What does Granny Flat mean?

Also known as a secondary suite, a granny flat is a small self-contained living space that is typically located on the same property as a larger primary residence. They are often built for elderly parents, grown children, or other relatives, but can also be used as rental units. They typically have their own separate entrance, kitchen and bathroom.

Related Terms

Special Assessment Executor Real Estate Investment Trusts (REITs) Open Space Mortgage-Interest Deduction Building Moratorium Lien Two- To Four-Family Property Lease Insurance Return On Equity (ROE) Group Home Homeowners' Warranty Growing-Equity Mortgage Live-Work Space Resale Value Utilities Availability (In a Lease) Net Cash Flow