have separate pedestrian access
You can hire an expert who specialises in granny flat designs and can ensure that your granny flat meets all rules and regulations. Once you are sure that the project will be fully compliant with the law you can apply for an approval.
Advantages of granny flats as investment properties
A well-thought through property investment reaps many benefits, some of them are listed below:
- Granny flats are affordable investments as they are cheaper
- Depending on your locality and the size and features of your granny flat your property can fetch you good rental income
- A granny flat that is fully compliant with the law adds value to an existing property
- Granny flat can provide a necessary accommodation in case a need arises
In order to get the most out of your investment in a granny flat you must do your research well, get multiple quotes and then decide the investment. In case you need financial assistance, you must explore multiple loan options and opt for the one that suits your needs.