Turning Your Granny Flats into a Steady Stream of Income
Granny flats which are also known as Accessory Dwelling Units (ADUs) have been increasingly popular in different parts of Perth, WA because they can be built at a much less cost compared to a traditional house in just a matter of weeks.
They are considered small homes but with big advantages. With the recent changes in the laws in Perth regarding Granny flats, aside from adding extra living space for your family, they can now also be turned into an income-generating property!
In this article, we will lay down options on how you can get your return on investment (ROI) on your
Granny Flats.
How to Generate Income from Your Granny Flats
If you are planning to turn your granny flat into a source of income, here are some ways to get you started:
Long-Term Rentals
One of the most common ways to gain income from your granny flat space is by converting it into a long-term rental. With the increase in demand for affordable housing, many people are looking for rental properties. By renting out your granny flat on a long-term basis, you can make it a steady source of income.
Short-Term Rentals
If you are opting for a much more flexible renting out option and you do not want long-term rentals, you may consider turning your granny flat into a short-term rental. You may do so by listing it on rental platforms or short-term rental websites like Airbnb. This will allow you to rent out your space on a temporary basis like on a night or weekly basis to travellers, tourists, or individuals in need of temporary accommodation.
This option can provide you with a higher income compared to traditional long-term rentals. However, managing short-term rentals will require more effort on your part as you need to equip your granny flat with appliances and furniture, handle booking requests, do regular cleaning, and provide amenities like toiletries and basic supplies.
Home Office or Studio Space
Turning your granny flat into a home office or a studio can also help you generate income. With the rise of remote work and demand for dedicated remote workspaces, you can rent out your granny flat as an office or a studio. You can cater for this type of rental by adding other amenities like a high-speed internet connection and a separate entrance for privacy.
Vacation Rental or Retreat Space
If your granny flat is located near a tourist attraction location or in a desirable destination, considering a vacation or retreat space rental can make your granny flat a source of income.
Many tourists or groups look for private accommodations to enjoy a relaxing getaway. By furnishing your granny flat and promoting it on rental sites and platforms, you can attract renters and generate income, especially during peak seasons.
You may also promote nearby attractions, outdoor activities, or any unique features nearby your property to make your property stand out from the competition.
Student Boarding Accommodation
If your property is located near a University, you may consider turning your granny flat into a student boarding accommodation to generate income. This is a perfect option if you want to use your space for other things in other parts of the year because they are vacated during summer and holidays and still earn income.
Conclusion
With the recent changes in the guidelines for renting out granny flats in Perth and the increase in demand for much more affordable renting options, you can turn your granny flats into a steady source of income and can help you get your ROI in no time!
Before you start renting out your granny flat, make sure to research the local guidelines where your property is located to ensure compliance and know which type of renting-out option you can offer and which would be best suited for your location.
Consider the needs and preferences of your potential tenants or guests, you may include various amenities, and features, and promote nearby attractions to help you attract many tenants or guests.
With proper research and planning, you can turn your granny flat into a profitable investment and can also increase the overall value of your property!
If you are planning to create a granny flat on your property, you may contact Prestige Renovations and Granny Flats!
Prestige Renovations and Granny Flats can turn your Granny Flat space into a stunning and bespoke living or rental that will perfectly suit your budget and specifications!
