Five questions to ask before you commit
You might think a granny flat is simply for an elderly relative moving in, but an extra building has many uses. Perhaps it is not an elderly family member but a teenager or an adult child who needs their own space. Maybe you run a business from home and want an office space separate from your home. Or maybe you want to earn some extra income from renting but don’t want to invest in a larger property.
Whatever your idea, there are a number of things to consider before investing in a granny flat.
Five questions to ask before buying a granny flat
- Do you have a suitable space and land? Before buying your granny flat, look at how much space you have. This will help you decide on the best size building and layout for your needs.
- What will the access be? Think about whether you have to go through the main property for access or whether you can create a separate entrance for privacy? What will parking arrangements be?
- What purpose are you using the granny flat for? Is your granny flat going to be used by a family member, or are you planning to rent it out? You may need to adjust your standards or budget depending on your plans.
- Do you need to arrange a council consent? Depending on the size of the building you may need various council consents before it is installed. If you are in Auckland, we can help you with arranging the necessary permissions.
- Can you afford to buy outright or will you rent? If you think you might only need your granny flat for a short period, it may be more cost-effective to rent. However, if you are planning it as an investment, you might like to see if you can afford to buy outright. Then, any money earned is going directly to you not paying off any outstanding bills.