Granny flats have the flexibility to ‘grow with you’ as they have a myriad of uses:
Building a granny flat to use as an office, workspace or salon in your own backyard will save money on renting an expensive commercial space. Money will also be saved on travel costs to and from work and eating out. Other benefits include spending less time travelling and achieving a better life/work balance.
Housing elderly parents
A granny flat is a great residence for elderly parents. They avoid being put into a nursing home, but can still be looked after without losing their independence. All parties have a private area to call their own, while a babysitter or a hand in the kitchen will be just a patch of lawn away.
Lodging for teenagers or adult children
With high house prices and rent keeping teenagers and adult kids at home for longer, parents are looking at different ways to help them achieve some level of independence. Even young couples trying to save for their own home need somewhere cheap to rent in the meantime; building them a granny flat out the back can provide the perfect solution.
Rent out the granny flat to make some extra money, or downsize and move into the granny flat yourself and rent out the house to make even more. Adding a granny flat can add significant rental income onto an investment property. It means you’ll get two income streams from a single lot.
Many tenants prefer granny flats to apartments. Granny flats allow tenants access to a backyard and utilities are often included in the rent due to the complications of separate metering. From an investor’s point of view, there will always be income from the property. If one tenant vacates there will always be another to provide rental income through the vacant period.
A granny flat is a perfect space to carry out passions and hobbies such as sewing, arts, crafts or woodwork without interfering with any house space.
Adding more bedrooms
Build a granny flat with one or two bedrooms for less cost than renovating the house. This then creates a separate space for your adult or teenage kids. You could then rent the space out once they grow up and move out.
Including a granny flat can be a positive way to add value and flexibility to the use of your home.