You’ve probably been hearing a great deal lately about granny flats. Throughout Australia, homeowners are adding a granny flat to their property. Although the name suggests that these flats are designed to accommodate aging parents or grandparents, the reality is that these efficient living spaces can be ideal for a variety of tenants.
The concept of granny flats began with the idea that it was beneficial to keep elderly parents closer to the family. This way, it was possible for the aging adult to maintain a level of independence while also enjoying close ties with family members. The arrangement makes it possible for grandparents to get the occasional assistance they need without having to settle in an assisted living center or other retirement community.
The real beauty of the granny flat is that it is completely self contained. Most feature a kitchen, laundry facilities, bathroom, bedroom and living room. Everything is efficiently designed for the ultimate in space saving. Older adults who have pared down their possessions after leaving a family home will find plenty of room for storage. Perhaps best of all, most granny flats have an entrance that is separate from the rest of the family home, making it possible for the occupants to come and go as they please with perfect independence.
It’s easy to see why a granny flat is ideal for older adults. However, its usefulness is more multifaceted than that. Some people are using their granny flat as convenient housing for grown children. As many people have learned, living independently for the first time is full of excitement and fun. However, it is also riddled with pitfalls. Giving an adult child use of a granny flat is an excellent means to allow them to stretch their wings with a solid safety net. Of course, to be really effective it’s necessary to charge your child rent and utilities, giving them a taste of what living in the real world is like. This provides them with a chance to learn about budgeting and living within their means, especially if you are strict about amounts and due dates just as a regular landlord would be.
As your kids learn to live more independently, they will still have the ability to stop in for supper with the family when things get a bit tight financially. It will be especially convenient since the homes are located on the same piece of property. However, your child will also benefit from the independence that comes from having a separate entrance to their living space. They’ll be free to come and go with the rest of the family being none the wiser.
Pre-built granny flats from kit home builders usually start about $69,000 for 60 square metres. If you are considering adding a granny flat to your property, then you may also want to think about making it an investment. At any given time, there is an abundance of people looking for a nice place to call home on a rental basis. They’ll benefit from being able to enjoy the efficient amenities in your granny flat while you will benefit from having a steady source of extra income.
Renting out a granny flat may have other advantages for you. It won’t be necessary to hire a management firm to oversee the property, and you’ll likely be immediately aware if the tenant is abusing the space. With a well-written lease, you’ll be able to protect yourself and your investment.
Granny flats have a multitude of uses for homeowners. Whether you see it as a way to keep family closer or as a means of extra income, a granny flat can add significantly to the value of your property.