If you are thinking about some extension of your property, then you need to create some designs which will make some attached space for your convenience. In this regards granny flats are an excellent idea because with these extended part of your property, you can make a separate independent space for your elder family members. Apart from that, you can use the flats as your guest rooms, you can conduct some short party in these flats and you can also create a comfortable space for your elder family member where they can stay independently. A granny flat is either an independent flat or it is attached to the main home. It could be part of the house which is converted into the granny flat or it could even be a converted garage. This has a number of uses and can be made to suit various purposes. The granny flat can be of varying sizes ranging from 35 square meters to around 60 square meters. It can be either a studio apartment or it could have separate bedrooms, bathroom, living room, kitchen and patios or verandahs.

The various uses that these granny flats can be put to are: 

Elder family members are normally sent to some old age homes and you cannot get in touch with them all the time. May be you do not have sufficient time to spend and you may not also be able to take care of them. But now you can make your own granny flats inside your property where the elder family members can live independently, and this helps them, as they do not suffer from loneliness and can also help the young parents with their infants or young children if need be.

• Teenagers and children who are young adults can be given their freedom by them living in the granny flat while the parents still can keep an eye on them. In the granny flat they learn to live on their own.

• The granny flat can be rented out and the home owner can earn extra income as a result of it. This can be a supplementary source of regular income. You can give the granny flats on rent and earn some amount for a while.

• The granny flat can also be used as a place to work from home. This can be used rather than getting disturbed by guests, kids and other distractions. It helps to focus more on the work and get more work done, probably faster too.

• It is used to increase the market value of the property and therefore it fetches a better rate when it needs to be resold.

• It is a good place where guests or friends who stay over can be put up. This way, they are part of the family and the environment and yet have their own independence.

What is the financing prospect for granny flats? 

The rates of the land tax too remain the same even though the market value of the land has increased as well as there could be increased income due to rentals. The mortgage payments on granny flats are much lesser than if the payments were for an independent house. These granny flats are getting more popular as house prices are skyrocketing and adults prefer staying in these so that they can save up and then get a home loan for themselves.

The home owner after their children have grown and left the home, and once they have retired may choose to move into the granny flat and rent out the main house so that they have a sizeable income – especially post their retirement