Nowadays, building and investing in a granny flat is easy. In 2009, the Australian government passed new laws that made constructing easier for those who wish to have granny flats. If you’re one of those people who’ve always wanted an extra room near the house as an investment property, then you’re in the right place. Today, we’ll talk about the risks and the benefits of building a flat. Here, we’ll help you determine the next step as you decide whether you should get one now or soon.
Risks You Should Be Aware Of
Not all granny flats cost the same. So it would be wise to visit your local experts to inquire about the most recent costs of transportable homes. Speak to your chosen builder, plan well, and prepare a good budget before actually starting the project. Another thing you need to be aware of is the possible increase in cost for property management. Your granny flat and your home have “common areas”. These include the backyard or garden, the pool or mostly other outdoor areas.
You need to be clear about how you are going to pay for these expenses. If you’re planning to convert this space as some sort of leasing or apartment, then you need to be strategic as to how you allocate the costs. Another risk you should be ready for is the potential headache. Tenant issues, payment matters, maintenance – you need to psyche yourself up for these potential issues. Choose to look at the bigger picture, which is investing in a good opportunity. It’s not everyday that you get to earn passively.
Benefits of Getting a Granny Flat
Portable granny flats are great investments despite the risks involved. For one, having this free space around your home gives you extra leasing income. Today, home additions are not just for barbecues or ping pong and pool areas. The extra space can help you pay off your mortgage or any other debt faster. Another advantage is an increase in your property value. Transportable flats add value to your property. If you want to know the exact cost or value, consider speaking with your local real estate agent.
Another awesome benefit of building a granny flat is it lets you spread your income risk. Gone are the days when people are solely relying on one source of income. Today, people have multiple jobs and have been juggling extra work to help themselves towards financial freedom. Investing in a granny flat can help you earn while staying in the comfort of your own home. Having just one vacant space or property is all you need to start.
You probably know some people who are looking for a place to stay. And that’s a good start. So have you decided whether a granny flat is good for you right now? If you need more information, don’t hesitate to get in touch with Fox Transportables. We can help you select a range of designs for your office, granny flat, portable buildings, even toilet blocks, and more. Just give us a call on (08) 6377 8335 to get started.
Fox Transportables Pty Ltd
12 Beringarra Ave, Malaga WA 6090