How Can Building a Granny Flat Be Beneficial?

The main agenda of the granny flat is to become a secondary dwelling which can act as a potential to gain a faster return on investment. In the granny flats of Frenchs Forest, the utilization of the granny flat is mainly to sort out the mortgage value or any kind of loans taken for as well as against the property. These flats are mini-homes with all kinds of facilities, a small family, couple or students may utilize for a shorter and longer duration of stays. The designs are such that it can accommodate a wide range of user groups. These make it flexible for the people to provide it as a stay opportunity. There are multiple benefits of granny flats, few of them are listed below:

A source of passive income:

The most important benefit why people are taking up granny flats in Frenchs forest is the advantage of using it as a passive source of income. The rental amount gained through it can be utilized elsewhere as another investment. It can also be utilized as savings to secure the future.

Relief to Mortgage:
The banks may nag you constantly about the money you owe to them against the dwelling. This source of income can be paid, and it would help in reducing the additional burden. This does not require working for long hours or on weekends as it’s a passive income investment. This also acts as a relief for the ones who do not want to invest a lot of money to own a house or the ones who do not have sufficient means to do the same.

Keeping space for extended family members:
If you have a large family or your son just got married, you need not worry about such a situation. The granny flats there is always the flexibility to accommodate additional members. If you are putting in efforts to build a granny flat, then it will be beneficial for the family.

Direct Tax benefit:
You can opt for additional tax depreciation on the current tax structure when you have a granny flat, and it is rented out. It is more beneficial if the structure is new and acts as help in saving money as tax, which is required to be paid annually.

Valuation of property changes:
The additional structure of granny flats in Frenchs forest may just be to accommodate a member of the family or for your friends. But this can increase the value of the property and later on can be used to get benefits out of the investments.

Risk-free scenario:
The major advantage of having granny flats in Frenchs forest is that they are in huge demand. Nobody wants to pool in a lot of money to make their own house or put in so much investment during the early stage of a professional career. This makes sure that your granny flat would always be in demand, and it secures the investment amount. There will be no additional risk in terms of occupancy or mortgage if it is rented out.