You have most likely heard of granny flats and already know what they are. Well, if you live in Bayswater and own a home there, you can easily invest in a granny flat of your own as well. It’s a great way to add another stream of income into your life and make the most of your land. Below, check out the different reasons why granny flats are a superb investment plan for you.
- Long term passive income
Unlike many other business ideas, a granny flat is a real estate investment and that means you stand to earn monthly rent. This is a great income stream because it’s passive, i.e. you earn your money every month without having to make any day-to-day effort. As long as you have a tenant in the property, your money is assured at the end of the month. What’s more, you stand to earn indefinitely for as long as the flat is there.
- Low construction costs
As an investment option, granny flats in Bayswater are a good pick because they are not as capital intensive as buying land or building a house. With a granny flat, you are building on your existing land. You’re also utilizing the utility systems that are already in place – water, sewerage, electricity, gas, etc. All that is required then is the cost to build the granny flat itself. Not only that, granny flats are tiny so they do not require as much labour or materials. All things considered, therefore, it is a cost-effective investment for any homeowner.
- Easy to set up
As with any other investment, you may be wondering just how long it would take for your new granny flat to be complete. Well, that’s the other thing. Granny flats, thanks to their size, can be built over a short span of time. In fact, some are mobile while many are built on stump-supported floors. Other companies prefabricate the decks such that the materials arrive ready for installation on site. If you pick this opportunity, therefore, you could be a landlord within weeks.
- No construction disruption
If you do not wish to be disturbed by the construction process, all you have to do is seek a granny flat construction company that deals with pre-fab sets. Since they will prepare all the panels in their factory, your property will remain calm and undisturbed for most of the time. You’ll only experience some level of disruption for the few days when the company will be carrying out the assembling process.
- Retain an independent lifestyle
Last but not least, you should consider setting up a granny flat because, unlike multi-dwelling properties such as duplexes, setting up a granny flat allows you to still maintain an independent lifestyle. This is because the two units are detached and self-contained. In fact, many of the people trying to find granny flats in Bayswater want to live independently but within a community setup. You therefore don’t need to worry about having an immediate neighbour who will come and ruin the peace around your home. Check at HTTP://SUPERIORGRANNYFLATS.COM.AU/ABOUT/