Granny flats are increasingly popular in Australia because of the many benefits homeowners enjoy. While it’s a known fact that granny flats allow people to accommodate aging parents or sick relatives, many are building these properties for business purposes. According to property development experts, letting the flats for rent can produce high returns.
If you’re considering investing in granny flats, take a look at the factors that can affect its saleability.
Experts from Classic Granny Flats explain that you must assess the demand of granny flats in the community if you want to get a high return. Although there’s generally a high demand for flats in Australia, not everyone prefers to live in a family’s backyard. You can evaluate the demand in the neighbourhood by communicating with local real estate agents or granny flat developers. They can also give you advice on average rental fees you can demand from future tenants.
It’s best to scour the area and see the designs of the existing granny flats so you can visualise the design that’s most aesthetically pleasing. There are granny flats that look like shipping containers and you don’t want yours to look like that. Talk to a property developer, specialising in granny flats. They can give you a range of design options, which will guarantee style and function in the property.
Upgrades and Extras
Granny flats that sell fast are those that have updated kitchens and baths, outdoor living areas and other features that create the same feeling a regular home offers. Flats today are modern and sophisticated—some even have technologies like solar panels to improve energy-efficiency. There are also flat models that feature raked ceilings, which make the house look spacious. These are the features tenants want; make sure to invest in them.
Granny flats, if built with precise planning and preparation, will yield high investment returns. Go and build one now.