In Australia, the housing market bubble has not yet exploded as it has elsewhere in the world. Homeowners are searching for ways to increase their income and profits by investment properties as house prices continue to rise. The addition of a granny flat is one way for Australian households to increase the price of their houses. A granny flat is a great way to increase the price of your home and diversify your investment portfolio. Visit Granny Flat Solutions Australia for the best granny flat builder Liverpool.
What is a granny flat?
This is a house that is either semi-attached to or entirely separate from the primary house of the landlord. Renters have their own living area, kitchen, and bathroom in this second home. They are usually found above the garage or in a different position in your house.
How do they add value?
People increase the value of your home by allowing for dual-occupancy, which is when two families live in separate residences on the same estate. The worth of land is significantly improved by the addition of a second, though much smaller, home. This is due to the fact that owners can now rent their granny flat to a tenant and benefit from the sale.
Use of a granny flat
And if you decide to add a granny flat to your home, you are not obligated to rent it out. Many Australians prefer to have a granny flat as a house for their older family members such as a parent or grandparent. This offers you the option of caring for your elderly relative without having to share your house with anyone else. Your elderly relative lives in your house, but everyone has their own separate living quarters.
In addition, some families chose to have housing for their college-aged children by allowing them to live in the granny flat while they join university Many families choose this choice because it helps children to live comfortably without having to move far from the house or pay rent. They will concentrate on their studies while remaining independent of their parents.
You can also rent the apartment to a tenant. This means that somebody else has moved into your house, maybe a stranger, a neighbor, or a family member looking for a place to rent. You should include the renter with a rental contract that you both agree on before signing to confirm that the renter knows the provisions, laws, and restrictions that come with renting your granny flat. This means that you are lawfully obliged to pay the agreed-upon monthly rent and that you can evict the tenant if the occupant fails to pay the fees associated with staying in the granny flat. Your rental contract should also stipulate that the assets cannot be harmed in any way.
Conclusion:- These forms of flats generate a lot of rental income. If you build a one-bedroom duplex, the rent would be lower than if you build a duplex with two or more bedrooms and sufficient space to rent to a household. The higher the rent for your granny flat, the more money you’ll have in your pocket!