Granny flats have come a long way since their humble beginnings. These home additions continue to rise in popularity not only in Australia, but in other parts of the world.
What is it about this intriguing trend?
Defining a Granny Flat
To better understand the surge of popularity, it is best to know the basic definition of granny flats. YourMortgage.com defines a granny flat as “…a term used for secondary dwelling on a property.” These home extensions serve as attachments to garages or main houses. In some cases, it can also be a separate structure.
These flats are smaller than primary homes and vary in design structures. Some flats offer parts visible in larger structures such as bedrooms, kitchens and living rooms.
Understanding the Growing Popularity
According to Classic Granny Flats, provider of custom built granny flats in Perth, these home additions continue to grow dramatically over the years. Due to high rental and home prices, which keep adult children at home longer, parents seek economical solutions that help their children achieve independence.
Compared to other investment properties, granny flats are the cost-effective options that also increase rental yield. With the extra income from rent, homeowners can pay off bills, mortgage and other financial needs.
For some residents, granny flats serve as the solution to Australia’s housing shortage problem due to crowded areas in metropolitan areas. On the other hand, this opinion receives mixed opinions, despite the value a granny flat can add to the property.
Talking About Versatility
Another major reason behind the growing popularity is the versatility of a granny flat. You can use this space as a home office, especially if your job permits you to work at home. It can also serve as a starting office for young entrepreneurs in need of a main office yet lack the financial capability.
Granny flats are well-loved options in housing and home extensions. With the right materials, agent or designer, you too can join the granny flat bandwagon towards comfortable and cost-effective living.