Even if the folks are still spry, a backyard cabin remains a sound investment. You can find dozens of uses for your granny flat — some of which can even earn money. Granny flat kits are easily customised, whether you’re building it yourself or letting professionals do the work.
Serious hobbies sometimes need a little space outside the busy confines of a household. Whether you’re playing music, baking a three-tier cake, or slaying monsters in a tabletop role-playing game, a little peace and privacy are essential. Your own space away from the house also protects your kids, especially with hobbies like carpentry, restoration, or metalworking, which involve heavy or dangerous equipment. A little bit of isolation can help you focus on the job at hand and give you a place to relax and spend time by yourself.
If you already work from home, a dedicated personal office can make you seem more legitimate and professional. It delineates your work from your home but still allows you to stay an earshot away in case of serious emergencies. A granny flat can be made to appear as professional or as casual as you need depending on how you want to present yourself. The size of a granny flat also affords you enough space for additional equipment, supplies, or even personnel.
Shared office spaces are booming in Australia. Granny flats are perfect for shared office spaces, mainly if you reside in a densely populated area. Shared office spaces have very few requirements, and some modifications and additions can quickly turn your flat into a coworking space. Air-conditioning, a few desks, reliable Internet connection, and a gaming console or two can be enough to snag you repeat clients who would gladly pay to work in your flat. You can even schedule which particular days you want to lease your flat if you still need to access it for specific reasons.
There will always be tourists and travellers in Australia, and Airbnbs are always sought after. Airbnbs can be quite profitable, and granny flats are perfect for them. They require almost no modifications, and the additional privacy that a separate unit provides can be quite attractive to tourists. If you want to offer meals, then you can charge additional fees. Depending on your location or the quality of your flat, you might be able to charge higher rates and still receive regular bookings.
The housing market has yet to stabilise, and young couples are opting to rent for the meantime. Leasing your flat, whether short or long-term, requires minimal changes as it is primarily built as an additional residence. You can lease long-term as long if your parents are still living independently, but you should also consider short-term leases if you are expecting emergencies.
Granny flats are great investments. You can use them as you see fit for the meantime and still be able to care for your folks 10 or 20 years in the future.
Read more at Catsup and Mustard.