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Is It Wise to Invest in a Granny Flat?

If you have extra space in your property where a granny flat or a tiny home will be perfectly located, you may want to think about the benefits that it presents. Since tiny homes are becoming popular across the world, it’s about time you put that extra property space to good use.

You can contact a contractor to get an estimate of how much it would cost you to build a one-bedroom or two-bedroom transportable cabin in your own backyard. Reports say that a granny flat kit costs $81,000, but you would have to do it on your own. If you want a custom-made granny home, you have to shell out somewhere between $100,000 and $150,000. The inclusions would most probably be a tiny room, a laundry room, a living room, a kitchenette, and a bathroom.

But why would anyone want an extra home outside their main house? Think of this as a shed or guesthouse. A granny flat has a variety of uses, from housing senior members of the family to generating income for your household.

For the Granny

As the name suggests, a granny flat was originally intended for your parents or grandparents. If you are opposed to the idea of sending them to an assisted-living facility or a nursing home, the next best thing is to build a flat for them in your backyard. Why not just let them live with you in the main house? If you have kids and they tend to run around and be noisy, your parents or grandparents will have a hard time resting and relaxing, especially when they are sick. A granny flat gives you both the privacy you need.

For the Nanny

You can also let your nanny use this tiny home. It will give the nanny privacy, and it will be more humane than letting her sleep in the basement or attic if you don’t have an extra room in the main house.

For Rent

couple lounging on couch

One of the most popular uses of granny flats today is to rent them out to backpackers or basically anyone who needs a place to crash temporarily or permanently. If you intend the granny flat to generate extra income for your family, you stand to gain at least $200 to $410 a week, depending on the size of the flat and the inclusions.

For the Teenagers

Do you have a teenage son or daughter? Are they already asking for their own space but you’re not ready to give in yet? Your 18-year-old teenager can start living in the granny flat so that you can still keep an eye on him or her. This gives teenagers the space they crave without necessarily living out of the family property.

For the Home-based Worker

When you’re working from home, your own space or even your desk is a luxury. Since you can’t clearly usurp your kids’ rooms, you mostly settle for the dining room or living room. A granny flat is a cost-effective solution to this problem. You can use it for your home office. Over time, you can pay off its cost with the salary you get from the job you do there.

There are other uses of a granny flat. You can use it as an artist’s den or just an alternative home extension that you can use to store your other things. Investing in a granny flat might be costly at first, but there’s a good chance you’ll have a return on investment in just a matter of months. In a year or two, you’ll be reaping the income it generates.

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