For homeowners looking to maximize their property, building a granny flat can be a savvy investment to net rental income and boost property value.
1. Is an granny flat a good fit for your personality?
Questions to ask yourself —
- Did you grow up with siblings?
- How much of your downtime is spent with friends?
- How relaxed are you with your material possessions?
- Are you happy to loan friends your things?
- How do you handle conflict? Would you rather keep things to yourself or speak your mind?
- Have you lived with someone that isn’t a partner or loved one?
Generally speaking, people who are used to sharing and grew up in a larger family are more accustomed to sharing spaces. This can make the transition into owning an accessory dwelling unit easier whether you’re housing a family member or renters.
The same is also true of people who aren’t very particular about their possessions and are happy to share. Think back to when you lived with roommates in college and remember that communication is key to co-existing happily.
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2. Can you afford a to build a granny flat?
Granny Flats are typically six-figure investments. Do you have home equity you can tap into or other means of financing?
Keep in mind that most national banks won’t finance this type of investment so people are left to come up with more creative finance means, sometimes asking friends or family.
3. Do you want to manager renters?
Renters, whether they’re long term or Airbnb-ers, bring their own set of challenges. Are you committed to the upkeep of maintaining the property, inside and out, in addition to dealing with the potential headaches renters can bring? Being a landlord can seem imtimidating, but check out our article on how to be a successful one.
Remember renting out your space brings increased property management fees. On the upside, it could be very lucrative.
4. Will your neighbors be on board with your granny flat?
Getting neighbors involved, or at least informed early, can be crucial to the success of your project and future happiness.
Let them know you want to make sure you address their concerns. Sharing personal information, like your worry for your aging mother to be close to the family, can often create empathy and a willingness to work together.
5. What are the zoning restrictions in your neighborhood?
Zoning varies by city municipality. Just because a friend built a granny flat five miles away doesn’t mean you can to. Some of the restrictions can be extremely cost prohibitive. Read about the three worst regulations here. And contact Maxable or use our regulations portal to learn more about your area.
Image by Custom Home Builders.
Plan, hire, and manage your ADU project with Maxable.
At Maxable, we believe that building an ADU should be fun and exciting. You shouldn’t have to be the one to deal with confusing obstacles like permitting snafus or ever-changing regulations. We’ll be by your side every step of the way and connect you to experienced designers and general contractors in your area to make sure your project goes as smoothly as possible.
Leave the headaches to us! Check your address and see what Maxable can do for your home during a free ADU Planning Call.
