A granny flat refers to a self-contained residence on your property. This structure gives homeowners a chance to convert part of their property into a rental space, thus supplementing their regular income. It is also a good option if you are looking to make headway with your current mortgage. However, the inclusion of a granny flat on your residence is not simply about hiring the first contractors you come across and proceed with the construction. Here are some of the considerations to keep in mind when constructing a granny flat on your property.
Establish the type of granny flat that would best suit your property
Granny flats come in various types. The first option you could consider is allocating extra room in your home to the granny flat. The second option would be to renovate your home to include an extension of the main house onto your property that would serve as the granny flat. The last option would be to construct a granny flat from scratch as a detached structure on your property. Ultimately, the type of granny flat that you opt for would depend on the amount of space that is available on the property.
Additionally, cost of construction will play a role in making a choice of granny flat, as converting a room would be much more affordable than, for instance, building a detached structure. No matter your choice though, it is prudent to ensure that the granny flat is self-contained and has its own individual entrance. This is to ensure that your renter not only lives comfortably, but can live privately and independently too.
Ensure that the granny flat will be of value
Granny flats sound profitable theoretically, but this will largely depend on the supply and demand in your area. Therefore, it is pertinent to consider some external factors before engaging in construction of your granny flat. For instance, if you live in an area that is flush with affordable options for single renters, then constructing a detached granny flat may not be your best bet. Instead, you could consider converting one of the pre-existing rooms in your home into one as this would be more affordable.
Secondly, you need to consider the current property value of your residence. One of the things most homeowners hold dear is their privacy. If you choose to construct a granny flat on a small property, chances are you will compromise both your residence's as well as the renter's privacy. In the event that you would like to put your residence on the market, the granny flat may actually end up decreasing the resale value of your home due to these privacy concerns. Thus, it is best advised to establish whether your property would benefit from the addition of new construction, or if it would be better off with some of the living space converted into a granny flat.
For more information, contact companies like Alpha Industries.