The garden suite or granny flat had made something of a comeback in recent years, although there was a time when it was quite normal for different generations of families to live together. A granny flat allows the resident to maintain a large degree of independence and privacy, yet still have the support and proximity of other family members. It typically contains a bedroom, private bathroom, living room, and a kitchen and is self-contained yet connected to the main house. If you have thought of adding a garden suite to your property, it may be for one of these five reasons:
1) Elderly Parents
Many families can’t afford the high prices of the typical retirement home, making a granny flat an affordable and practical alternative. Families who live in the main house are literally next door and can provide all the help and support an aging parent might need; at the same time, the arrangement allows a parent to feel as independent as possible. Granny flats can be seen as the ideal answer to an all too common problem, as the aging population increases along with the number of seniors.
2) As Income Property
If you need to boost your retirement account, add to your savings or pay off your mortgage sooner, the income from a garden suite can be an excellent way to achieve those goals. In fact, you can expect your rental yield to increase by up to 10 percent. Of course, you can always rent out your main residence and live in the granny flat yourself if you want to boost your income even further. The benefits can be recouped long before you decide to sell your home, and a garden suite is a great way to increase the overall value of your property.
3) Grown-Up Children
Newlyweds and college graduates often find it a challenge to get on their feet or become financially independent, with the high cost of living and an unstable job market. Grown children living in the granny flat have a chance to save for their own place while at the same time retaining some degree of independence. Many grown children find it’s just the thing they need to get ahead financially, whether you let them live there for free or charge a nominal rent.
4) Easy Addition
A garden suite is a cost-effective way to give you and your family some much needed extra space, whether for a den, office or playroom or as an extra bedroom. Whether you add on to your existing home or create a new building, which can often be the more affordable route to take, a granny flat is a simple and practical way to give you extra space in your home.
5) As a Workplace
If you need extra space to work or for a hobby, a garden suite is the idea; answer. Working from home isn’t always easy when you have interruptions and distractions from other family members and a garden suite can remove many of those, resulting in more productivity. It really can be a more productive and profitable experience when you work from home in your granny flat.