Article

Granny Flats are getting more popular over the Recent Years

Having ample unused space in the backyard is pretty common in suburban homes. Most homeowners utilize it by building different backyard embellishments to create a gathering space for friends and family. While that’s an effective way of making use of your backyard, it doesn’t offer any financial benefits. But building a granny flat does that too. Aside from being an excellent way of utilizing your backyard space, a granny flat also earns you a substantial amount of money.


Who wouldn’t like to pocket some extra bucks just by utilizing the unused space on their property? Probably nobody! And that is precisely why granny flats have become increasingly popular over the years. They offer homeowners an excellent revenue generating opportunity without having to make a hefty investment.


More and more people all over Australia are building granny flats in their homes to earn additional income and add value to their property.


Depreciation Asset

Owning a granny flat gives you substantial depreciation entitlements on your depreciation schedule, so you get to claim more items against your taxable income, which means you make more money.


Cheap Investment

Investing in a granny flat is significantly cheaper than buying or building a separate property. Typically, the construction of a granny flat costs about $125,000, which doesn’t even come close to the amount that you have to pay when building or buying a standalone three-bedroom property. So, you get to enter the investment business without needing to take out a heft, difficult to pay loan. And the rental income that you’ll get in turn will help you reimburse the investment cost in no time.


Rental Income

A granny flat is an excellent source of income. Since the rent of a granny apartment isn’t as high as that of a regular apartment, the chances are that you will get tenants soon after the project is completed. Also, the population in metropolitan cities such as Sydney and Melbourne is increasing day by day, which means more people will need affordable accommodation options. And a granny flat is one of the cheapest housing options for anyone. Therefore, owning a granny flat is a lucrative investment.


Increased Property Value

Whether you rent out your granny flat or choose to offer it to a friend for free, having a granny apartment will add to your property’s value substantially. Having extra rooms for occupancy is always considered a major plus point during property evaluation. So, even if you don’t reap the financial benefits of building a granny house right away, you could do that at the time of property disposal.


Another advantage of owning a granny flat is having suitable accommodation for your parents or young children. It might not bring you money, it will, however, make you happy and most likely give you peace of mind. So what are you waiting for? Jump on the granny-flat-investment bandwagon now.

Share This

Related Articles

Related Articles

By Rima Darwich November 20, 2024
Many homeowners believe that hiring a licensed builder is too expensive because of the builder’s margin. However, they may not realize that the long-term savings from avoiding mistakes and delays often outweigh the upfront costs. What We Can Do: We focus on showing what our services include—from managing trades and timelines to ensuring quality and compliance. By being upfront about costs and the value we add, we can help potential clients see the bigger picture. Underestimating the Role of a Builder Some clients don’t fully understand the complexity of a builder’s job, thinking it’s just about coordinating trades. This overlooks the planning, troubleshooting, and compliance management that licensed builders provide. Our Approach: We take time to explain the behind-the-scenes work that goes into a project. Sharing examples of past projects and the challenges we’ve handled can help clients see the difference professional builders make. Losing the take on Smaller jobs. Owner-builders often take on smaller projects like renovations or extensions, assuming they’re easy to manage. This can leave builders competing for fewer jobs and justifying their involvement in what may appear to be straightforward work. How We Stand Out: We highlight the risks involved in even “simple” projects, such as unexpected delays, safety concerns, or costs and variations. Offering competitive and transparent pricing, along with flexible service options, can make us a more attractive choice. Fixing Owner-Builder Mistakes Often, builders are called in to complete or fix owner-builder projects that have gone wrong. While this provides work, it also brings additional challenges, such as resolving compliance issues or repairing poorly executed work. Turning Challenges into Opportunities: We treat these situations as opportunities to showcase our problem-solving skills and expertise. By sharing stories of how we’ve rescued projects, we can build trust and demonstrate our value. Managing Regulations One of the biggest challenges for owner-builders is juggling the regulations and requirements expected in construction. When these are overlooked, it can lead to costly delays or non-compliance issues, adding stress for the homeowner. Why It’s Our Strength: We emphasize our knowledge of local regulations, our ability to manage approvals and inspections, and our commitment to delivering a fully compliant project. This peace of mind is often worth far more than the perceived savings of going it alone. How We Overcome These Challenges 1. Showcasing Our Expertise We highlight our qualifications, years of experience, and successful projects to demonstrate why hiring a professional builder is the best choice. 2. Educating Potential Clients We help clients understand the risks of owner-building by sharing blogs, videos, and real-life examples. An informed client is more likely to choose a professional. 3. Offering Flexible Solutions By tailoring our services to fit different budgets and needs, we make it easier for clients to see how we can work with them, not just for them. 4. Building Trust Through Results We share testimonials and success stories from clients who’ve seen the benefits of working with us, especially those who came to us after struggling as owner-builders. Competing with owner-builders in Sydney can be tough, but it’s also an opportunity to show what sets us apart. By educating clients, providing clear value, and staying transparent, we can continue to win projects and deliver high-quality results. At the end of the day, the benefits of working with a professional builder provides peace of mind, quality, and a smoother experience from start to finish.
Custom Designed Residential Basements
By Rima Darwich July 18, 2024
Discover how to maximize your home's potential with a custom-built residential basement.
Custom Designed Premium Home at Night
By Rima Darwich July 3, 2024
Discover the appeal of Australia's premium and luxurious homes with Inspiring Homes. Learn about the growing demand for high-end properties across the country.
ALL ARTICLES
Share by: