Despite its name, granny flats are not reserved for grandmothers only, and you can rest easy, no one will take your grandmother to a random flat away without her consent. These can be considered as a home not so far away from home.
What Is A Granny Flat?
In simpler terms, it is a secondary accommodation built on the premises of larger family accommodation and is often referred to as a granny flat. Designed for accommodating one or two persons, the flat got its affectionate name from being a popular choice for families to accommodate their aging parents who seek their own space and independence with a house of their own within the larger family house premises.
Why Granny Flats Are Good?
Now that we have established what a granny flat basically is, let’s get down why this tiny accommodation that falls under the category of tiny houses is a good idea to have it build in your premises.
- Extra Income from Rent: No, we are not asking you to charge your mum for rent, though that is entirely on you and your mum. However, secondary accommodation is a great source of steady income. You can rent it out and make additional income from the rent it provides. With rising market rates and the lack of housing for rent-seekers. You will find tenants for your tiny accommodation quite easily. But do keep in mind the laws with respect to renting in your area to avoid any legal hassle.
- Pressures of a mortgage are slightly lesser: With changing economic scenarios, there has been a global increase in interest rates and stricter policies on money lending, making home loans quite difficult to obtain. The additional income from the granny flat will provide you with some ease in mortgage repayments.
- Keep your family close: Often aging parents or their children will want personal space for themselves, in a large family consisting of children, parents, and grandparents and other relatives, living in a singular house could prove to be quite difficult in negotiating with everyday life. Granny flats are in this regard quite the ideal choice for people seeking to live apart from the family with their own space without leaving the premises and as such are quite the popular choice among aging parents who wish to live independently whilst staying close to the family.
- Property value gets increased: The building of a secondary accommodation within one’s premises also increases one’s property value, thus when you do have to sell your house the inclusion of a secondary accommodation will surely increase its value by quite a substantial amount.
- Tackling income risk: What is income risk? Many people are dependent on a single source of income for their sustenance, this is quite risky. A natural disaster or a policy change could seriously disrupt your income leaving you dry of money to sustain yourself. Build a secondary accommodation within your premises and rent it out, this shall provide you with passive income so when the times get tough, you won’t be totally out of sources of income generation.
If you possess the space and resources there is very little to consider secondary housing accommodation as a poor investment. Great for aging parents who seek to move out and live independent lives outside their children without living far away from them and is thus one of the most popular choices among aging parents. If you rent it out it provides you a steady flow of income. The additional income will definitely help in lessening your financial troubles and overall, your property value increases making Granny Flats a great investment for the future.