Why You Should Invest In a Granny Flat
Granny flats refer to a type of accommodation that is built into a main dwelling or near the main dwelling and are generally meant to be occupied by an elderly member of the family who lives with his or her kinsmen. Of course, any of your family members could use this flat as their own living space. Most families find granny flats to be well suited for elderly members of the society or family as they offer them some level of privacy and independence while still providing the advantage of close proximity to loving and caring family members. These flats can also be leased out to any other third parties and are not necessarily meant for the elderly alone.
For those homeowners planning on investing in real estate by incorporating a granny flat in their home, the returns on investment are impressive. Studies have shown that a well developed flat generates return on revenue that range between 15-18%; way above the normal 10% that most real estate investments offer across the board. A 1 bedroom granny flat has a return of 16.85% whereas a 2 or 3 bedroom granny flat will have a return of 17.79 and 17.35% respectively. You can’t ignore the fantastic investment opportunity of adding a flat!
There are specialists home builders who can either incorporate a granny flat in the main dwelling or build one as an extension that is detached from the main house. Most homebuilders can also utilize state of the art, modern and eco-friendly methods while coming up with the said granny flats. Most flats constitute at least a bedroom and a small bathroom; depending on the size of the granny flat, some even have a small kitchen and a sitting room. It is also worth noting that if one is building a new house all together, it is possible to incorporate a granny flat in the plan from the onset.
The granny flats can be a suite on the ground floor of the house and sometimes can also have a private exit and entrance. You can also have a flat that is more like a guest house and will have a small kitchen that can be used by the occupant; such flats are usually like a wing of the house and can be attached to the main house by a hallway or some form of communicating door. Basements and attics can also be converted into very beautiful granny flats provided one engages qualified home builders and the prospective occupants can or don’t mind stairs.
If you have a house that sits on a large lot, then a granny flat can be developed at the backyard; usually at the end, thereby providing more privacy to the occupant. Atop a garage is also a relatively common spot for developing a granny flat. As one develops a granny flat it is important to keep in mind the fact that there are zoning laws and occupancy regulations that guide the development and use of the said flats; these laws vary from state to state and from one country to another, but they must be adhered to.
As earlier noted one of the major reasons for developing a granny flat is to remain in constant contact with elderly family members. It is an option that is much cheaper and emotionally less draining than having them live in a retirement home. Granny flats can also be used as a means of raising some money if they are leased or rented out to any other tenant.
About the Author: Grace Sumrall is a freelance writer who knows all to well about getting the biggest bang for your buck. She enjoys reading and writing about useful money saving tips. She was inspired to write this article after APG Homes helped her add a granny flat to her home.