Building a granny flat in your backyard has become a popular option for many Australians. It is easy to see why this is the case. The housing market has continued to rise making it financially unviable for many people to purchase a larger home and look after their aging parents.
But building a granny flat allows the parents to free up their equity while retaining their independence. At the same time you’re on the doorstep if you need them.
Of course, you’ll need to check that you can build a granny flat in your area. The problem is that once the initial use of the flat has passed you are suddenly left with additional space which you might not know what to do with.
Of course you can knock the extension down and lay a new porous paving from fullspecaustralia.com.au. But there are some other options available for you:
- Rent It Out
The first option is to rent it out as a separate accommodation. This can be to a friend or relative or perhaps to a stranger.
This can help to pay your mortgage or cover the cost of building the granny flat. The funds could even be used for your retirement!
You should ensure that a proper tenancy agreement is drawn up before you rent it.
- Homestay for Children
In Australia you can sign up to Homestay which finds locations for children to stay in while they experience the culture and learn the language.
You’ll get paid for looking after them although you will need to ensure all their needs are met while they stay with you.
- Business Space
Additional space at home is the perfect location for your work. If you currently rent an office or are looking for a storage space then you’ve just found yourself a free business space!
Of course if you don’t need it you might be able to rent it to someone else for work purposes.
- Man Cave
The most obvious use of the additional space is to turn it into your new man cave, or woman cave. This can give you your own bolt hole and provide you with a nice space to undertake your own hobbies.
Other options include installing gym facilities, using it as a dojo or even creating a yoga studio! This allows you to really make the most of the extra space you’ve gained.
- As A Pool House
If you have a pool then you could use the space as a great way to keep all your chemicals and other pool products together. In addition the shower can be a great way to wash before or after your dip without having to go into your main house.
Your pool accessories will be protected from the sun and from being stolen. You can even let the children have a pool party without disturbing you in the main part of the house.
A granny flat will add some value to your property but the increased value is irrelevant if it can provide you with a practical benefit. This is, after all, the point of building it in the first place