Why Sydney Homeowners should invest in Granny Flats
- Written by NewsServices.com
An increasing number of people in Sydney, Newcastle, and other New South Wales regions are investing in spectacular granny flats to extend their homes or make passive income via rent. These property pieces are inexpensive to build and exceptionally versatile, ensuring owners use them to their full potential.
Residents consult reputable building designers Sydney to know how to have these unique studios built at affordable rates. Several people add them as a fantastic extension of their existing homes, while others prefer luxury three or four-bedroom units constructed on a different part of the property.
Moreover, these flats are now being constructed and sold as separate housing units in the city, making homes affordable for people on a tight budget.
Folks who are still in two minds about investing in these stunning structures can refer to the following list of indisputable reasons to do so.
It is the new city trend
Real estate professionals describe these fabulous accessory apartments as a “pot of gold” for Sydney homeowners, enabling them to modify their plain backyards into livable residences. Some realtors claim there are currently at least over two hundred and thirty-three thousand existing residential homes that offer such development opportunities in Sydney. They can expertly fit both block and zoning size requirements in these spaces to build a stunning studio apartment.
With an increasing number of city residents now opting to invest in these accommodations, the trend of granny flats is expected to stay relevant and perhaps even escalate in the coming years.
You can earn extra bucks
Several city folks are hiring builders to make comfortable living studios on their property to give them on rent. Some of them rent these spaces to international students in Sydney on a short-term basis who vacate the flat once their term is complete. Meanwhile, other owners list these individual housing units on rental sites and offer them as accommodation options to travellers to the city.
Either way, granny flats are an excellent option to earn a few extra dollars and add them to your retirement savings. Once you have a considerable amount of savings in the bank, you can add more studio flats to your Sydney home.
They make affordable retirement homes
Despite affordable housing, Sydney can be quite a costly city to live in, making people think twice about investing in more than one piece of property. Moreover, several residents are worried about whether they can afford to live in the city once they retire.
However, accessory apartments in Sydney cost very little to build and can function as perfect retirement homes where your parents can age in peace. They need not worry about security since the studio will be right on your property and count on you for company. Furthermore, these places are far less expensive than many nursing homes and retirement facilities for older people in the city.
Granny flats add value to your property
The most extraordinary thing about studio apartments in the city is that they can add at least thirty per cent more value to your existing property. Also, some local reports claim that they have the incredible potential to hike the rent by almost twenty-seven per cent, which is excellent news for homeowners looking to rent out their property. Adding a pool, energy systems, and other amenities can further push the property's value.
Local realtors say Sydney folks are now leading more financially comfortable lives after investing in granny flats, especially on the northern beaches. Moreover, many wish to be closer to their loved ones who prefer communal living but in individual homes.
They are less expensive
According to rough estimates by several local builders, the average cost of constructing a studio apartment in New South Wales can range anywhere from $50,000 to $120,000, or perhaps more. The actual price depends on pivotal factors such as the size of the apartment, land condition, materials used, finishing, and design.
Furthermore, financial institutions in Sydney are always ready to lend money to homeowners hoping to build granny flats on their property. That’s because they know these developments add significantly to the overall land value.
Sydney designers can make them in various styles
Reputable building designers in Sydney have a wealth of knowledge and unbeatable experience regarding granny flats and their styles. Following on the lines of the initial consultation with their clients, the designers can build modern apartments of minimalist nature that incorporate a chic yet functional style. They can also make traditional studios that capture the essence of family life and function as the primary place of family get-togethers for endless generations.
Finally, you can hire dependable Sydney designers to build an environmentally friendly sustainable housing unit where you can enjoy a perfect work-life balance.
