If your property has become too big for you after your children have left home, you may be thinking about downscaling. Another option could be to convert the extra space into a profitable granny flat.
There are several advantages to having reliable tenants on the property, particularly if you are living alone. These include:
Security. Having someone else around will make you feel more secure. However, you need to be sure the tenants who move in are responsible and will adhere to security rules, such as always closing gates and locking doors.
Medical emergencies. It is helpful to have someone on site who can call for assistance in the event of a medical emergency.
Additional income. Most retired people can do with additional passive income, to mitigate the effects of the constantly increasing cost of living.
Make the space appealing
The ideal granny flat should have a designated living space, a kitchen, and a sleeping area with an en suite bathroom.
These are some of the features desirable would-be tenants look for:
Independent entrance - Most granny flat tenants prefer to rent a space that is independent of the main house on the property. Tenants value their privacy, and an independent entrance enables them to come and go as they please without disturbing you.
Parking - A dedicated parking space is a big plus, and covered parking is even more so – particularly in coastal areas where vehicles are inclined to rust if left outside. Tenants want to rest assured that their vehicle is safe from weather elements as well as criminals.
Bathroom - Having a bathroom is a big drawcard. Some tenants in granny flats have to make use of the main home’s bathroom facilities, which is inconvenient for them and you.
Kitchen – A dedicated kitchen area is a must if you want to appeal to the right tenants. It doesn’t have to be a large area, but it must have the basics. These include a work surface, some storage facilities, and enough space to accommodate a hob, a microwave, and a fridge.
Light – A bright, well-lit flat with plenty of natural light is preferable as opposed to a dark and dingy space.
Keep in mind that building plans need to be drawn and approved before undertaking major renovations such as installing a kitchen or a bathroom. The effort will be worthwhile and you are likely to recoup the costs involved.
If your offering meets most of the desired conditions you should soon be well on the way to earning a useful passive income from your property.