Capitalize On Your Granny Flat
Category Property
Self-contained granny flats can generate additional cash flow through excellent returns and further increase your property's value. Privacy and functionality of the granny flat will help secure a tenant, including the following key factors:
- A good sizeable kitchen, open plan living area, storage, and a separate bedroom and bathroom would be ideal.
- Some garden cottages come fully equipped and furnished, so consider what appliances need to be accounted for when planning.
- Neutral finishes and fittings are more attractive if you are thinking of renovating.
- Showers are more favorable as they take up less bathroom space and save on water.
- Dedicated parking should be available as well as a separate entrance.
- An alarm system that is separate to the main house is advisable.
- When it comes to electricity costs consider installing a pre-paid meter to save on electricity costs.
- Conditions like 'no smoking' or 'no pets' should be stipulated in the rental agreement.
- The rent needs to be reasonable as well as profitable.
- Include the estimated additional water and electricity usage in your calculations, and any 'extras' such as DSTV.
Author: PROP247