Granny flats are becoming increasingly popular. As the cost of living rises, more and more homeowners are looking to add this type of additional living space to their property for multiple reasons. Some property owners are intending to increase the value of their holdings or to create an extra rental income, while others are planning to provide a home for their elderly parents.
But is a granny flat a good idea for your property? You are the only one who can answer this question, and there are many things to consider before hiring a building company and signing on the dotted line. As you think about whether building a granny flat is a sensible choice for you and your family, consider these various aspects.
Cohabitation is a sound idea on many fronts. For one thing, keeping your family together can cut down costs enormously. Bills for expenses like utilities and home maintenance will be reduced as you and your elderly parents or other tenants split the costs.
If the flat is being utilized by your retired parents, they may be able to provide you with a few extra money-saving perks like child-minding and the occasional shared meal. In addition, travel costs will be dramatically lessened when your parents are on the other side of your yard rather than a hundred kilometres away.
This type of living arrangement also offers privacy. Each family has their own self-contained living structure, thereby enabling space and freedom for everyone, as opposed to the more intensive space-sharing that would result from giving over a spare room.
The bottom line here is that a granny flat offers the best of both worlds: the sharing of resources and family support with privacy and autonomy. These benefits are important both for the homeowners and seniors who can no longer live on their own but aren’t yet ready to give up their independence.
The financial reality of building a granny flat is something you will need to carefully consider. Construction costs vary but building a solid dwelling from the ground up will not come cheap. A quality build is essential, however, because it will ultimately give you a stronger return on investment.
Interview granny flat building companies, and talk to realtors to make sure that the decision you make for your family is sound. Only when you consider all of your options can you decide whether a granny flat is a sensible investment.