A self-contained living area designed to house one or two people and located on a single-family home's grounds is commonly called a granny flat. It is given that name because many people use it to house their aging parents. But granny flats have many other uses and constructing one in your garden area can offer many benefits to a home owner. Invariably, having a granny flat on your property increases the value of your home because it adds to the indoor space which people can use. It can also save money over housing an older relative in a nursing home or retirement community.
Quickly Pays For Itself
People that construct a granny flat on their investment property benefit in two ways. First of all, it increases the amount of square footage that's considered part of the home. Secondly, it can be rented out separately and generate another consistent, significant income stream. This enables the granny flat to pay for itself in just a few years and continue to provide income over and above its maintenance costs.
Maximize Rental Return
By building a small granny flat on your property, you now have two spaces to rent on the same piece of land. Being able to accommodate a second tenant allows you to maximize the amount of returns you will get on the money you invested in the property. Over a period of years this can add up to a significant amount of money that your rental property would not have otherwise brought in.
Provide A Long-Term Investment
Building granny flats do not have to be expensive. Many people have them constructed for just a few thousand dollars. Yet once they have been built, they will continue to provide a significant return on your investment as long as you retain ownership of the property. For many people they become an excellent long-term investment that continue to pay dividends for decades.
Helps Aging Relatives Safely Maintain Independence
A common problem with bringing aging relatives into your home is that they resent the loss of independence they had when they were in their own homes. But as people become significantly older, they require more social and emotional support. Building a granny flat enables people to address both issues at once. With a granny flat, the aging relative still has their own space. They can lock their door and maintain and run their home as they see fit. Yet they are still close enough to their loved ones to be easily monitored, included in family activities and get the support they need without feeling like they have completely lost their independence.
Granny flats have been used for decades and with good reason. They serve many functions and can provide a wide range of benefits. When they are no longer needed for elderly relatives, they can become an affordable space for a young couple, used for storage space, or be rented out and provide a good income for the home owner for many years to come.