Today, families are returning to earlier concept of joint families where multiple generations either live together or close by in the same vicinity. Granny flats or multigenerational housing is an excellent concept where a part of a house is converted into self-contained accommodation suitable for elderly relatives who are incapable of living alone. Affordable granny flats also enhance the resale value of your property, so that in the long run, there is no problem in accommodation and also in getting money.
Miniature housing unit:
There are multiple organizations and estate agents who can offer you one, two or three bedrooms, along with flats, cabins and also a second dwelling for your friend, grannies and relatives. The concept of granny flats primarily quite popular in countries like Australia, Britain, Ireland and New Zealand, and now has spread to parts of the United States.
Most of the affordable granny flats are built according to the landholding and land guidelines: their general features include the fact that they are:
- Above a rear detached garage
- Convert a detached garage
- Above the main floor of a single-detached dwelling
- Basement of the house
- Made in the garden area detached from the primary residence
- Backyard of the house
Population growth and building of new granny flats:
As the population continues to grow, the residential space around major cities is shrinking. Families and investors are looking for avenues to maximize their income. Local governments are looking to facilitate the provision of affordable rental properties, as the costs of living are rising. This witnessed the out of the box creativity and emergence of the affordable granny flats.
- In technical terms Granny flats are secondary dwellings, i.e. they are secondary to the main property on a single and same block.
- This dwelling/suite is self-contained, as it has a separate entrance, bathroom, kitchen, bedroom, and living area.
- The feasibility and economic viability has led to a boom in development of affordable granny flats.
- There are many construction companies contacting local residents to get a flat build which allows them flexibility and additional income at a nominal investment.
Granny flat construction and economic calculations:
Granny flats construction has taken off on a greater scale in recent years and many investors are getting caught up in the brilliant idea. The construction companies also refer it as accessory; understand the need and different reasons for building the granny flats.
- They are lucrative income suggestion for investors looking for excellent Return on their Investment or a family seeking comfortable and spacious lifestyle options or a combination of the two.
- Investment in a granny flat would not only yield a good return but also add value to property and yield good rental value. As the calculations work the approximate investment of $100,000 in building a granny flat can easily attract a tenant paying $450 a week. Furthermore, payout of mortgage at interest rate of 7%, will still allow the owner to save good amount a week.
- There are different branded real estate agents who help you through a complete process of certification, approval, design and construction of the affordable granny flats.
The builders provide construction services at a very reasonable and at competitive costs making it easier for home owners to opt for this suite and use it as per their or preference which can be for rental, guest house, extended family, newlyweds, for teenagers and an office studio etc.
These granny flats apart from offering security of staying with family to older generation they also act as second source of income. What makes them affordable is that they are custom designed and offer high quality value at affordable prices. These custom made granny flats are an ideal solution for investment while providing additional living space.
So if you want to custom made granny flats with additional features, then visit this link for affordable, portable and modern granny flats.