Is a Granny Flat a Good Investment?

Indeed, adding a granny flat to your house is a smart investment. In fact, building a granny flat in the backyard or at the back of your property can be another source of income. According to a report from Archistar and CoreLogic, by building a granny flat, homeowners in Sydney, Melbourne and Brisbane could boost home values by 30 per cent.

In fact, over 10,000 granny flats were built in Australia in 2018, and it’s increasing day by day. The backyard sheds have been replaced by a liveable mini-house that functions extra space for your family or income for the house owner. Besides, adding a granny flat in your house with the help of granny flats builders Sydney is more affordable than buying a property.

The many benefits of granny flats

- Adding a granny flat to your property increases the value of your house. Yes, when you sell your house, you’ll get better deals than the homes without a granny flat.

- Building a granny flat at the back of your house gives an additional space where you can set it up as a place to party with your friends or family, an office, set up a home theatre, or even a sports bar.

- If you chose to rent your granny flat out, it has been found that yields can be achieved of up to 20 per cent.

- Renting out a granny flat gives you additional claimable on your depreciation schedule.

- Those with an artistic flair can use the granny flat to store the supplies as well as be able to work with peace.

- It could also be used by the teenagers to give the privacy they carve while within the confines of parental control.

- Do you want to make the most of your space? A granny flat is a smart choice.

Here is how to make the granny flat investment work for you

Know the Local Regulations

Granny flat regulations vary from one state to another. In victoria, you are not allowed to add a granny flat in your backyard unless the person who lives in it is dependent on you. So, it’s a good idea to educate you about the local regulations before starting the granny flat project.

Hire the right builders Sydney

It is essential to work with one of the best granny flat building companies in Sydney as it’s the key to the success of the granny flat project. Choose someone who is reliable, transparent in costs, has relevant insurance, specialises in granny flats, licensed, and offers a wide range of design options. It’s a good idea to check their portfolio so that you can walk through and see the quality of workmanship. Keep in mind, a cheap quote is not always best and vice versa.

Priorities Liveability

Make sure your granny flat is well-lighted with natural light and should have a private entrance and a functional, attractive design. Add the necessary features in the flat if you are planning to rent it out as it will increase the flat’s value.

The author is one of the best granny flat builders in Sydney. Along with the team of professionals, he assists you with architectural plans and government approvals to construction, completion and hand-over of the magical key. Visit https://quantumbuilt.com.au/ for more details.

Article source: https://article-realm.com/article/Finance/7469-Is-a-Granny-Flat-a-Good-Investment.html