Are You Thinking About Building a Granny Flat?

flats for grannies

flats for granniesThese days, when real estate is at a premium, more families are coming back to old-fashioned habits of building additional detached rooms. A granny flat has become easier to build, thanks to some new laws passed by the government of Perth. Of course, like any other venture, building your own granny flat will have its benefits and risks. Here are some of them:

Benefits
  • You can rent out your granny flat Perth property to earn as much as $350 weekly. This could be helpful in easing up your own mortgage and can even serve as a source of second income to you and your family.
  • Having an additional building on your property will also increase its value. Big families will easily find a use for an extra room, while investors will appreciate another source of income should they acquire it. If you want to find out just how much value you can get, it’s best to talk to your real estate agent.
  • Everybody would appreciate additional claims on their depreciation schedules. A brand new granny flat that earns can even pay for a chunk of the taxes you pay annually.
Risks
  • Shouldering the cost of a full construction can be a burden for some families. If you’re constructing your granny flat from the ground up, it’s good to be upfront with your builder about the project’s budget. But, it’s also good to make room for a few more costs that can spring up here and there.
  • Unoccupied flats will cost you. If you’re living in a big city, it’s easy to find tenants to rent out your property, but if it’s not rented, it may cost you more than what you’re earning from it.
  • Some borough policies may not agree with your idea to build a rentable part of your house. It’s always a good idea to check with them first before you begin taking on construction expenses.
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