If you are looking to boost the value of your property by building a separate space for rent, then granny flat is a great option. Building granny flat has got few misconceptions regarding its process. Research says that building granny flats have become very popular for it includes additional rental income for tenants, space for recreation, space for aged parents, office home, children’ and space for comfort.
Before Building Granny Flat You Should Be Aware of Few Basic Myths Listed Below:
- There is a misconception that it is hard to get an approval to build a granny flat in your compound because many countries have different constructing rules. But in reality, it is not at all that difficult. Rather it is just the opposite. If you are thinking to build one, then you just need to show proper space to build the granny flats.
- There is also a myth regarding the duration of the approval. For, building granny flat in a compound does not take that time either. It just requires the time that is needed to construct any other property. Rather you will get the approval as soon as the sanction is received.
- It is thought that you need to own a lot of land to build a granny flat in your compound. This is not at all true. A granny flat is a secondary dwelling space, so it is never that big in space. If you have enough space to create two rooms with other facilities, then you can always go ahead with your plans.
- You only need to check that construction regulations differ from one country to another. And, check what your local council permits you to build as per your area and design of the plot. That’s it! Don’t make it a complicated deal for yourself without knowledge. Always remember that half knowledge is dangerous.
- You need not to even subdivide your property for electric and phone bills or mailing purposes. If only it is allowed under a local planning scheme, then only you can call for a subdivision of your property or else it is not required at all.
- It is not at all compulsory to build a granny flat separately from your present dwelling area. If you want, then you can go for an extension or simply build an upper story where your tenants can stay separately without any disturbance.
- It is also thought that building granny flat is only for comfort and recreation purpose. But, this is not true. As you may have the motive to earn by renting your space. Granny flats are rented to tenants from where extra income is earned by the landowner.
- Secondary dwellings have always attracted buyers as it is seen as a correct place for property investment. Many times, people opt to buy such dwellings which have an extra or secondary space for office use or guest room purpose.
- It is not at all hard or difficult to get loan and finance for building a granny flat. Banks do provide a loan in exchange for granny flats too. Just find out if your credit score meets the desired minimum score for availing the loan.
All these myths are just there to confuse you. You need to know all the basic things and ideas before you opt to build a granny flat for an extra income or recreation purpose. Your decision must not be taken in haste. Give a thought to it, speak to people associated with the construction industry and authorities to make a wise step.