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Rent Out Your Granny Flat for Extra Income

  • by   Elite Portables
  • 18 Feb 2020
  • Blog

Many homeowners choose to build a portable granny flat because there simply isn’t enough space in the main home to accommodate their growing family and visiting relatives. When teenagers grow up and move out, that granny flat becomes untapped potential for additional income. Installing a portable building on your property and renting it out can result in it paying for itself.

In this article, we’re discussing your options in long-term and short-term rentals for granny flats so you can benefit from the extra income it brings.

Renting Your Granny Flat Out for the Long-Term

Renting out a granny flat as a long-term lease has proven extremely successful in capital cities like Sydney, and it’s now growing in popularity throughout Queensland. Some granny flats can yield over $300 a week if you’re located in a highly sought-after area and your dwelling is properly equipped with high-quality facilities and enough space for your tenants to feel comfortable.

You can advertise your granny flat through real estate websites, Gumtree, or word of mouth; however, you’ll want to make sure that the portable building meets all necessary regulation to become long-term accommodation. When choosing a tenant, check their references and take a security deposit to protect yourself against damages.

Your tenants can come and go as they please when you give them appropriate access to the backyard. Plus, you’ll have someone to share the burden of water and electricity bills. It might be a good idea to estimate and include bills in their rent to make sure they are paying as they go.

Short-Term and Holiday Rentals

Setting your granny flat up as a short-term rental can result in even higher levels of income without the commitment to a permanent tenant. You can choose to rent your granny flat out for 3-month periods or use it as an Airbnb to capitalise on the popularity of your location.

Airbnbs are a fantastic way to make money, and you have the freedom to choose how much you charge guests depending on the time of year. The only downside of this option is that you will need to be available to clean the property every time a guest checks out. To combat this, you can always use some of the earnings to hire a cleaning company who can handle the job within a few hours.

Short-term rental of up to three months can be a great option if you’re living in an area that is frequently visited by backpackers or people who work on contracts, such as FIFO workers.

What Your Granny Flat Will Need

The most affordable method of building a granny flat is choosing a transportable home from Elite Portables. With prices starting from $20,000, your dwelling could quickly pay for itself.

With so many choices available, it doesn’t matter how much space you have to build in your backyard. Browse through our options; from 6m granny flats to complete homes.

To attract tenants, your granny flat will need:

  • A kitchenette
  • A bathroom
  • A bedroom area with clean and comfortable linen
  • Insulation to keep it comfortable in every season
  • Basic items such as cutlery, towels, and tea & coffee
  • Easy access without entering the main house

Speak to Elite Portables about your options. We build portable granny flats around Australia, and each of our dwellings are fully self-contained and affordable.

Elite Portables, the only portable build that gives you an instant solution to your space problems – call us today on 1300 400 278.

Getting started is easy, check out our Price Guide

Elite Portables — your cost-effective home solutions. By working with Elite Portables, we ensure you only pay for what you need.

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