• Home Improvement
    • DIY
    • Remodeling
    • Woodworking
    • Accessories
    • Home Design
      • Furniture
      • Organize
      • Tips
      • Decor
        • Interior
        • Exterior
    • Design Ideas
      • Bathroom
      • Bedroom
      • Dining Room
      • Living Room
      • Kitchen
  • Gardening
    • Backyard
    • Front Yard
    • Landscaping
  • Building Staircase
  • Categories
    • Home Improvement
    • Decor
    • Gardening
    • Woodworking
    • Lifestyle
    • Green Living
    • Real Estate
Dream Lands Design
  • Home Improvement
    • DIY
    • Remodeling
    • Woodworking
    • Accessories
    • Home Design
      • Furniture
      • Organize
      • Tips
      • Decor
        • Interior
        • Exterior
    • Design Ideas
      • Bathroom
      • Bedroom
      • Dining Room
      • Living Room
      • Kitchen
  • Gardening
    • Backyard
    • Front Yard
    • Landscaping
  • Building Staircase
  • Categories
    • Home Improvement
    • Decor
    • Gardening
    • Woodworking
    • Lifestyle
    • Green Living
    • Real Estate
Featured image - The Reasons Why Should You Add a Granny Flat Penrith to Your Home
You're here: Home Home Improvement The Reasons Why Should You Add a Granny Flat Penrith to Your Home?

The Reasons Why Should You Add a Granny Flat Penrith to Your Home?

  • Perla Irish
  • September 19, 2020
Total
3
Shares
0
0
3
0
0
Table of Contents Show
  1. Granny Flats and Homeowners Insurance
  2. Putting a Granny Flat to Good Use
  3. Long Term Rental Unit
  4. Short Term Rental Unit
  5. Eldercare
  6. Housing for Adult Children
  7. Home Office or Studio
  8. Guesthouse
  9. Conclusion

There are many reasons why a homeowner might want to add a granny flat to their property. These are secondary housing units built on the same lot as the homeowner’s primary residence.

In recent years, granny flats such as mini homes and converted garages have become very popular.

These days granny flat Penrith is not only used as housing for in-laws and aging parents. Granny Flat Solutions consider them as a solution to the inventory shortage in housing markets across the country. They add value to a property.

The way you use the granny flat could have an impact on homeowner’s insurance costs and tax rates.

image - The Reasons Why Should You Add a Granny Flat Penrith to Your Home
The Reasons Why Should You Add a Granny Flat Penrith to Your Home

Read Also:

  • Renting vs Buying a Dumpster: Which Is Best for Your Apartment Building?
  • 5 Ways to Find Short Term Apartment Rentals in Your Area
  • Benefits of Renting Essential Household Appliances
  • How to Organize Your Home like an Adult
  • 4 Ways to Create a Backyard Getaway

Granny Flats and Homeowners Insurance

A recent study showed that 66.5 million Americans live in a multi-generational home with two or more adult generations under the same roof.

This means 20% are living with grandchildren or grandparents, up from 12 % in 1980. Having a granny flat that an elderly relative can live in, maybe more important now than it was ever in the past.

If other people are living in your home even if it is a family, there are risks that can drive up the cost of your insurance premiums.

Putting a Granny Flat to Good Use

Some homeowners build granny flats for their aging parents. Others want another source of income. Below are given ways to make the most of an extra unit attached to your home.

Long Term Rental Unit

A great way to turn on the granny flat into a source of income is to ask tenants to sign a lease. If you live in a largely populated area or a place tourist visit, it could become a passive income stream.

And if you are in want of cash, you could move into your granny flat and rent out the rest of your house.

Short Term Rental Unit

If you are not interested in handing the keys to your home over to a tenant for a full year, rent out your granny flat temporarily

There are many online resources to list your unit. Keep in mind that you need to pay lodging taxes.

And if your flat is rented out at normal commercial rates, all the money you earn will be taxable. You may be able to direct expenses like insurance premiums and utilities.

Eldercare

As parents and grandparents grow old, allowing them to live in a granny flat connected to your home can be a cost-effective way to look after a family member.

Housing for Adult Children

Finding affordable housing may be difficult for young adults. That’s why professionals who are young and want to save money may want to consider living in separate units attached to their parent’s homes.

Granny flat can be a good option for an adult child with developmental or mental health issues who want to remain connected to the family while living an independent life.

Home Office or Studio

If you work from home, a granny flat could be a great place to escape when you need to focus and avoid distractions.

If you are an artist, you can easily turn a granny flat into your own personal sanctuary.

Guesthouse

If there are too many family members and friends staying over your house then it can be overwhelming.

Giving guests access to a private unit would make everyone feel more comfortable and make your home less crowded.

Conclusion

The cost of constructing a granny flat varies depending on its size, amenities, and location where you are building it. Once the unit is built, you will have to pay to put in plumbing and electrical wiring.

When it is all done, you end up spending hundreds of thousands of dollars. Taking construction costs into consideration is important when you are thinking about adding a granny flat.

Watch out for hidden fees and also make sure you have all the permits you need for the project.

Total
3
Shares
Share 0
Tweet 0
Pin it 3
Share 0
Share 0
Perla Irish

Perla Irish, who is more familiarly known as Irish, is the Content Manager at Dreamlandsdesign.com. She loves following trends around home and garden, interior design, and digital marketing. Through this blog, Irish wants to share information and help readers solve the problems they are experiencing.

Related Topics
  • flat
  • home
  • Housing
Previous Article
Featured image - Amazing Benefits of Using Sydney Relining

Amazing Benefits of Using Sydney Relining

  • Perla Irish
  • September 19, 2020
View Post
Next Article
Featured image - Let the Decking Lights Illuminate Your Outdoor Space

Let the Decking Lights Illuminate Your Outdoor Space

  • Perla Irish
  • September 19, 2020
View Post

Subscribe

Subscribe now to our newsletter

You May Also Like
Transform traditional interiors into modern spaces.
View Post

How to Reinvent Classic Styles for Today’s Home

  • June 24, 2025
Close-up of a clean gutter system on a house with clear water flowing smoothly.
View Post

When to Repair vs. Replace Your Gutters

  • June 19, 2025
Bright modern kitchen with textured white oak cabinets, light speckled quartz countertops, and soft, diffused ambient lighting during a cloudy afternoon, showcasing a minimalist design with a farmhouse sink and subway tile backsplash.
View Post

Light Warm and Luxurious: The Rise of White Oak Kitchen Cabinets in Kitchen Design

  • June 19, 2025
Modern backyard with eco-friendly WPC composite decking and fencing, natural wood textures, lush greenery, and bright sunny sky, highlighting sustainable outdoor living.
View Post

Transform Your Outdoor Living: WPC Composite Decking for Sustainable Home Improvement

  • June 16, 2025
nature wallpaper can make your home feel bigger and more peaceful.
View Post

How Nature Wallpaper Can Transform Any Room

  • June 13, 2025
A cozy suburban house with a For Sale sign, surrounded by green trees under a clear blue sky.
View Post

How to Buy a Home Without Going Broke

  • June 12, 2025
Serene backyard pool with a sleek modern cover
View Post

Top Benefits of Using Pool Covers: Save Water, Energy & Money

  • June 10, 2025
Featured image - Why Is it So Hard to Find a Good Roofer
View Post

Why Is it So Hard to Find a Good Roofer?

  • June 10, 2025
  • About Us
  • Privacy Policy
  • Terms of Use
  • Disclosure
  • Sitemap
  • Contact Us

Input your search keywords and press Enter.