A granny flat is a second portion of the house or additional rooms on your property. These types of apartments have the potential to enhance and maximize your income, and they can help you get rid of your home loans faster than you think. Earlier these granny flats were quite small and ordinary, but the recent technology has transformed them into a stylish mini house. Now with the all new designs and styles for granny flats, you can get modular kitchens, wall art, cooking, washroom, balcony and even an extra small space where you can carry on with your own business.
Additional income with the separate rental house and other financial benefits
This is one of the essential benefits of these flats. If you require additional income without making a huge investment and you don’t have time to join a part-time job then building a granny house and putting it on rent can make your in con make your income double. You can enjoy the perks of granny homes after making them ready to live, and it will not take much of investment or time. It will not just increase your income but will also reduce the pressure of your home loan. Tenants can easily share additional transport and they can move on and connect to the occupants of the main house. Lawn care and childcare facilities are also available in high quality granny flats.
Banks have increased rates of interest on products like granny flats
In current times banks have made the policies of home loans tough. Not only that they have increased the rate of interest to which makes it difficult for an average person to maintain their living and pay the mortgage at the same time. But when you generate an extra income, you can enjoy its perk to while paying your loans on time. Building another home or buying a new home for such purpose can cost you much more than what you will spend on installing a new granny flat. Modern designs and separate entry-exit also help you attract potential rentals.
Tax Depreciation on your investment
When you rent out your granny flats, you have an advantage of added tax depreciation on your flat structure which is another indirect financial advantage of building a granny flat. Tax reduction can reduce your 30% of the yearly expense that you pay in the form of land tax to the government.
Keeping the Family intact
Modern houses are small, thus as soon as kids grow up; they get married and leave the house because of the need for larger space. People with grandparents or teenage kids need additional space too. A newly married couple might also prefer to live in their privacy and comfort zone. If you have granny flats, you will not have to let your Family move out due to any reasons.
Value of the property is increased
If you wish to sell your property in future then building these homes is an excellent idea because they increase the value of your house. Many people would love to invest in a house that can generate extra income or provide additional space for their Family.
In case you have single bread, the winner there is always a risk, god forbidden if the breadwinner falls sick, or meets an accident or he suddenly dies then Family can come stranded in the middle of nowhere. But if you have fixed extra income your income risk spreads. If your breadwinner is not earning for a while due to any reasons, Family can support him too. You can go for builders or else, contact with supreme home manufacturers to get your granny flats in shape.