There has been a recent boom in the development of granny flats in Sydney. In fact, NSW State Government data shows that granny flat construction nearly doubled between 2014 and 2015, while the number of new granny flats has more than tripled since 2010.
The numbers alone are impressive, but what is the story behind the rise of granny flats? In this article, we’ve taken a look at a modern twist on the classic granny flat, and why homeowners are opting for these stylish additions to their properties.
Granny Flats Are Cost-Effective and Simple
Living in a metropolitan city or its surrounding suburbs can be a constant grapple for affordable living space. Renovating your house to accommodate extra rooms is an expensive and invasive project, putting your peace-of-mind on hold until the task is complete. Building a granny flat cuts costs and utilises the full capacity of your land, and it’s a simple process. A granny flat is intended to be a matched addition to your home and the extra space you require can become a reality without an invasive, lengthy construction process.
Granny Flats Have a Variety of Uses
A one or two-bedroom granny flat can easily be converted to suit your lifestyle in a number of ways. A granny flat allows you to:
- Entertain friends and family while maintaining privacy
- Create a children’s playroom or teenager’s retreat
- Enjoy additional storage space
- Embrace the freedom to meet deadlines in a home office or studio
A Granny Flat Will Increase the Market Value of Your Property
Granny flats are gaining popularity across Sydney and Newcastle because they increase the value of your home or investment property. Being cost-effective and quick to build, a self-contained, modular granny flat increases rental income by almost ten per cent. Speak to a real estate agent to get an idea of what you can earn per week by expertly installing a design that suits your home.
We’ve created a simple step-by-step guide to remove any daunting confusion and to get your granny flat construction underway now.
Granny Flats Can Be a Reliable Source of Extra Income
Recent legislation updates in NSW have given homeowners the opportunity to rent their granny flat out privately. As most Australians are currently living off a single wage, building a granny flat and turning wasted yard space into extra income can assist with a speedy repayment of the property’s mortgage. Building a brand new granny flat also provides you with extra claimable items on your depreciation schedule. Hiring knowledgeable Sydney-based builders will take the stress out of construction, allowing you to make a quality investment that will pay for itself.
Tenants Are Looking for Affordable Rental Housing
Many investors are under the impression that finding and retaining a tenant for your granny flat is complicated; however, this couldn’t be further from the truth. Many tenants are enticed by the security of living so close to another household without the confinement of an apartment building. With the simple addition of Landlord Insurance, you will be able to rest easy knowing the previously unused space in your backyard is helping you achieve economic security.
With so many great reasons to build a granny flat, there has never been a better time to get started. Contact Home Plus One online or call us on 02 8626 6668 for more information.