Posted on: 27 October 2017
Granny fats are basically single-level structures that are small in size but big enough to house an individual. These housing units are most often built on privately-owned residential lots by homeowners creating a place for their elderly loved one, but they have also evolved into a prospective rental investment opportunity. Whether you are building a granny flat for a relative to live in or you are building the flat to make a little extra income off of your property, there are a few things you should consider before taking the leap. Here is a look at some of the things you should know before you decide to build a granny flat on your property:
Not every homeowner will be able to build a granny flat on their property.
Depending on where you live, there can be zoning restrictions on your property that state only one home dwelling or residence is allowed on the property, even if you have plenty of room to build a new structure. Likewise, if you live in a neighborhood that is under a homeowner's association, granny flats may be prevented by the HOA council.
It is best to know the rules regarding your property before you seriously look into building a flat or start working with a contractor. In some cases, you will be allowed to build a flat, but the structure and the property it is built upon will have to be surveyed off as a different deed than the deed to your current residence.
A granny flat can give your property value, but it can also decrease it.
When you build a granny flat on your property, you are essentially installing a second home. This means that your home can become more valuable in the eyes of a buyer when you decide to sell. Even if the additional housing is not marketed as a granny flat, it can be marketed as a pool house, secondary living quarters, or even as an Airbnb addition.
Depending on the location and other factors, this additional living space can also turn off buyers that would otherwise be interested in your home. The key to adding a granny flat and making sure it does not decrease property value is in making sure the structure is built in a way that will be versatile and also making sure the separate living quarters are private from the rest of the house.
Contact a granny flat builder for more information and assistance.Share