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Cheap Housing Option: Should You Choose to Build a Granny Flat?

It has been increasingly difficult to rent a cheap housing property for the past few years. As land value continues to surge, people have come up with a way to accommodate those who do not have that much money and potential homeowners who want to save up some money. This new housing option is the granny flat.

A granny flat is considered as a secondary property house on an existing property. It has distinct features which include a separate entrance and living area. If you’re looking for a cheap housing option, it just might be the best one for you. Here are the reasons you should choose to have a granny flat.

  1. It can give you additional space.

A granny flat can be used in multiple ways. You can set up your home office in it. If you have a business, and you are looking for a base location, then it will be ideal to just set it up near your home. This way, you will not use your money on renting another space. It is also a great way to balance out your work and home life.

The granny flat can be used as a space for your other passion projects such as craft, woodwork, arts, etc. as well.

  1. It could give you additional income.

Since a granny flat is similar to what you can find in a regular house, you can rent out this space to other people.  There are so many young adults who want to save up on rent. In other words, building a granny flat a viable outlet to generate income. You can also choose to rent it out for people who are having a vacation. They will only stay for a short period of time, if that is what you prefer.

  1. It could house your parents or grandparents.

The reason why it is called a granny flat is that traditionally, people use it to house their grandparents. If you do not want to send your grandparents to a nursing home, a granny flat is a perfect choice for you. Your grandparents will be able to have some privacy, but at the same time, you can look out for them in case they need something.

  1. It could add value to your house.

This is a great investment for you as it would increase the market value of your house. If you are planning to renovate your house in order to maximize the use of space, a granny flat is a good consideration. Potential buyers may be interested in using up the space as a home office or a house for their grandparents.  However, the increase in land value depends on the quality that your granny flat builder constructed.

  1. It has a faster approval period.

Unlike building a duplex, regulations on building a granny flat are lax. You don’t have to wait a long period in order to start renovating your property. You will also have to pay a smaller fee in comparison to others.

Conclusion

A granny flat can provide lots of benefits for you. It is a great way of using your space, and it is more flexible in comparison to other types of houses or apartments.