To encourage homeowners, the Australian government has introduced some incentives. These include investment in affordable living units. This has also helped homeowners to think about a second house and that too in their backyard. They can utilize the empty space and enhance liveability for their family members especially old parents or tenants. They can build small cottages or granny flats which will help them keep their family closely knit together and also put them on rent to increase their monthly income. But, they need reliable builders for their project. Hence, for a granny Flat Wollongong, Granny Flat Builder are becoming popular in the construction industry.
The introduction of granny flats has proved to be a boon for the old parents, as they can easily live with their children in a separate Apartment enjoying privacy and comfort. Their children can also take care of them in times of need and emergency. These flats can be attached or separated from the main building. Sometimes the garage can also be converted into granny flats to accommodate guests, old parents, tenants etc. These flats have many benefits.
1. Sense of Independence
Granny flat allows the adult, parents, and grandparents to stay together. It helps in keeping your family and loved ones close and also helps in putting a check over the activities of frail relatives. It offers independence for families. No matter, whoever is staying in a granny flat it allows a sense of space and enjoyment.
2. A Valuable Asset
Granny flats not only increase the value of your property but also keep the family close. Their increasing popularity has made them an asset that provides a good return on investment, when it comes to selling your house.
3. Source of Additional Income
Building a granny flat is just like planting a money tree. If it is put on rent, you enjoy an inbuilt income source. And as a homeowner, everybody loves to receive such payments. Moreover, as compared to other investment properties and types of rental houses, its maintenance and repair cost is very low.
Besides benefits there are some drawbacks associated with granny flats:
1. Hidden Costs
The building of granny flats has become affordable but you should be prepared for the surprise costs too. As a matter of fact construction projects often have hidden costs and you can expect the same from these flats.
2. Bad tenants
It happens,that you may come across some undesirable tenants living in your granny flats. Dealing personally with such tenants seems to be very difficult. And so for peace of mind, it becomes very essential to find suitable tenants by the homeowners.
3. No Subdivision
As per the Australian discipline, a granny flat cannot be constructed if the property is subdivided. To be more specific a property with a granny flat cannot be subdivided further.
Hence, whenever you are building a granny flat make sure that you choose the right builder, who can offer you fantastic investment ideas. Ensure that the builders are licensed and provide you with the credentials and certificates. They are reputed, experienced, and affordable builders. They provide you with site visitations to check out their work. Also browse through their brochures and websites to recognize their specific designs, style, and rates.