When my friend and I got into properties for the first time putting together an additional Granny Flat as an investment property and hiring it out in our spare yard space was probably the whacked out thing I could envision. It was so negative an idea I didn’t want to mention anyone about it for a couple of weeks.
Eventually I worked up the courage to bring it up after we began to slip behind on the mortgage payments. The idea I explained was to get a Granny Flat or Granny Flats and lease it out to a young local associate given we lived near to a large High school at Granby Memorial High School.
Mycolleague immediately detested the concept. They thought it would fudge in on our privacy. They also thought it would contaminate the street characteristics of the home. It might end up us running crazy over budget in ways that would leave us more penniless than before we started talking about it.
I went back to my work and sketched out out the spending budgets again. We met with the builder to cover off ways to limit the impact of the works on the existing outward appearance, space, and privacy of our dwelling.
In the meantime I reached out to College manager at the university who certified that accommodation was at ludicrous shortages and they would be able to rent out 30 permanently let alone one.
So we travelled ahead. We hired a Agency called Add Some Space Granny Flats to do the setting up and they were excellent.
The finish off of the Granny Flat was swish and modern and it occupied within a week.
The returns have been durable and uncomplicated. We’ve had it for 5 years now and have been able to pay off the total cost of the Granny Flats as well as a principal part of our endowment without much effort at all.
I would greatly recommend this tactic to anyone considering a low stress way to bunk the cost of your mortgage.