Advantages of Investing in Granny Flats WA
7 months ago
Secondary and separate living space in WA becomes possible by building granny flats, WA on the properties. A granny flat has the potential to quickly pay off the mortgage and increase the return of investment by renting it out.
The granny flat designs of yesterday have evolved into a fashionable small home today. All the comfort and amenities of a home are also with granny flats. If you want to build a granny flat, here are some of the advantages that you will get:
Renting out a granny flat ensure additional income for any homeowner in WA. It has been found that over 20% ROI is provided by a granny flat, making it one of the best investment options for any homeowner.
Helps pay the mortgage
Banks in Australia today have not only increased rates of interest but have also applied stricter lending policies. This makes home loans harder for Australians to maintain.
Mortgage repayments can be helped with the extra income brought in by renting out a granny flat on the property. Granny flats are not too expensive to invest in and renters are usually attracted by their trendy designs.
The attractiveness of granny flats ensures a steady flow of renters, thereby gaining financial freedom by easing the financial burden of an existing mortgage.
Extra space for grown children or in-laws
The granny flat provides the best place to extend your family. It can be used to house your in-laws or grown children that want to have their own space. Keeping the family close to your side without compromising living comfort and convenience is provided by a granny flat.
Housing aging parents in a granny flat is the best way to keep them close while providing them the respect and privacy they need. Grandchildren get a chance to bond with their grandparents when they live nearby.
A granny flat enables families to stay together, yet, allows much-needed independence as well.
Boost the value of your property
The value of your property is instantly boosted by the addition of a granny flat. The property’s value is immediately enhanced even when the sole purpose of the granny flat is to provide separate living quarters for your teenagers.
Asking your local real estate agent is one way to find out the boosted value a granny flat added to your property.
Land tax advantage
The land tax advantage is also provided by having a granny flat constructed on your property. This means that additional tax depreciation happens to the structure when you rent it out. Making a tax depreciation claim even with a newly-built granny flat is the best way to offset the tax payments you are required to pay annually.
Ease the burden of a single-income household
A single-income household can place a heavy financial burden on the sole breadwinner. Investing in a granny flat and renting it out eases the financial burden of the sole breadwinner of a household.
Decades of financial benefits and advantages are provided to homeowners smart enough to invest in a granny flat. Renters also gain a host of benefits opting to live in granny flats. Not only is the rent rate affordable, but they also get the chance to stay in safe and better neighbourhoods they couldn’t otherwise afford.