Make your granny flat a money spinner, here's how

As a property owner, you may find that over time your property becomes too large for you. Maybe your kids have moved out or you don’t entertain as often as you used to. At this point you may even consider downscaling. But what about taking the space you have available and converting it into a liveable, profitable, sought-after granny flat?

Mike Greeff, CEO of Greeff Christie’s International Real Estate agrees. “As experts in the business of buying and selling property, we are acutely aware that certain types of additions or renovations increases the value of your property. We believe that while you may not be ready to sell just yet, these tips will not only assist you when you are thinking of selling in the future but also offer excellent home renovation options.”

First and foremost you need to ensure that you implement the correct renovation tips in order to make your granny flat as appealing as possible.

Make the space habitable and appealing

Any living space needs to have a certain level of appeal to maintain interest from the market. The space would need to be inviting and appealing with a clear layout of space and direction. A distinctly designated space as a living area, kitchen space and sleeping quarters would be the perfect formula to ensure the flat generates sufficient interest.

Define an independent method of entry and exit

For someone living in a granny flat, they consider their space to be private and as such, would prefer they not take up any of your shared space in the main home as well. Defining an independent method for the person to enter and exit offers them the freedom to come and go as they please without causing a disturbance to anyone else. The more controlled freedom the tenant will have, the better chance you have of extending the lease.

A defined and dedicated parking space is a big plus

Along with an independent method of entry and exit, dedicated parking space or even bay is an ideal way to make your letting offer stand out from the rest. A parking bay guarantees the tenant a safe and convenient space to ensure their vehicle remains safe and sound from the elements and criminals. That is one way to ensure your tenant remains interested and that you continue to make an income.

A full en-suite or bathroom for your space

In your own space, having a bathroom or full en-suite makes all the difference. Believe it or not, some people who have their own granny flats still have to make use of the larger home’s facilities. This causes a problem in the event that they would need to go to work but more so in terms of convenience for all parties involved. Finding the space and getting the plans approved to create the ideal space for your granny flat could save you a lot of trouble in the long run.

A well-lit, bright space will work to your advantage

Choosing the perfect space for your granny flat also means finding a space that is well-lit, enjoys maximum sun at the right time of the day and is bright throughout. Anything other than the above will probably not appeal to the potential tenants you are looking to attract. Ultimately, your granny flat is an extension and reflection of you and your home. A dark, dingy environment will also give off the impression of low quality and terrible value for money.

Making your granny flat your money spinner is a sure way to guarantee an additional, dedicated income stream. All it takes is a little bit of planning and good execution.

Renovations, tips