Are you caught in a dilemma of buying or building a granny flat to solve your housing affordability issue? Well, you are not alone in this as this is one thing that continues to hit people hard these days. Both the options have its pros and cons and it is this aspect that you should take into consideration. Nowadays, finding an affordable and low maintenance property in a favorable location is quite difficult. Keeping this in mind, you can make the best use of the available space that you own already, and you can opt for buying the best granny flats to maximize your income.
Availability of Several Options
Granny flats are often called ’secondary dwellings’ as it is, typically, built on the same plot as the main dwelling. These flats are also called ’self-contained dwellings’ as it is an independent house. It has a separate entrance, bathroom, kitchen and a bedroom. It also has separate laundry and living space. You can look into different options to add a granny flat on your premises. These options include a standalone building in the backyard or it can be an extension over your garage as well, used as a secondary dwelling. Wherever you choose to build the best granny flats, it is essential that it meets all the set standards and regulations.
Benefits of Granny Flats
There are different benefits to having one of the best granny flats on your premises. These benefits include:
- Accommodating family members – It is always a win-win solution for homeowners to have extra accommodation for extended families. Especially, for elderly people, as they can live on-site affordably and conveniently…
- Additional rental income – You can pocket a few dollars extra every month with such handy earners. This way you can save money quickly for buying your own house or even plan any overseas journey.
- Secured future – Assuming If you have a single investment property, and just in case, there is an extended vacancy, it may jeopardize your monthly income. An additional granny flat can add to your rental income and chances of both being vacant at the same time are minimal.
- More tax benefits – If you have new and rented best granny flats, then you can also enjoy tax benefits by claiming depreciation, but know about such depreciation schedules from a professional consultant.
Tips to Buy A Granny Flat
There are a few tips and tricks to follow while buying one of the best granny flats to safeguard your investment. Such tips are sure to make the process simple, positive and stress-free.
- Know your budget – First, you will need to choose the best granny flats design options to fit in your budget. Plan according to your price range, availability of funds, cash or finance options and how much you are willing to pay.
- Choose a quality builder – Choosing the right builder is very important as there are several options but all may not be specialized in building granny flats.
- Quotes and estimates – Once you finalize on a builder, focus on the quotes and estimates of different builders. Remember, if you find something that seems too good to be true, then it probably is.
- Experience and reviews – Choose builders not on the basis of the prices they offer, but on the basis of their experience and on the comments of their previous customers.
Know Your Need
Choose the design of the best granny flats according to your need and that will work just perfect for you. You must fit in well in your property and the design should not hamper the design of your house. Consider who is going to live there, how many bedrooms are required and also keep in mind the patio requirements to choose the best floor plan.