Many people think that granny flats are spacious and are constructed in order to accommodate the extra people coming to the house. But it is not like that. The construction of the granny flats, in general, requires little or small space where it can accommodate two to three persons at ease. These are often referred to as an accessory apartment. The construction of the granny flat in Chatswood has majorly been to accommodate elderly people at home. However, recent years have seen a major transformation and these flats have turned out to be a great source of income.
Well, when it comes to justifying whether these flats are a good investment or not, almost all experts would believe it to be yes. Understanding the circumstances and importance, the real estate industry has witnessed a whopping surge of approximately 35% of people going for the granny flat. This shows that the rising demand for the granny flat in Chatswood and the craze of it as a proper investment.
The following are some of the reasons why granny flat is becoming popular amongst the people in the market—
An Additional Source of Income
This point basically highlights the advantage a landlord would have by having a granny flat in Chatswood.
Believe it or not, the houses having these accessory apartments are renting away for extra income. And these have stood up to the expectations of the house owners. These are a great way of having multiple tenants and keep it as a major source of income.
Preferences Have Changed
The rise of the nuclear family has led to split families with a smaller number of members in it. As a result of this, people who are traversing to different cities are either preferring to stay single or along with a partner. This further leads to these people to look out for accommodations that are cheap and would meet their expectations. When compared to the apartments, granny flats are cheaper. Therefore, the people travelling to big cities for jobs or studies lookout for granny flats to live in. Therefore, the preferences of the people have changed.
Guaranteed Income for the Landlord
A rented place is never empty. Meaning, some of the other is surely going to look out for the place to live in. Therefore, for the landlord, it is going to be the Midas touch when it comes to generating a constant and fixed income.
Many landlords believe that it is better to give rent to people at some value rather than keeping the granny flat in Chatswood empty.
A Great Source of Paying Off Loans
Since the construction of the granny flat is a huge investment, therefore, a person will surely opt for home loans. The income from the granny flat in Chatswood proves to be a great source to pay off the loans. The property is utilized to the fullest.
Granny flat or any kind of property is always going to be a good and profitable investment. A house owner must never step back when it comes to renting out the granny flats.