Around 70% of real estate agents look for homes for older people in Australia alone. That’s one factor that can tell you a lot about the need for granny flats. However, granny flats aren’t just for the old-aged folks. There are a lot of benefits adding a granny flat to your property brings to the table. We are here to elaborate on the prospects of a granny flat, especially amid the Covid-19 pandemic.
A granny flat is the name of the smaller dwelling a person constructs on their property. These can be above the home or in your property’s free space (land). A granny flat is typically smaller than a conventional household. It would have a single bedroom, kitchen, and bathroom that suffices as a living space.
In simple words, it is like having a small flat-sized property on your land, but in the shape of a house.
There’s been a significant demand for granny flats. A granny flat isn’t specifically for an old-aged individual. Of course, those who want to keep their parents with them could benefit significantly from adding such innovations. However, these options are also quite popular among the youth.
Many students and young couples or even bachelors look for granny flats in Australia. It has a sense of security and the warmth of the house. For many other associated reasons like those, granny flats have grown in popularity exponentially.
There’s also the work from home factor. While immigrating students and professionals won’t have a home to return to, granny flats prove to be highly beneficial for them.
The demand for these houses among today’s populace isn’t the only reason for their popularity. You can also witness significant growth in the value of the property. For instance, a $300,000 property can turn into a $500,000 property with an addition of a granny flat. It has been known to boost property value by at least 30%.
Similarly, granny flats also provide a great way to generate monthly or daily rental gains. Doing so quickly helps a person boost their revenue. The approval process for getting a granny flat is also easy.
There have been businesses that revolve around providing people with the best housing, including granny flats. Todd Devine Homes are one of these examples that are becoming the leaders in the industry.
The Bottom Line
There’s no doubt that the world is continually evolving. Pandemic has stirred the growth in the most unpredictable ways. For instance, cryptocurrency is so popular that small businesses incorporate bitcoin payments for flexibility.
Granny flats aren’t just easy to build but also sell out faster. Anyone seeking to own a small property benefits incredibly from buying or renting a granny flat. So, if you’re considering adding one, feel free to do so. These small houses are the new trend, and they are here to stay for at least a decade.