Many ordinary Australians see estate investment as a way to secure a secure financial future. However, rising home and apartment costs often make investment unaffordable. Even though prices have decreased in some large cities, they are still high enough to deter many people. There is, however, another option. Granny flats Wollongong have been a viable option for aspiring investors since 2009. These small homes, which you build within the walls of your own house, provide a wealth of possibilities. They’re also inexpensive at Granny Flats Solutions Australia when compared to other forms of real estate investments.
However, this does not make them infallible. There is a certain amount of risk associated with any investment. If you design a granny flat incorrectly, you might end up losing thousands of dollars. So, how can you stop a case like this?
This article delves into what granny flats are and why you may want to create one. It also examines the advantages and disadvantages, as well as offering some helpful advice.
But first, let’s search at an example of someone who got it correct.
Margaret Street’s Value-Adding Granny Flat
Residential property owners aren’t the only ones that will profit from granny flats. They’re often used by seasoned buyers on a daily basis to add value to the assets they purchase.
That was the situation in this story with the investors. They planned to diversify their portfolio by investing. They weren’t looking for just any aged house though. They came with the stipulation that any estate they bought had to have the ability to add value.
It required to be large enough to accommodate a granny flat.
As a result, they began their quest for a home. They came along an estate with a big, well-kept garden that they thought had potential. Most notably, the house had a carport as well as a garage.
This combination allowed them to provide parking to both the main the tenants and estate’s tenants of the granny flat they planned to build.
What Are Granny Flats?
That is an idea of what a granny flat can accomplish. Of course, the most relevant topic has yet to be addressed:
What are granny flats and how do you get one?
A granny flat is a secondary residence built within your own estate’s boundaries. The most important feature is that they are self-contained. As a result, a granny flat is basically a house within a house.
The title comes from the flats’ original meaning. Landlords will construct them for their older parents, keeping the family unit intact.
They have, however, since evolved into an investment opportunity. Because of Australia’s growing housing costs, many tenants are considering granny flats as a viable option. They’re also appropriate for those looking to downsize from their current residence. You might build a granny flat in your neighborhood and live there while renting out the main house.
Conclusion:- They’re also a flexible estate type that can be used on a variety of different blocks. However, it’s essential to follow the rules set out by your local government. You can’t create a granny flat larger than 60 square meters, for example.