An extra living space for your family can either be expensive or impractical to construct. There are hassles and mess that usually occur during the construction of an extra building within your premises, not to mention the expenses you can incur over time. But if you can build an extra living space, such as affordable granny flats, you may also reap a couple of benefits that you and your family can enjoy in the long run.
Of course, one of the primary functions of granny flats is to provide shelter to the old folks who want to live independently without leaving their families entirely. There may be nursing homes around, but a flat just around the main abode’s corner is safer and more reasonable for some families. Keeping grandma and grandpa around is more important than just leaving them in an organization’s care.
If there are no old folks to reside in a said flat, then this extra living space can be an extra help for the family. For those who have children going to college, you can spare them the extra space as a quiet hideaway during summer vacations and holidays. This can help them develop their sense of individuality and responsibility as adults.
For families needing some extra cash, granny flats can help augment the family income by turning these living spaces into bed and breakfast, dorm, home for rent, or home office for an upcoming entrepreneurial venture. If this is what you have in mind, just be sure to check with your local government’s policies and needed documents or permits.
However, unlike regular kit homes, granny flats are more cost-effective because they are usually smaller in size. But if you’d like the idea of renting one out or using it as extra living space for you and your family, a smaller unit may be enough.
With the high price of real estate properties, it is also impractical to just simply buy a new property somewhere in the suburbs. It is said that any functional and useful addition to a residential property can enhance its market value. Since you will be investing money on a granny flat, your entire property’s value can improve.