A Guide to Understanding Granny Flats

Granny Flats

Before we learn anything else, you must understand what exactly a granny flat is.

A granny flat is a small home on your property, but one that is separate from the main house. These houses can be built in different places. Some people prefer building these in their backyard, some above their garage, and some even in their own bedroom.

The term “granny” may seem a little unflattering, but do not let the term distract you from how valuable these flats are. Many people today invest in these kinds of Granny flats in Melbourne to boost their overall property value, particularly through short-term rentals and contract leases given out.

How Do Granny Flats Add Value to Your Home or Investment?

There are quite a few ways in which granny flats up the value of your home. Here are some pivotal ways in which it does so:

A 30% Boost of Home Value 

A granny flat could potentially increase your overall home value by thirty percent. This of course is also dependent on the type of granny flat that you have built. 

For example, your garage that was unused all this while may be more beneficial than your backyard itself.

A Potential Increase in Rental Yields by Nearly 30%

When possible, one of the main benefits of owning these flats is the rental income you can generate. While it can be a handy room for the in-laws or children to stay in when needed, you can also make a neat profit by renting your flat out, thereby significantly raising your rental yields.

It is evident that there is a lot of value to be found in these flats. After checking with your local council that you can rent it out, talk to your local experts about how one could potentially boost your property and your bank balance.

How Can I Get the Most Value Out of My Granny Flats?

Here’s a couple of ways in which you could extract the most value out of the granny flats you possess.

Using the Help of a Broker for Financial Construction

Acquiring the help of a broker or any kind of financial strategies can help you make better calls and understand the financial obligations better before you acquire the property for the purpose of installing your granny flat. In this vein, it is recommended that you begin the loan process before you locate the property. 

This is because investments in granny flats are quite trendy and heavy, and the chances of you getting one is slim if you are late to the party. You may not be able to move quickly to obtain the property if your financial statements have not been allowed yet, and the chances are even slimmer if there is another buyer in the market waiting to purchase it.

Overall, having a broker guide you through the market is definitely an aided advantage on tackling many problems that you will undoubtedly face head-on. 

Spending a Little More Than Usual, Thereby Guaranteeing a Good Return

These flats are quite different for different needs. There are different prices for granny flats as they are acquired in all types of sizes and different qualities. Keeping this in mind, it is, first and foremost, important to find the best builder possible. Next, understand that building a granny flat in poor land is not going to do you much good. Be ready to spend a little more, if it means acquiring better land upon which the granny flat will be built. 

What Makes InnoHomes the Best Place to Find Granny Flats in Melbourne?

InnoHomes, one of the most trusted voices in building constructions, ensure that the clients are given the highest priority and that all their needs are taken care of. Right from the start to the end, InnoHomes is there to assist you at every step.

InnoHomes is extremely cost effective and has plans that suit all budget types as compared to many other backyard studio builders in Melbourne. Without compromising on quality, they ensure you are given the highest quality services within your budget. With InnoHomes, you would be getting a small yet spacious studio. The builders pay attention to detail and design to ensure that you get the best property that can be furnished easily.

Don’t wait any further! Contact InnoHomes at 1300 722 703 for further enquiries!

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