When my cousin and I got into real estate for the first time adding an additional Granny Flat and hiring it out in our front yard was probably the least sexiest thing I could think of. It was so undesirable an idea I didn’t want to speak about anyone about it for a couple of weeks.
Soon enough I worked up the courage to bring it up after we began to crash behind on the house payments. The intention I explained was to get a Granny Flat or Granny Flats and lease it out to a reliable local deacon given we lived near to a large postgraduate school.
Mywife immediately disliked the strategy. They thought it would cross the threshold on our space. They also thought it would unsettle the street looks of the house. It might end up us running unreasonable over budget in ways that would render us more in debt than before we started talking about it.
I went back to my work office and drew out out the money again. We met with the builder to discuss ways to limit the impact of the general working damage on the existing outward show, space, and privacy of our home.
In the meantime I reached out to the Student Union office manager at the university who assured that accommodation was at acute shortages and they would be able to rent out 80 permanently let alone one.
The returns have been formidable and uncomplicated. We’ve had it for 9 years now and have been able to pay reduce the total cost of the Granny Flats as well as a major part of our endowment without much effort at all.
I would powerfully recommend this method to anyone considering a low stress way to let down the cost of your mortgage or investment property.