Over the past few years, there has been an increase in the number if backyard sheds or garages being turned into living spaces. Homeowners have now gone a step further by constructing new granny flats in their properties. These flats are smaller versions of their primary residences.
In Northern Beaches and other parts of Australia, the popularity of granny flats is on the increase. Their benefits cannot be underestimated. These include increase in additional accommodation facilities, extra space for a home office or additional income from renting out the extra space.
Granny flats can therefore be considered as mini homes, or secondary residences.
Why Northern Beaches Granny Flats Are Popular
There has been an increase in rental and house prices, which have held back teenagers and adult kids. They now have to stay home for longer. Parents have been forced to look for alternatives that will allow their children to be independent as they try to raise money for home loans. That has fueled the popularity of the mini homes.
The flats are easy to build and have rental yields of around 10%. The additional income comes in handy to homeowners looking to offset their mortgage costs through additional repayments. That is why a Northern beaches granny flat is an attractive option for investors with real estate portfolios.
There is a shortage of housing in the suburban areas of the metropolitan and Northern Beaches. Some people believe that the secondary homes will help bridge that housing gap.
Benefits of Granny Flats
Granny flats will adapt to your needs with time. They have a number of benefits, which are outlined below.
Home Office Space
Commercial space is expensive. You will also need to spend more money for commuting and dining out. Your work/life balance will suffer as a result. By building a granny flat in Northern Beaches, you cut down on rental, dining, and travel costs you would have used otherwise.
Housing Your Elderly Parents
You need to find an alternative if you do not want to put your parents in a care home yet want them to maintain their independence. Granny flats can be used to house your elderly parents.
Accommodation For Young Couples
Newly married couples need to save enough money to buy a home. They will have to rent a cheap home for the time being. Their parents can allow them the use of their mini-home within the property until they save enough.
Additional Income Through Rent
You can get additional income by renting out your granny flat. Alternatively, you can go back to basics, downsize move into the flat and rent out your primary residence. Even before tax benefits, the flats are already geared positively or at least neutrally.
You can use the mini home as a space to pursue your hobby which may include sewing, art, woodwork etc. You will have no distractions.
Secondary homes allow you to create additional bedrooms for your teenage or adult children at a lower cost than that of renovation. The space could be used for extra income when they leave.
Click here for more info about why people build a granny flat.
Northern Beaches Granny Flat Professionals
At Granny Flats solutions, we are proud of our workmanship. Our company provides the best buildings for the money using the highest quality materials available. Your Northern Beaches granny flat will enhance your property’s aesthetic appeal while giving you the additional space you need for your immediate and extended family or other needs.
Contact us for an obligation free consultation if you are considering the advantages of building a granny flat in Northern Beaches.