Main Reasons to Build a Granny Flat
Maybe it's a ageing parent or other relative, you can probably see one of the major benefits of owning a granny flat. Move your parents or another loved one close so that you can take care of them when they need support, but they will still have privacy and independence when they want it. Likewise, you won't have to try and make room in your already full house for another family member or two.
If you don't have anyone in your family whom you you'd like to move closer to home, there are numerous benefits to building a granny flat on your property. Here's just a few of them:
Permitting is easy and you very may well get tax breaks.
Firstly if your thinking of building a granny flat in Perth to gain some secondary income by taking on a tenant, there's good news. Thanks to the growing housing crisis in Australia, local councils are green-lighting granny flat construction at a faster rate than ever before. So, you could have your granny flat in Perth built and ready for a tenant in very little time.
Another key financial benefit could come at tax time. Basically, thanks to the funds you put into building your granny flat, you may be able to deduct $5000 or more each year in depreciation on your home for at least the first five years. On average, over five years, most homeowners get over $23,000 in tax credits.
Make extra income renting your granny flat out. Once your granny flat is complete why not rent it out and earn some passive income each month? This could not only pay for the granny flat itself, but it could also help you pay off your mortgage on your home and save for retirement. And, if you plan on staying in your home after you retire, you can continue to make money on your rental granny flat for years to come.
Sell your house for more. Not only can you get permitted quickly and save some money on your taxes, but building a granny flat on your property can greatly increase the value of your home. Consider this - you won't just be selling your home, you'll be selling your home and a lucrative rental property. People are always looking for the best value on new homes, and when you sell them a home with a built - in rental rental in the deal, they'll see that they can get a great deal of help paying the mortgage right from the start.
Generational housing done right. Finally, thanks to uncertain economic times, more and more young people are choosing to live at home longer than they did in the past. That way, they can save money that they'd otherwise be spending on rent, and they can use those savings to build funds to buy their first home when they are ready. This kind of generational housing is wonderful in some ways, but it can feel cramped and stressful. With a granny flat, you can give your kids a place to move where they can pay little in rent and utilities while they get ready to strike out on their own. These are just a few of the many benefits to owning granny flats in Perth. For more information on granny flats and how building one on your property could help you, Contact Us Today 08 6205 6148