If you own a property that you rent out on a monthly basis, then you may be struggling to make a profit due to the nature of the market or the configuration of the building. You may wish that you could get more yield on a monthly basis to bring in more revenue and offset those major costs, but until now, you may have thought that this was impractical. However, someone has now told you that you should think about adding a granny flat. How is this appropriate and what difference could it make?
Not Just for Granny
Most people think that a "granny flat" is simply a part of their home that is intended for elderly or infirm parents. It may be self-contained and allow them a certain amount of freedom, while it may also provide them with an element of security. While this is certainly one use for such a structure, it may also provide you with the perfect solution in your case. In this situation, your flat would be an additional stream of income and could make the difference between success and failure.
Changing the Dynamic
If you add one or two more granny flats to your building, you will be able to attract multiple tenants to your property. This will help you to smooth out your revenues should another part of your building be vacant when you are between tenants.
Configuring Your Flat
You will need to ensure that each new structure is self-contained, has its own independent access and is properly equipped. You have to make sure that all of the services are provided independently of the main structure, and you will need to introduce separate metres for each new flat. If not, it is not uncommon for the landlord to offer the flat as fully inclusive of all utilities, which can make it easier for a tenant to live there or more attractive for certain tenants.
Your Project
Now that you can see the concept of a granny flat in a different light, talk with your builder to see what is possible. They will be able to take a good look at your property and let you know whether they can install one or more granny flats to help boost your revenue. All of a sudden, you may be able to move toward a profit.
For more information, contact some granny flat builders near you.
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