How Adding a Granny Flat Increases Property Profits

Every homeowner knows the basic rule of making your property appealing to a larger audience not only makes it easier to sell, but makes it more profitable as well. When you make the decision to add a granny flat, you’ll be able to make more money off of your property, whether you decide to continue living in the main home or if you rent out both sections. Below are just a few ways that adding a granny flat increases your property value.

Rent Return

One of the main reasons as to why people decide to become landlords is because they can make profits off of their property, even if it’s not entirely paid off. Your tenants will have to pay you an agreed upon sum every month that will either make the property pay for itself or give you extra money in your savings account. If you have a mortgage free home, adding a granny flat means that you can use the rent money for anything that you desire, whether it’s a much needed vacation or school savings for the children.

Improving Resale Value

In today’s real estate market it is essential that your property has everything that potential buyers could be looking for. When you take the time to add a granny flat you’re not only making your home larger, but you’re increasing its potential. You’ll make your property more interesting to a larger group of people, for example, individuals that want to rent out a part of their home, or families that want an added flat for other family members. You’ll be able to list your property with a whole other bedroom, bathroom, living space, and kitchenette.

Having Dual Occupants

Above all, creating a granny flat makes it easier to live with more than one family or several family members at once. Whether you have your parents coming to stay with you for the remainder of their lives or if a family member is doing renovations on their own home, they can easily move into the granny flat. This keeps your regular living area free of extra tenants meanwhile ensuring that your visitors have a comfortable place to live. Depending on the features that you add into the granny flat, you may even be able to rent the property out to more than one individual, increasing the amount of money that you can charge per month.