There are several reasons why more homeowners are now considering adding a granny flat to their properties. These flats can be rental or caregiver housing units built in the same lot or structure of your primary residence. They have become increasingly popular in recent years for their convenience and profitability.
These days, granny flats or Accessory Dwelling Units or ADUs are not only used as housing for aging parents. Many homeowners are also taking advantage of its convenience and transforming it into a lucrative side business.
So what are you waiting for? Hire your local home builders specialising in granny flats for the investment of a lifetime. That will add value to your property while providing you with continuous potential earnings.
Whether you’re building a granny flat for your aging parents or as an added source of income, here are the six best ways to get the most out of your granny flat unit:
Use It as a Caregiver Unit for Your Aging Relatives
If you want to look after your parents or grandparents as they grow older, allowing them to live in your granny flat connected to your home can be one of the most cost-effective ways. The Department of Health and Human Services or HHS states that rooms in conventional nursing homes can cost up to $8,000 monthly for private facilities and an average of $3,000 for shared facilities.
Letting your elderly loved ones stay in your granny flat is cost-effective and allows you to spend more time with them.
Offer It as a Long-Term Rental Unit
If you want to make the most out of your granny flat financially, you can ask potential tenants to sign a lease. Doing this can provide you with guaranteed passive income, especially if you live in a densely populated area or a popular tourist spot. However, if you are looking to earn big money, you can always move into your ADU and allow tenants to rent your primary home.
Offer It as a Short-Term Rental Unit
If you don’t want people to stay in your home’s premises for a year or a couple of months, consider renting out your ADU for a short period. With more people relying on the internet for finding accommodations, you can list your granny flat in popular rental websites. However, when you decide to rent out your granny flat temporarily, you may have to pay for lodging taxes.
Rent It Out to Young Adults
Finding affordable housing can be a daunting task for younger adults, so take advantage of the opportunity to advertise your ADU to these people. Renting out granny flats is bound to be cheaper than renting apartments and houses.
Convert It into a Home Office or Studio
If you work from home or want to have a separate space for yourself, transforming your granny flat into an office or studio is a great choice. It provides you with an escape when you want to relax, and if you have a passion for art, you can transform your ADU into your sanctuary.
Turn It into a Guest House
If you have too many family members crowding your home or you frequently host guests, letting them stay with you can be overwhelming. Giving guests access to a separate unit would make everyone feel more at ease.
Investing in a granny flat can be rewarding and lucrative, providing you with either closure with older relatives or passive income flow. It can be one of the best decisions you make financially.