If you are looking for a quick way to up the value of your home and it happens to have some extra space, then you want to capitalise on this.
There are no many ideas that come to mind of what you could do with this extra space. If you are planning on putting the home up for sale however, you can really boost its value by considering a granny flat. This is something that is very popular and in high demand.
It could be that it is the hassle of going through the red tape to get approval that is holding you back. There are ways to deal with this and it is a worth the extra work. Yes, it is true that there is an extra cost involved for obtaining the permits, and it does take some time. This is a getting better however, and it is indicated now that in some areas granny flat approval is being given within 20 days of the party applying for it. In some locations planning approvals are no longer required for the granny flats. You need to check out what to the regulations are for your area.
What is the value you will receive?
There are several aspects to building the new granny flat and that will dictate how much of an increase in value you will enjoy. Recent reports have said that you could increase this anywhere between 20 to 30% of the investment in building it.
You need to implement some careful planning for the granny flat so that it is done properly. You want to put the extra space that you have to the best use. You do not want to use up all of the green area of your property as this would make it look too crowded and congested.
You also need to research and determine what type of construction is going to be the best for your particular build. If you don’t want to use new space to build the flat you can also consider the garage as another option, or if you have extra space under the house.
The added benefits
Not only does the granny flat add value to your home and increase the potential profit that you could realize if you were to put up for sale, it also has income potential. Your first thought for building it may be to accommodate your in laws, or extra space for the kids to hang out in when they come home. Don’t lose sight of the fact that it can be a potential moneymaker.
These are just a few ideas to get you thinking about what to do with your extra space or spare property, and how a granny flat would make an ideal choice for its use.