One more bed, one more bath, one more kitchen can mean so much more than just extra rooms to clean, and somewhere to store the xmas tree decorations.
That smaller version of your home in your back yard, could be the solution to many a problem.
Income
Why not rent it out? A tenant, whether for 6 months or a year, can assist with paying off your mortgage, or simply put a bit of extra cash in your pocket for a holiday or special treat.
Air B‘nB is also an option, however the area will need to be fully furnished and cleaned before and after the guests arrive and depart – that part may not be so appealing…
Elderly parents
This is where the “granny flat” got its name. As parents age or become widowed, the granny flat is a great solution – having them close but still allowing the different generations to have their own space and independence.
Older children
What a great way for your teenage child (or older) to learn to live by themselves while still being connected to the family.
Home office
Those extra rooms are a brilliant space for those who want to set up their home business or move their existing business from an expensive office.
If this sounds appealing, but you’re not sure you want to go the effort and expense of building your own, we have a selection of homes currently on the market that have existing granny flats or studios as part of the package.
In the leafy suburb of Pymble we have a gorgeous home at 3a Orinoco Street, Pymble.
Beachside on the north side, 33 Parr Avenue, North Curl Curl has a very cute light and bright self contained one bedroom flat.
Over the other side of the bridge, in the south east of Sydney, 38 Wilson Street, Botany offers a a stunning studio apartment which is totally separate from the main home.
If the idea of additional income appeals to you, here is a quick guideline of the taxation implications that may be affect you and always a good idea to check with your accountant as well.