ADD VALUE WITH A GRANNY FLAT
Category Landlord Advice
Many local freehold properties, especially in older suburbs, have an existing granny flat or the potential to add one. Often greatly underestimated by buyers and homeowners, a granny flat can add great value to a property and make a big difference to the affordability of a home.
In KZN, rentals from granny flats generally range from between R3000 to R7000 and this supplementary income is able to service a substantially greater bond. For those who don’t want tenants on their properties full time, many people are finding that they earn even more from letting granny flats out on Airbnb and similar sites.
Granny flats can also add huge value, either as a place for elderly parents or for youngsters that have not quite left home. Many homeowners have commented on how well the extended family environment has worked for them with an elderly grandparent or grandparents on hand to see children are home from school or supervise homework, the children themselves of course adding huge value to the lives of the grandparent/s.
Other homeowners with granny flats have commented on the extra security they add - the peace of mind in knowing that someone is on the property when owners are away to turn on lights, arm or disarm security beams, feed pets or generally be a presence.
While many suburban homes do have existing granny flats, others have great potential as simple and clever renovations to old staff quarters, store rooms and garages can turn dingy spaces into fabulous places. For those planning to create a granny flat, a few thoughts:
- Consult an interior designer. If you are in any difficulty about the practicalities of the transformation, interior designers often have great ideas about how to turn tricky spaces into practical working areas.
- Get plans passed. If you are making changes to an existing building, or building something from new, you will need plans passed.
- Think pre-paid. Depending on whether or not you are intending to let the flat out, you may want to consider options such as pre-paid phone and electricity.
- Think green. With the ever escalating effects of global warming, it’s worth considering the installation of water tanks and solar heating. If it’s a new build or a significant renovation, this may be a good opportunity.
- Think security. You will no doubt want some security in or around the granny flat. Consider whether this will be linked to your existing security system, or a stand-alone system for a tenant’s account.
Author: Anne Schauffer
