As the name suggests, the granny flat was originally designed for an older loved one to live independently, but close to relatives in case they need support, while at the same time, giving both parties their own space.

However, times are changing. For the next generation, a granny flat also offers a good cost-effective way for adult children to maintain their independence while they save for a deposit on their own house.

But why restrict the granny flat to family? The building can be a great place for visitors to stay without be squashed into the tiny spare room, particularly if they are staying for an extended time.

Granny flats are versatile and flexible structures and property owners are getting creative with the space. They now come with 2 or even 3 bedrooms; over the past few years, we’ve seen an increase in properties with all types of granny flats and, these properties are very much in demand.

In some cases, the addition of a granny flat has boosted value by as much as 30% when compared to a similar property without a granny flat.

Here are some more reasons why the granny flat is popular and adding value to property:

Additional income

Because granny flats have been designed with independence and space in mind, they offer a great additional income opportunity; instead of housing a family member or friend, you can it rent out to a third party to help raise your overall income.

The granny flat can be leased on a short-term basis, for example to a student or a person working in the area for a few weeks, or the lease can be for longer.

Depending on the location, and how much time and effort you want to put in, granny flats can also work well as rental accommodation for holiday makers.

This additional income can go a long way in helping offset a mortgage, or other loans, or enhancing your lifestyle.

Home office or studio space

The pandemic has meant many people are spending more time working at home. Turning a granny flat into a home office achieves a good work-life balance since you are able to work from home without disturbance from the main house.

Creatives are also utilising the granny flat for other purposes; they make great sewing and/or craft rooms, and some artists have transformed their granny flat in to an art studio.

The best thing is, you don’t have to dash across to the main house when you want a cup of tea or need the bathroom!

Downsize into your granny flat

There are a couple of ways of looking at this downsizing idea. If you’re at a stage when you think the house is getting a bit too much, one of your children may want to take over the family home, while you downsize to the granny flat. Alternatively, you can consider downsizing to the granny flat and rent out the main house, and enjoy the extra income!

Just because you live in your property, it doesn’t mean you can’t capitalise on the space and make money from it!

Whether you live in your own home, or have an investment property, we’re constantly looking at ways in which you use your property to enhance your lifestyle.

Give us a call on 02 4954 8833 or pop into our Cardiff office for a no-obligation chat or to arrange a free appraisal. Alternatively, send us an email to: mail@apnewcastle.com.au – we’d love to hear from you.

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