In recent years, granny flats have risen in popularity in various countries, including Australia. What’s behind this intriguing trend?
In order to better understand the reasons behind this surge in popularity, it is worthwhile to give a definition for granny flats. Australia property owners who are considering investing in these ought to know that granny flats are secondary dwellings attached to the main structure on a lot. In some cases, granny flats are built as a separate structure.
Often, these structures are smaller in size, averaging about 60 square metres. Some of these flats come complete with the parts you will see in a larger structure like kitchens, bedrooms and living rooms. There are, however, granny flats that are built as one large space, often used by the property owner for a particular purpose like an office or studio.
Some granny flats are attached to the main structure while many are built separately. The second option gives property owners the opportunity to avoid the hassles of the former, which include cost and complexity of the tasks involved.
One main reason why Australian property owners are attracted to the prospect of having granny flats is their versatility. Granny flats can be used as a home office. If you have the privilege of telecommuting for work, you can turn your granny flat into your own workspace. On the other hand, if you are just starting your own business, the granny flat can serve as your command centre before you can afford a conventional office space.
Some hobbyists prefer to spend their free time working on their individual passions in granny flats. This allows them to have a quiet and trouble-free space to work on their latest projects.
Granny flats are also often used to house relatives like elderly parents or children who have recently tied the knot. This allows the property owners to keep their relatives within the same property while allowing for privacy and a degree of independence for each family member.
Granny flats can also be used as a form of rental property, enabling the property owner to rent out the flat to earn additional monthly income.
Of course, a few other factors should be considered, apart from the versatility of these structures.
For one, in some parts of the country, the demand for granny flats has steadily increased while rental prices have followed suit, making these structures an attractive investment option for lots of property owners.
Furthermore, many state governments have made it easier for property owners to build granny flats by relaxing a few rules and regulations and facilitating speedier approvals.