If you are planning on building an ancillary dwelling on your property as an investment, either to rent it out or to house family members, this post is for you! Here are some of the advantages and disadvantages to help you decide whether or not it’s worth having a granny flat in your backyard.
- Good investment if it’s housing family members to keep them close by, especially, if they need assistance or are dependent. They can then also enjoy having their own private space.
- Ancillary dwelling is an asset when it comes to evaluating your property
- Depending on the location of your property, having a granny flat can become a source of income if you decide to rent it out.
- A granny flat ensures accommodation for a friend or someone who may need to stay overnight.
- You have the possibility to turn it into a different area to meet your needs, such as: a pool house, a play room or an extension to your living room.
- Same as houses, cost of construction can surprisingly blow up considering different aspects. Read 5 Key factors that have an influence on the cost of your future home for more details.
- When it comes to renting it out, you never know what kind of lifestyle the future tenant has and it may impact your privacy, especially when sharing the backyard.
- Depending on the location of the granny flat, you may not be able to subdivide the property.
- If you want to rent both the house and the granny flat out, keep in mind that the rental of the house might be hard as people usually don’t want to share their backyard with other tenants.
- The value of the granny flat doesn’t increase throughout the years, compared to land and houses, when it comes to resale.
If you are planning on building a granny flat, ⇒ GET IN TOUCH ⇐ with our building designers to discuss on the possibilities you may have on your property and get them to chalk out a good design to fit your needs!