Is Grannyflats Solutions A Good Investment?

Posted October 25, 2021 by in Lifestyle

Granny flats are the new trending designs homeowners are considering building in their homes. Know whether granny flats are worth the investment? Grannyflats solutions are the new trending designs homeowners are considering building in their homes. You may want it for aging parents and think it is an excellent investment. But is it? They may not blend well with the rest of the house, but when you hire an efficient professional like Granny Flat Solutions Australia, they might build you an extension that looks good as your main home. 

Still, confused? Here are the pros and cons of constructing granny flats to your property so you can decide whether they’re worth the money and trouble. 

The Positives

  1. You can earn more income – Well, this point will surely get everyone’s attention. Your granny flat won’t have to sit idle if you don’t have anyone living there. You can use it to earn some extra money. Many people want a temporary affordable home to live in for several months, and your flat could be their next choice. As long as you keep the prices fair, you will have a lot of people knocking at your door. 
  1. Increases your living space – Granny flats are a great way to increase the living space of your house. So, whether you want to live with your aging parents or your kids want more privacy before they live independently, granny flats can serve all the purposes. You can also use the flat for hosting guests if there isn’t enough space in your primary residence. 
  1. Adds more value to your property – Adding granny flats to your main home has another advantage. In the future, when you may want to sell your property, the buyers will likely be willing to pay more. So if you have an idle space in the backyard and you’re planning to sell the property in the future, granny flats could be a worthy investment. 

 The Negatives

  1. Extra costs – A fairly reasonable point, granny flats will require significant funds in the construction process. And this doesn’t just end here. Once they’re built, they would also require maintenance, just like your primary house. 
  1. Bad tenants – Renting out the granny flat will expose you and your family to tenants. This means you need someone who shares the same values as your family and someone you can easily get along with. 
  1. Capital gain tax – One crucial factor most homeowners don’t consider, especially those constructing the flat on their residential property, is capital gain tax. If you’re about to rent out the granny flat at your principal place of residence, you may have to pay capital gain tax if you sell the property. That’s why make sure you talk to your tax advisor before moving further. 

Gone are the days when backyards were only used for gardens and lawns. Nowadays, many homeowners are shifting to granny flats for several reasons. However, whether the investment is worthwhile depends on your preferences and requirements. Before renting granny flats, check with your state and territory regulations regarding the whole process.