When my boyfriend and I got into renovation investment property for the first time getting an additional Granny Flat and hiring it out in our front yard was probably the nut bag thing I could conceive. It was so miserable an idea I didn’t want to share anyone about it for a couple of weeks.
In the end I worked up the cojones to bring it up after we began to bounce behind on the loan payments. The strategy I explained was to get a Granny Flat or Granny Flats and billet it out to a old local deacon given we lived near to a large training institute.
Myfriend immediately disliked the idea. They thought it would come between on our privacy. They also thought it would unsettle the street looks of the home. It might conclude us running unreasonable over budget in ways that would render us more short on cash than before we started talking about it.
I went back to my home office and drew out out the budgets again. We met with the builder to run over ways to limit the impact of the project contractors on the existing outward show, space, and privacy of our residence.
In the meantime I reached out to University manager at the university who indicated that accommodation was at ludicrous shortages and they would be able to rent out 30 permanently let alone mine.
So we pushed ahead. We hired a Corporation called PC Renovations
The quality of the Granny Flat was sexy and modern and it leased within a week.
The returns have been formidable and simple. We’ve had it for 9 years now and have been able to pay off the total cost of the Granny Flats as well as a primary part of our loan without much effort at all.
I would sincerely recommend this blueprint to anyone considering a low stress way to Reduce the cost of your mortgage or home renovation.
