Granny flats are common home additions in Melbourne and the rest of Australia. However, your old folks might be a long time coming, so it’s a good idea to put that granny flat to good use while they are healthy. Here are five ways you can make money with your granny flat:
Granny flats are perfect for Airbnb. You won’t need to make significant modifications, and Airbnb clients are usually tourists. Thus, they won’t be staying too long. Stock up on extra linens, pillowcases and maybe a mattress or two in case your guests request for them. Provide your granny flat with Internet access so that your guests can stay connected. Of course, having travellers does pose some risks. Bedbugs can easily hitch rides on luggage or clothing, so you might want to have measures in place to prevent infestation.
2. Co-working Space
Shared office spaces are booming in Australia. With just a few desks here and there, proper air conditioning, and a stable Internet connection, you can enjoy a small shared office. Add a little printer, a good coffee maker, and a small fridge to keep your workers working through the day. You can lease long-term or have your granny flat listed on one of Australia’s co-working space databases. You can control when you’re open for business and for how many days you want to rent your office space.
3. Band Rehearsal Room
This might take a little work, but if you love music, it’s worth the effort. Soundproof the room so that you won’t bother your neighbours. Get a few decent amplifiers and speakers. Get a drum set, add some lighting, and you’re ready to go. You can even rent out instruments if you have extras. A handful of stools can give your budding rock stars a place to rest or give their groupies a place to sit as they watch the band practice. You might need to place strict rules regarding conduct, but musicians are usually calm as long as they’re sober.
4. Home Office
If you work from home, practice a trade, meet with clients as an independent contractor, or have your own practice, converting a granny flat into a home office might be a sound idea. You can transform a granny flat into whatever place you need. You can meet clients for consultations or even put up a small dental clinic for minor operations.
5. Rental Property
If you’re pretty sure that your old folks won’t be living with you any time soon, putting up a granny flat for rent is one of the sure ways to profit from it. You get to choose who rents your granny flat, and you can dictate the length of the lease. Renting out your flat gives you a continuous stream of income with little to no effort.
Granny flats are great investments no matter what you use them for. Your property value automatically rises, and even if you don’t plan to sell, you can use the extra space outside your house.