The Big Six Benefits Of Building A Granny Flat
A granny flat is a secondary dwelling on your property. It has the potential to enhance the return on investment of your home and can help offset the mortgage faster than you think. The ordinary granny flat designs have been transformed into a stylish mini home, incorporating various features that make a home. There are numerous benefits of granny flats that are worth highlighting. In case you are wondering if it is worth it to add a granny flat in your home, the benefits highlighted below will help you make an informed decision.
Additional Rental Income
This is an important benefit of building a granny flat as part of your home structure. You can rent them out and make an additional income. Currently, granny flats can provide a return of up to $350 per week. With a Return on Investment of over 20%, it’s your best investment option on the market today.
Reduces the Pressures of a Mortgage
The banks have not only applied tougher lending policies, they have also increased interest rates. This is leaving many Australians in a difficult position with their home loans being harder to maintain. Having an extra income from a granny flat will assist your mortgage repayments. Granny flats prices are a fraction of the cost of another investment property and the modern designs make it attractive for renters. This affords you the opportunity to chart a course towards your financial freedom, making the financial pressure on your family to be reduced significantly.
Keeping the Family Close
Another benefit of building a granny flat is to keep your family close. Nothing stays the same forever. As your children begin to grow up and family members grow older and have grandchildren, there will be a need for additional space to accommodate a larger family. The granny flat is a great place to extend your family to. This helps to keep the family together while allowing space and independence.
Availability of more Tax Depreciation
Naturally, you have an advantage on land tax on granny flats. This is because when you rent it out, you will have additional tax depreciation on your structure. If the structure is erected as brand new, you can make a claim which will be a great way to offset the tax that you are required to pay every year.
Increase in the value of your Property
One of the benefits of granny flats is the possible increase in the value of your home. Your purpose of adding this structure might simply be to have your teenagers living in a granny flat close to you but the investment benefit that comes with it is also huge. You might want to discuss with a real estate agent in your area to know the additional value it would add to your home.
Spread of Income Risk
Many Australians depend on a single income to maintain their lifestyle, usually their job. A rented granny flat on your property takes the burden of being the breadwinner of the family unit.
There are many benefits that you can enjoy with a granny flat. You can easily explore different granny flats plans and prices to enhance your income potentials. A granny Flat will give you the edge with respect to your property value. Sydney, Central Coast and Wollongong will hold a strong place as the most desirable living locations within New South Wales. Now is the time to take control over your financial position and build a granny flat!