In Australia, the real estate bubble has not yet burst as it has elsewhere in the world. Property owners are seeking strategies to increase their income and profits through investment properties as house prices continue to rise. The addition of a granny flat is one option for Australian homeowners to increase the value of their properties. A granny flat is a great way to increase the value of your home and diversify your financial portfolio with the help of Granny Flat Solutions.
What is the definition of a granny flat?
This is a dwelling that is either semi-attached to or fully separate from the main residence of the proprietor. Renters get their own living space, kitchen, and bathroom in this supplementary apartment. They are usually found above the garage or in a separate area of your home.
What are the ways in which they bring value?
They increase the value of your home by allowing for dual occupancy, which is when two families reside in separate dwellings on the same property. The value of a property is considerably raised by the addition of a second, albeit much smaller, house. This is due to the fact that owners can now rent their granny flat to a renter and earn from the rental.
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Using a granny flat is a great way to save money
Even if you decide to add a granny flat to your home, you are not obligated to rent it out. Many Australians prefer to provide a granny flat as a residence for their older family members, such as a parent or grandparents. This gives you the option of caring for your aging relative without having to share your house with someone else. Your older relative resides on your land, but everyone has their own separate living quarters.
In addition, some families prefer to offer housing for their college-aged children by allowing them to live in the granny flat while they attend university. Many families prefer this choice since it allows children to live independently without having to travel far from home or pay rent. They can concentrate on their education while remaining independent of their parents.
You can also rent the apartment to a tenant. This signifies that someone else has moved into your home, either a stranger, a friend or a family member looking for a place to rent. You should present the tenant with a rental agreement that you both agree on before signing to ensure that the renter understands the conditions, rules, and restrictions that come with renting your granny flat. This ensures that you are legally obligated to pay the agreed-upon monthly rent and that you can evict the tenant if the tenant fails to pay the fees associated with living in this flat. Your lease contract should also stipulate that the asset cannot be destroyed in any way.
These types of flats generate a lot of rental money. If you build a one-bedroom duplex, the rent will be lower than if you build a duplex with two or more bedrooms and adequate space to rent to a family. The higher the rent for your granny flat, the more money you’ll have in your pocket!