A Granny flat helps in maximizing the residential usage of a land. To rent a space in Sydney is very expensive and it is only going upward. In year 2009, the NSW government introduced a new policy of Affordable Rental Housing which allowed home owners to build a secondary dwelling in the same plot of land. A granny flat is a secondary dwelling with a maximum allowed size of 60Sq Meter that meets the council setback requirements(but can go as big as 68 Sq Meter if the construction complies with the Council requirements).
Here are a few reasons why Granny Flats are being very popular choices nowadays.
1. Investment strategy: Having a granny flat in a property can almost double the rental income even though the construction cost for a similar number of floor plan is less than half of the main house or the principle dwelling. To invest in a Granny flat can help to pay off the mortgage faster and/or increase rental income specially if you are living in areas like Sydney.
2. Extended Family: If your family has extended and you would like to stay close while still having the same privacy, building a granny flat and fencing it off is a great solution.
3. Added multipurpose dwelling: A granny flat could be made as a retreat house, a music studio or just a leisure home built just next to your primary house.
4. New couples: A granny flat helps young couples to save up and prepare for a first home while maintaining an independent lifestyle.
5. Good Retirement plan: To live in a granny flat and renting the main house could be a very good retirement plan since its easier and cost friendly to maintain a granny flat.