Investing in a granny flat could add great market value
With real estate racking up record figures, there’s no wonder that every single piece of land is being snapped up at top prices. This means that any property that can have an extra dwelling added to the main home or house will add huge value to the price when it comes to selling.
Enter the winning idea of putting a granny flat on your property and watching the value skyrocket.
There are a few things you need to know before you start counting your dollars and it pays to do your homework.
What is a granny flat?
In case you are new to the value a granny flat adds to your property, you may not be sure what it actually is.
The granny flat was originally a small bungalow or kit home that sat in the garden of a son or daughter’s property. The idea was to house their ageing parent (usually the Mother who had outlived her husband, hence the use of Granny) and have them live with the family but be independent enough to have their own living space.
The granny flat meant that they could come and go as they pleased, be able to cook and entertain in their own place but remain connected to the family for care.
This went both ways, with the ageing parent having someone to look out for them or look after their care and the family had an adult who could supervise or babysit young children when needed. It was an ideal situation for all.
The unused flat could later be used as a separate rumpus room, teenage hideaway, or self-contained workshop for crafts and hobbies.
You can see why it has distinct advantages and adds value to any property, especially when you consider it must have individual access.
So why aren’t more people adding a granny flat to their property? The answer lies in the investment and the building requirements.
What do you need to do before building a granny flat?
There are special restrictions on what you can build on the size of your property. For example, you will need to have a large enough residential property with a benchmark at 250m2.
The granny flat itself can usually be no bigger than 60 m2 and there can only be one built on the property, not multiple flats.
Then there are issues such as access which must be separate from the main house and clear pedestrian entry.
To make things a little more complicated, the rules and regulations for adding a granny flat can vary from council to council. Some say that the red tape involved in getting approval is long winded and unnecessarily cumbersome.
The price value of a property with a granny flat shows that it can be a very fruitful investment of money and time.
Whilst you may not realistically be able to add one immediately, the addition of a granny flat can definitely pay off in the long run.
It all comes down to how well planned and how well built the granny flat is.
What you can do to make more of your granny flat
There are a number of ways to get better value from the addition of a granny flat to your property.
One of the most important things to do is to properly plan and design your granny flat.
It may sound to call in the services of kitchen and bathroom interior designers, but the limited space means you need to make the most of every last inch to ensure it is comfortable and inviting.
When you have the overall layout worked out, the next step is to look for the best kitchen interior design as this will most likely be the busiest area of the granny flat.
- Use every possible space. Remember that you will need to furnish the granny flat properly and that means making every possible nook and cranny into something useful and usable.
- Storage is one of the key elements to any home but it is even more crucial within the limits of a granny flat. You can almost never have too much storage, but the key is to keep it from trespassing on the overall floor space. This why cupboards and cabinetry needs to be off the ground as much as possible.
- Add the feel of more space. This is when the interior design elements come into play. High ceilings add the feeling that the space is actually larger than it is. A timber ceiling can add character to the granny flat and give you the chance to draw attention away from the walls.
- More light equals more space. That’s why making the most of any natural light can add a roominess to the flat and a skylight, coupled with larger windows, brings out a more spacious feeling.
- Flooring is another way to add space and value to your granny flat. It’s best to avoid small designs such as intricate carpets or tiling. The larger the tiles and patterns, the more space the place will seem to offer.
- Get more of your inside by making more of the outside. This is where you can add outdoor furniture to the immediate space around or connected to the granny flat. If the outdoor area flows on from what is inside, there will be a seamless look that makes a stylish and spacious impression.
Adding a style theme to your granny flat
Gone are the days of a simple fibro shack in the backyard that acted as a granny flat. While you can stick to a fairly tight budget and still add a well-planned and designed granny flat, it’s a good idea to add style to the living space.
It’s not unusual for a granny flat to have a theme all its own. It does not have to reflect the interior design style of the main house at all.
The flat itself is a place to relax and doesn’t need to be filled with the necessities of unwinding from a hard day’s work. A holiday theme can brighten the overall space and provide a more inspiring and uplifting atmosphere to whomever has the chance to live there.
Protecting your investment
However much you invest in building your granny flat, it may to offer up an increase in property value of close to 30% in some cases.
That’s definitely a reason to go for quality materials and to protect the structure.
It makes sense to ensure that your granny flat is properly sealed, has been treated for termite pest control, and that it remains well maintained. Just because it is a separate living space doesn’t mean that the pipework, roofing, doors, windows and flooring should be neglected.
Resealing the walls and doors while doing any necessary touch ups with painting or varnishing can keep your granny flat looking as liveable as the day it was first completed.
With the right planning and design, adding a granny flat could be your ticket to making a small or large fortune on the value of your property.