The real estate market in Australia is still competitive like in the rest of the world. House prices are hiking, and property owners are looking for ways to maximise their income and their profits through property investments. One way you can add the value of your home is adding granny flats Adelaide. Adding a granny flat is an excellent investment as it will be explained in this article.
What is a granny flat?
This is a residence that can either be semi-attached or completely detached from the homeowner’s house. It is a secondary residence, with its separate, complete living space, kitchen, and bathroom. The granny flat can be located over the garage or at a different location on your property.
How do they add value?
The granny flat adds value to your property in that it allows dual occupancy, which is two separate families living on the same land but in different dwellings. The worth of the property is added by the addition of a second residence that can be rented out to generate income. Besides renting out the granny flat for profits, you can as well house your ageing parents that value privacy. You will be able to watch over them especially if they are sick without invading their privacy as they are living in a different house but in the same compound.
Use of granny flats
Besides renting out the home extension or housing your elderly parents, you can as well provide shelter to your college-age children by giving them the granny flat to occupy while they attend university. This way, they will learn how to stay on their own and become responsible family people. By offering a granny flat, they will not go away from home and pay rent. This way, they will be able to focus on their studies while maintaining their freedom from the parents.
When building a granny flat, you need to be very careful to follow all the regulations provided by your local government. You need to consider all the building controls such as the ratio between the structure’s height and the floor space. Also, before starting the construction, you should know how much the project will cost you. If you are using luxurious finishes and the best designs, then you can be sure that your granny flats will cost you an arm and a leg. However, as you plan your granny flat design, be sure to include or the necessary appliances and amenities.
Increase your income
The granny flats Adelaide provide a great source of rental income. Therefore, if you have space, instead of building a one bedroom granny flat, consider constructing two or more bedrooms with enough size to rent to a family. This way, you will earn more from your investment. An important note that you need to know is that you need the best builder to be confident that your building project will be a success.