Granny flats are rising in popularity as a charming little home added on properties not only in Sydney but also across Australia. People view it as a rewarding investment. We at 5 Star Granny Flats suggest that you know some essential aspects of granny flats before you decide to build one.
You can build a granny flat on your property as an addition to your existing house or primary residence, and own both structures. You can use this small self-contained flat as a dwelling for elderly family members, an additional place for kids, or other members of the family. It can be a source of extra income if you rent it out.
Look at the reasons why granny flats are gaining popularity as a secondary dwelling in the backyard for many Australians:
Various options to finance a granny flat are available in the market. You can take a construction loan, refinance your existing home loan, or use the equity in your home. It is better to consult a financial expert to guide you in the matter to get a beneficial financing deal for your granny flat.
Remember that your future tenants will share some common areas with you because your granny flat is a part of the same residential block. So carefully opt for a design that minimises the privacy issues for you as well as others. You can earn a rental income of over $300 a week or a rental yield of over 7% from a granny flat, depending upon the location of your property.
For more information on our granny flat builder services, you can get in touch with us at 5 Star Granny Flats today! Just give us a call on 1300 843 921 or fill in this contact us form. You can also use this form to get a quick online quote.