Your parents raised you as best they could, and you are now a productive member of society who started his own family and benefits from a good job. But time forgives no one, and your parents will likely need help in the near future with their day-to-day tasks. However, as humans, we are prideful, and our independence is something we cherish and find hard to live without. Is your mother unable to handle household chores properly? In that case, an aged care clinic might be an option. But what if she doesn’t want to move to a retirement home? You need to find an alternative, and the solution may come with the help of granny flat builders in Sydney.
One or two-bedroom granny flats could be a flexible solution that would allow your aging parents to maintain their independence while remaining close to your location. Their proximity comes with many advantages, as you will be seconds away in case of an unfortunate accident. As children, we owe a debt to our closest relatives, and building a granny flat can be a way to fulfil this debt in a financially efficient manner. Granny flats can be used to enhance the living quarters of your home but can also add significant value to your property. However, you may have questions. So, in the following article, we will look at some of the use cases of a granny flat and show how they can be a sensible financial investment for the well-being of your family.
Invest in Your Future
Sydney has over five million people, and a good percentage of these individuals are looking for affordable housing. As the rental property market in the city is constantly growing and prices are getting higher with each passing year, investing in an ADU to rent out could be a sensible investment that will provide a predictable income. ADUs built by granny flats builders can be designed to your specifications and incorporate both luxury appliances that will increase the price you can charge and essentials that will turn your ADU into an affordable option for young couples who need a place to stay.
Investing in an ADU can also help the local economy. An accessory dwelling unit created by granny flat builders in Sydney and rented out for the rest of the year will boost local small businesses that need a gradual increase in shoppers to remain profitable. The more people build ADUs on their properties, the more tenants will try out products and services in their local area. The overall economic effect can only be positive and may even increase the market value of homes in your neighbourhood.
Think About Practicality
The main reason you would want to invest in a granny flat is economically motivated. After all, the fact that an ADU can add a 27% boost to your rental income cannot be easily ignored. But granny flats are versatile buildings that can serve various purposes and be designed to suit your needs. Ever wanted a separate office? In that case, an ADU could be an excellent solution to help you benefit from the extra space. Would you instead like to surprise the little ones and create a playroom for them? In this case, calling on granny flat builders to build an ADU to your specifications could be a great idea.
But there are other practical considerations to take into account. Under Australian law, you don’t need council approval to build an ADU, and this transforms these buildings into ideal storage locations. Did you always want a house with an attic but could never afford such a property? Then an ADU could help you to fulfil your dreams. ADUs are relatively inexpensive, can be completed in less than 12 weeks, and can boost the overall value of your household by more than 30%, which can amount to a more than reasonable investment.
What Are the Advantages of Two-Bedroom Granny Flats?
Two-bedroom granny flats represent a more significant up-front investment, but at the same time can also be a more profitable construction. Two-bedroom ADUs can give you more flexibility and boost rental income, which can amortise the price you initially spent on the unit. While most of the one-bedroom ADUs are rented by young couples without children, a two-bedroom unit is suitable for larger families and may allow you to charge a higher rent. However, money isn’t everything.
If you want to utilise your granny flat to keep your parents closer to your location, then a two-bedroom ADU could be a solution that will give them all the space necessary to feel comfortable. Two-bedroom ADUs are more convenient than one-bedroom units and can be equipped in various ways to highlight your design flair. A two-bedroom ADU can be used as a guest suite for your visiting relatives, be rented out for an immediate profit, be used as separate offices by you and your significant other, or act as a storage space that will increase the value of your primary residence.
Invest More and Enjoy a Higher ROI
The greater Sydney area is fiercely competitive in the real estate market, and an investment in your property could represent an investment in your family’s financial future. Calling on professionals who specialise in building two-bedroom granny flats could be one of the wisest economic decisions you can make, and your home could see a market value boost of more than 30% by incorporating an ADU. But money is only a tiny part of the equation.
Additional usable space could be a breath of fresh air for your family, and the constructed granny flat could be utilised to enhance your passions. Whether we’re talking about a separate gym, an office, a game room, or bedrooms to host visiting relatives, an ADU designed by professional granny flat builders can be, above all, an aid you can use to expand your home. The financial benefits you can reap are a bonus, but an ADU is, first and foremost, a building that can make economic sense, help increase the functionality of your property and bring you closer to your loved ones.
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