How to Generate Smart Income With Rentals
By: Joseph Smith Published on: October 26, 2019 Category: Testing
Needless to say, San Diego’s housing market is booming. With that in mind, adding a granny flat to your property can be an incredible investment. You can increase your income if you structure it as a rental unit or even list it on Airbnb. Although San Diego’s current regulations do not allow homeowners to offer granny flats for vacation since they have a minimum 30-day lease, you can still list it on Airbnb for clients looking to stay in San Diego for at least 30 days. Nonetheless, it can be a great option for both short and long term renting.
Such rental income can be beneficial in paying your mortgage, covering utilities or any other household expenses. You can even save this income for vacation or retirement. In essence, a granny flat can be a great way of putting more money in your pocket.
Extra Space for Friends and Family
Whether you’re looking to take in your aging parents, welcoming back your college-aged children or even hosting out-of-town relatives, there’s no doubt that you’ll require additional space. Such a space can’t be a problem if you have a granny flat. That’s because a granny flat offers a comfortable and separate space for your relatives, guests, and tenants. A granny flat is, of course, closer, cheaper and much more familiar than a hotel room in town.
Increasing the Value of Your Property
Believe it or not, adding a granny flat to your property in San Diego can increase the value of your property by about 20-25%. The fact that you’ll need minimal ongoing running costs on your granny flat makes it a worthy investment.
Granny Flat Financing
Having seen some of the benefits of adding a granny flat to your property, you’re probably thinking about constructing one. But given that designing and building a modern granny flat in San Diego may cost you between $150,000 and $350,000 depending on its design and size, you may need funds if you can’t do it out of your pocket.
A popular choice among San Diego residents looking to build a granny flat is home equity loans. This is generally because it’s the easiest route. Several financial institutions in San Diego offer friendly loan rates to homeowners looking to build granny flats. You should take some time and look more into these institutions and their interest rates.
Granny flats in San Diego are currently a hot trend that many homeowners are looking to benefits from. With the changes in granny flats permits, rules, and regulations, you can maximize on your property by building a granny flat. You’ll not only have an extra source of income, but a granny flat can be an attractive way of adding value to your property.
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