Granny flat is a secondary dwelling on a property. It can enhance the return on investment of your home and help offset the mortgage faster than you think. The ordinary designs of the granny flat have been transformed into a stylish Mini home, incorporating different features that make a home. There are many benefits of Custom Designed Granny Flat Solutions that are worth highlighting. In case you have a doubt if it is worth it to add a granny flat Penrith in your home. The benefits given below will help you to make the correct decision.
Additional Rental Income
This is an important advantage of building a granny flat as part of your home structure. You can run them out and make an extra income. Granny flats provide a return of up to $354. With the return on investment of up to 20%, it is your best investment on the market today
Reduces The Pressures Of A Mortgage
The banks have not only applied tough lending policies they have increased interest rates also. This is leaving many people in a difficult position with their home loans becoming harder to maintain. With an extra income from a granny flat helps in your mortgage repayment. Granny flats prices are a part of the price of another investment property and the modern designs make it more attractive for the renters. This gives you the opportunity to chart a course towards your financial freedom, making a decrease in the financial pressure on your family.
Keeping The Family Close
One more benefit of building a granny flat is to keep your family close. When your children begin to grow up and family members grow old and have grandchildren, there will be a need for extra space to accommodate a larger family. It is a great place to extend your family to. This keeps the family together while allowing space and independence.
Availability Of More Tax Depreciation
You have a benefit on land tax on granny flats naturally. This is because as you rent it out, you have extra tax depreciation on the structure. If the structure is built as brand new, you can claim which will be a great way to offset the tax that you need to pay every year.
Increase In The Value Of Your Property –
One advantage of granny flats is the increase in the value of your home. The purpose of adding any flat might simply be to have your teenagers living in a flat close to you but the investment benefits that come with it are also large. You may want to discuss with a real estate agent in your area to know the additional value that adds to your home.
The Spread Of Income Risk
Many people depend on a single hand income to maintain their lifestyle, usually their job. Rented granny flat on your property takes the burden of becoming the breadwinner of the family unit.
There are a number of facilities you can enjoy with a granny flat. You can explore different granny flat plans and prices to increase your income potential. A granny flat gives you the edge with respect to your property value. Now it is the time to take control over your financial position and get a granny flat built in your property.