Benefits and Risks of Building a Granny Flat in Your Property

Before property building became mainstream, granny flats were seen as something that would only fit certain households. However, these days, household owners see potential in this particular design. Granny flats design has its respective benefits and risks, and this article will cover most of them to help you decide whether this concept is perfect for you.

Benefits

Monthly Income Increase

Granny flats in Sydney are mostly used for rental purposes, and therefore are a possible alternate source of income. Granny flats can rack up hundreds of dollars in income every week and is a very effective tool in case you are worrying too much about your future or savings. In key cities and those that are busy ones, granny flats would have much more value, and therefore the income would increase even more.

Property Value Increase

Project Homes are some of the leading builders that build granny flats, and most of the clients are either looking for additional household space or are in for a property value increase. In case you see or treat your household as an investment, then doing this move is definitely worth the shot, and would be more valuable depending on the quality of the build.

Risks

Unexpected Costs

Granny flats design demands a lot of design variations for them to stand out and become attractive. This would then increase the total cost needed for the project to be finished. However, there are some variations of granny flats that are far more minimal, yet still, the materials that are needed for the project make the cost still higher. If you want to cut off from the costs, then you must decide on a cheaper material to use, although it is not thoroughly recommended as it would make the lifespan of the granny flat even shorter.

Management and Maintenance Issues

Because granny flats would be added to a household, it is no brainer that it will also become another responsibility, especially if you’re the one cleaning your household by yourself. Granny flats design can be big, depending on the project, and therefore, more time and resources are needed to be expended for it to be maintained for the long term.

You may also hire someone, a third-party cleaning service, but this will also cost you more. If you don’t have enough extra budget, then granny flats would be very tricky to manage.

Demand Issues

It is no doubt that granny flats are starting to enter the mainstream market, but because of this surge in demand, more property owners will also construct their own, therefore leaving you to compete with the market. If you have your granny flat unrented for some time, then it will cost you some money for maintenance.

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