Are you considering having a Granny Flat built on your property, though you’re still not entirely sure if it’s right for you? In this post we are going to explore 6 reasons why investing in a granny flat is a great idea and can be very beneficial to you and your family.
1 – Cheaper Than Buying a New Home
Let’s say that you have elderly parents who are looking to downsize from their current property, as it is becoming increasingly difficult for them to maintain in their twilight years. Rather than going ahead and buying a new, smaller property, a granny flat is a much cheaper alternative.
2 – A Granny Flat Can Be Optimised to Meet All Requirements
Again, rather than investing in a smaller property, which may not meet all of your parent’s requirements, you can build a granny flat which has been tailored specifically to your elderly parents needs instead. So, for example there can be easier access in places like the bathroom with grab bars and so on, a more open plan bathroom/wet room area and a shaded decking area for them to enjoy on those lazy afternoons.
3 – Rental Income Potential
While you certainly wouldn’t want to charge your parents for living in their own granny flat, it still has great earning potential. For example, when your parents eventually pass in the future (which is of course, a terrible thought indeed) you will be able to rent your granny flat out to a lodger. Or you can do it the other way around, invest in a granny flat now while your parents are still fit enough to enjoy their independence and rent it out in the mean-time.
4 – Several Generations Close Together
This is something that we tend to neglect in westernised society; our parents and grandparents. A granny flat affords you a brilliant opportunity to multidwell with your loved ones, particularly in their twilight years when they may want to spend more quality time with you and their grandchildren – without compromising their independence. This takes the strain off you as well, allowing you and your partner more freedom in the knowledge that your parents will happily look after your children now and again.
5 – Increases the Value of Your Home
A granny flat certainly makes a property more favourable for potential buyers and it will invariably add value to your property as well. So, even if you’ve no intention of moving in the future, should the need arise, you can rest assured that your investment will have been worthwhile.