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Adding value to your property with a Granny Flat

Posted 7 November 2019

We all know who they were originally intended for, but granny flats can be so much more than a place for granny to live.

Granny flats are a smart way for homeowners to add value to their property. Whether it be through short-term leases or tax reduction opportunities, a granny flat investment presents a range of ways to bring extra value to your property portfolio.

Rental return

Modern design and interior luxuries make granny flats attractive rental options for everyone from students to working professionals. The popularity of short-term holiday accommodation websites such as Airbnb has also made it incredibly easy for homeowners to offer their granny flat investment as holiday accommodation.

The granny flat experts at Summit can help make sure your investment meets all relevant approvals for rental properties. Granny flats can be rented out to generate extra income in Western Australia, NSW, the Northern Territory, Tasmania and the ACT, but not in Queensland, South Australia or Victoria.

The amount of rent you can charge varies, depending on the size of your Granny Flat and your location.

Add value to your homesite

A second dwelling on your property is a huge bonus when it comes time to sell. Potential buyers with teenage or adult children, or aging parents will see the appeal in a separate self-contained home on the same title.

A Granny flat may also appeal to those wanting a home office or studio, and those who want somewhere comfortable for guests to stay.

Depreciation schedule

Just like any other investment property, a granny flat investment should be able to give you significant deductions come tax time. Ask your accountant or a depreciation expert for advice.

 

Ready to start your granny flat design journey? Call the team at Summit Granny Flats today on (08) 9317 0141

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