The Merits & Demerits of Investing in a Granny Flat

If you have an additional space in your compound, you would automatically be tempted to build a granny flat to maximize your current investment. Even the government is encouraging homeowners to spend money on affordable living areas. Before looking for home builders in Sydney, you might want to analyse the pro and cons involved in building granny flats.

Pros

  • Increased space for your family members
    It is the right option to lodge your adult kids or elder family members. Having a personal space would provide them a sense of independence. At the same time, you can keep an eye on their well-being. Most of the granny flats lack stairs and thus it can easily accommodate people who lost some of their mobility.
  • Working environment
    Nowadays, people prefer to work from their home. But it provides variety of distractions that could deter their concentration from the job. Granny flats can give you a personal working space which can really help you focus on your workload.
  • Add value to your home
    A granny flat can increase the resale value of your home. But you would have to hire reputable granny flat builders in Sydney to make sure that it is of excellent quality. If you are unsure about this, contact a real estate agent in your area to know how much impact a granny flat can have on the value of your property. Finding a buyer who is interested in a property with an additional granny flat wouldn’t be very difficult in the real estate market.
  • Extra source of income
    Make use of an otherwise wasted space by constructing granny flats and increase the source of your fund. Instead of relying solely on your job, you can have a secondary income by renting out the granny flat.

Cons

  • The total money spent on building a granny flat in Sydney might be more than what you have expected as there are always the threat of hidden costs during the construction. Thus it is essential to choose a home builder in Sydney who is clear about the whole price before signing the contract.
  • Though getting council approval is simpler than ever, ensure to follow all the rules properly. If not done correctly, it could create conflict later on.
  • If you are renting your granny flat, it is important to find suitable tenants. Because you would have to deal with the people living in your own backyard more personally and unpleasant tenants can affect you a lot.

Therefore, you would have to plan carefully from setting the budget to choosing your builder for getting the most out of your dream granny flat.

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