Many homeowners are considering adding a granny flat, also called a secondary suite or annexe to their property. A granny flat is a small separate living space built in addition to the main house.
As per experts in the field Granny Flat Solutions Installing a well-designed granny flat can provide extra rental income or living space for families.
This article will explain what granny flats are, what’s involved in granny flat prices and why they can be a savvy investment to consider.
What is a Granny Flat?
A granny flat is like a miniature second house on the same grounds as your main home. It’s a self-contained dwelling with its own entrance, kitchenette or kitchen, bathroom and living area. They are also known as accessory dwelling units, laneway houses or secondary suites.
Granny flats range in size but are usually around 600-1000 square feet. They can be attached to the main home or a stand-alone structure in the backyard. Many people design them similarly to studio apartments.
Granny flats take advantage of unused outdoor space on residential lots. Constructing a granny flat adds a flexible extra living area to your property.
Benefits of Extra Rental Income
One of the big benefits of adding a granny flat is the ability to generate rental income from your own property. Having a separate rental unit to lease allows you to earn extra money each month.
Tenants renting your granny flat provide steady rental cash flow. The rental demand for compact, affordable housing units is usually solid.
You don’t need to manage an offsite investment property. Having the rental suite right on your own land makes tenant oversight simple.
The extra rental income helps offset mortgage costs or can be put aside for other savings goals. Unlocking earning potential from your own backyard is a smart money move.
Flexible Space for Family Needs
Instead of renting it out, you may want the granny flat for family use. The self-contained unit offers flexible living space for relatives or guests.
Having aging parents, adult children, grandchildren, or other family stay over is made easier. They can have their own area while still being close by.
Use the granny flat as a temporary overflow space when your main home is too crowded with holiday visitors. Or as a home office or hobby space you don’t have room for elsewhere.
The options are many when you create versatile extra square footage.
Increased Property Value
Adding a granny flat immediately boosts the underlying value of your property. Having a secondary suite brings in higher rental or sale value down the road.
The cost to professionally build a quality granny flat will pay off when it comes time to sell. Savvy buyers are willing to pay more for a property with usable additional living space or rental income.
If you spend $50,000 to construct a fantastic granny flat, the listing price of your property will likely increase by more than that. Any smart renovation tends to add value well beyond its actual cost.
Great for Multi-Generational Living
Many families are choosing to have grandparents, their adult kids, and grandkids living together on the same property. Multi-generational households are on the rise.
Adding a granny flat allows for this kind of extended family living arrangement, but with some separation. Grandparents or adult kids can reside in the private granny flat while still staying connected.
They benefit from being close to provide help with childcare, save money by splitting costs and utilities, and share quality family time. The granny flat enables meaningful time together while also having personal space.
Review Zoning Laws First
If you’re interested in adding a granny flat, be sure to research the zoning laws and permit process in your local area first. Municipal regulations for secondary suites differ from place to place.
Some cities make the process easy while others have stricter requirements. Know the rules before investing in a granny flat design.
The right permits and professional design plans ensure your granny flat meets legal requirements. Don’t skip this important first step.
Weigh the costs
Building a quality granny flat involves real construction costs. Be sure to budget adequately and get contractor quotes before starting.
Factor in expenses like contractor fees, materials, utility connections, permit fees and site preparation. Advanced planning avoids cost overruns down the road.
Final word
While a significant investment, if designed and constructed wisely, a granny flat is a home upgrade that can really pay off in added enjoyment, functionality and property value.
