A granny flat refers to a segment of your main house that has become a self-contained living area for one or two individuals. They contain bedrooms, washrooms, kitchen, laundry areas, living spaces, and separate entrances for the people living there. Granny flats are mostly located on the ground floors of houses and they can be totally detached from the main house in certain cases. Normally, they are designed for elderly people according to their requirements to benefit them in their living.
In case you are wondering that whether you should invest on a granny flat or not, it will be better to know about why they are built, what purposes they serve, and what are the possible pros and cons of having invested on a granny flat. Most people opt for 2 bedroom granny flats as they are relatively inexpensive and serve the purpose of a granny flat.
Know Your State and Country Laws Regarding Property
Before you opt to invest on a granny flat, it will be wiser to know the rules and regulation of your country or state regarding buildings, and housing. In certain countries, there are various restrictions. Now, you don’t want to get caught up in legal problems. So, before you begin to work, catch up with the latest rules and regulations. Some of the criteria that granny flats need to fulfill are:
- It needs to be built on residential properties only.
- The granny flat should be owned by the same person who is the owner of the main building.
- It must not obstruct the path of pedestrians. The house should be built in such a way that it does not become an obstacle.
- The granny flat should be a minimum of 450 square meters in size. Normally, a 2 bedroom granny flat is preferred in any case.
Beneficial, if you have elderly people at home
If you have elderly people at home, then it is a good investment to make. Old couples often prefer solitude and peaceful surroundings. In that case, a 2 bedroom granny flat is ideal. Even though their building will be separate and with all types of accommodation, they will still be within your reach in case of an emergency.
In case you don’t have elderly people at home, then also it will be a good investment as it might yield you some rental income. You can give that particular building as a rent to some couple or a small family and that will yield you some extra income every week or every month. But of course, the value will depend on the location and features of your property. If you live in a metropolitan city, then a 2 bedroom granny flat will be in great demand.
Accommodate Your Guests Better
It often happens that you might have relatives or guests for the night. In that case, it becomes a little difficult to accommodate them. But if you have a granny flat, then that will serve the right purpose for you. You can ensure them the necessary accommodations within your property itself!
Everything has their own set pros and cons. Granny flats too, have certain consequences which you should be aware of before investing in them:
- There might be some unforeseen costs while building a granny flat. You might have to count in some miscellaneous costs and keep adequate funds to meet the various demands.
- In case you are giving your granny flat as a rental to other families, you might have to deal with the usual problems of having tenants. You’ll have to make sure that they follow certain rules and pay the rent on time.
After you consider all the factors regarding granny flats, it will become easier for you to make a decision regarding your investment on it. A 2 bedroom granny flat is what people prefer most because of its size and accommodation. Moreover, it adds a significant value to your property. But make sure that you follow all the rules of your state or country and that your granny flat is a legal one.