Of all the home improvements you can make, the “granny flat” may be one of the most profitable. For those who don’t know, a “granny flat” is a small, liveable building built as an adjunct to the main home on a property. They are called “granny flats” because they are often used for an elderly parent. Until recently, granny flats could only be used by relatives of the homeowner.
Recent changes in state codes now allow granny flats to be rented out to people who are not related to the homeowner. This has caused them to be called “Fonzie flats” by many. By any name, granny flats now represent an opportunity for substantial rental income and can raise your home’s resale value.
Advantages of Granny Flats
We already mentioned two benefits: extra rental income and increased property value. But there are even more advantages to building a granny flat on your property.
Depreciation:
If you build a granny flat and rent it out, you can declare depreciation on the building when doing your taxes. This can save you a sizeable amount of money.
Risk Mitigation:
If you have a rental property, it not only gives you extra income, but helps mitigate your risk because it can continue to provide income when the main house is vacant.
More Space for Your Family
You may want to just build it for your family. Some people still use granny flats for “granny.” Not only are they great for grandparents, they also work well for adult children who need a place to stay for a while.
For Home Improvements in Perth
If you are thinking of building a granny flat or any other home improvements, Next Level Extensions is one of the most trusted firms in Perth. We have more than 70 years of combined experience in providing granny flats, second storey additions, home extensions and other home improvements in the Perth area.
To learn more, call us today: 1300 948 094.
