Once primarily a solution to multi-generational living, the humble granny flat is now much more, with landlords seeing a second, smaller dwelling on their property as a potential investment opportunity.
With housing costs soaring, populations experiencing rapid growth and more and more extended families living together, a granny flat is no longer just a little home for the elderly - it can be a sound investment opportunity, too.
If you're thinking of adding a granny flat for investment purposes, it's best to check with your local council before you proceed any further.
There are all sorts of rules and regulations around granny flats, and if you don't comply with your local council, you risk making costly mistakes.
Whether it is located in your own backyard, or the backyard of your investment property, the building must be self-contained. This means it's got to have its own entrance, as well as at least one bedroom and own bathroom.
While a granny flat can potentially add value to your property and possibly an impressive rental yield, it is worth doing your homework first to ensure it’s the right investment for you.
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