Granny Flat

The Risks and Rewards of Building a Granny Flat

There are many reasons why homeowners or investors would want to build a granny flat, but doing so can come with both rewards and risks. When you use construction labour hire, you can detail exactly what you want the end result to look like and work with a contractor to ensure it happens. Here are some of the points to consider if you’re thinking about having a granny flat built on your property.

Rewards of Building a Granny Flat

– Extra source of income. You can earn some decent money renting out a granny flat. Whether you want to use the money to pay more toward your mortgage or just want to have the security of another source of income, a granny flat is a great way to do so.

– Increase property value. Investors like granny flats because they’re another source of potential income for them. For families, the property value is increased, making it more attractive for investors.

– Having a home for loved ones. If you have an elderly family member who needs constant care and attention, a granny flat could be a perfect option. It gives them the privacy they need, along with the necessary proximity in case they need you.

Risks of Building a Granny Flat

– More maintenance and expenses. The more you have on your property, the more you’ll need to maintain, adding to your costs. A granny flat is essentially another home, so you may have double the maintenance and expenses, depending on how the granny flat is constructed.

– Cost may be higher than expected. When you find skilled labour hire to build your granny flat, you need to get an accurate estimate. But even then, unexpected costs could arise, leading to a higher bill at the end of the project.

– Vacant granny flats can be expensive. If your goal is to rent out your granny flat, having it vacant can be expensive. Make sure your construction labour hire contractor does a good job to make it attractive so it will be easy to rent out.

No matter why you want to build a granny flat for your home or investment property, you need to think about all the risks and rewards. When you use labour recruitment agencies to find your contractor, you’ll feel more confident knowing you have the best talent working on the job. Contact us for more information

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