Granny flats are independent houses usually located on the grounds of a bigger home. A granny flat can be attached to the other house or it can be a separate entity. It is mostly used to lodge elderly parents, grandparents, and teenagers.
Following are some of the best advantages of building granny flats:
Keeps your family close and independent at the same time
For teenagers and elderly people, a granny flat can provide an extra area of accommodation without compromising their independence and privacy. It’s also beneficial to fulfill the personal demands of an individual. It maintains their space and independence while keeping the family together. It also fulfills the needs of every client’s exceptional consideration of designs for teenagers and elderly people where needed.
Additional rental income
It is a smart and intelligent way to generate a solid income by just sitting at home. A decent amount of money can be made by putting granny flats on rent. A good amount of rental money can be earned per week by putting a granny flat on rent with a return of investment of over 20% nowadays, however, this depends on the area and other conditions.
Provides your guests comfort
Not enough space in your house to accommodate guests? Don’t worry! Here’s a tip. Granny flats help you solve this problem and creates an unforgettable dream experience for your guests by providing them comfort and an adequate amount of space. So, build a granny house for some appreciation from your guests and to keep them comfortable.
Work from home
Tired of every day traveling to and from the office? Relax. Here’s what you can do. Save your time and money by building a peaceful home office in a room built on your own lawn. It will help you do your work without the need to travel anywhere from home.
Increase in the value of your property
A possible increase in the value of your home is one of the major benefits of granny flats. The reason to build a granny flat might just be to provide separate accommodation for teenagers or elderly people, but the investment benefit that comes with it is brilliant. Surprising? Discuss it with a real property agent in your area and get to know the additional value it would add to your home.
Reduces the pressure of a mortgage
With increased interest rates, banks have also applied tougher lending policies. Many Australians are in a difficult position because it’s hard for them to maintain home loans with these terms and conditions. A granny flat will provide an extra income, which can help you with your mortgage repayments. Isn’t it advantageous to you? Sure it is. Prices of granny flats are reasonable and trending designs make them attractive for renters. This way of income generation can make you independent, confident, and reduce the financial pressure on your family.
Availability of more tax depreciation
A granny flat provides an advantage on land tax too. It is because of renting it out, you get an additional tax depreciation on your structure. If your structure is constructed as brand new, you can make a claim that will be a wonderful way to counterbalance the tax that you need to pay every year.
Helps you to design your dream
By building a granny house, you can design your own innovative dream structure. This structure of yours can be used in any form, be it a music studio or an art room. You can use pastel or vibrant shades, create a vintage or modern look, anything according to your own will.
All in all, granny flats will only help you rise in many ways if you use it in the right way. Take action and make a smart move before you miss the chance.