The main selling point of granny flats is that they’re like traditional housing and come with all the bells and whistles you need to make a house a home. You get a kitchen, a bedroom, a bathroom, a dining room, and as many other amenities as you want. All that, without paying a hefty price for the actual hose.
Compared to traditional real estate, granny flats start at $130,000 and can go up to $300,000, which is much easier to repay. First-time home buyers can benefit from granny flats because they are a sustainable asset that pays for itself over time. They can enjoy the security of owning their own home without having to worry about paying off the mortgage.
There is no limit to the amount of customisation you can provide. If you thought conventional homes could accommodate as many flashy details and quirky elements as possible, wait until you see what granny flats can do.
Whether it’s a home office or a studio apartment, a granny flat can accommodate it all. Space-saving solutions can be incorporated into every nook and cranny to make room for other elements.
Granny flats have even received support from the Queensland Government. They offer a grant called the First Home Owners’ Grant, which is a $15,000 or $20,000 grant designed to assist Australian citizens in buying their first home. It applies to any type of home, including granny flats!
There are quite a few steps involved in applying for the home owner’s grant. In spite of the fact that there are eligibility requirements, they are more about ensuring that only first-time grant recipients and Australian citizens and permanent residents can benefit from the grant than about limiting potential candidates.
You can definitely pay off your mortgage by renting out your granny flat for $2,000 to $6,000 a month, depending on how many bedrooms it has, when you decide to buy a much bigger home. There’s no need for much financial backing to own a granny flat, so it can be a great source of income.
Granny flats are a practical residential option for modern homeowners. They are accessible, customisable, and can easily be sold or rented when the time comes. What more can you ask for?