Second Source of Income
The majority of Australians depend on one income to fund their lives i.e. their job. Renting your granny flat may act as a second source of income increasing your savings.
More Tax Depreciation
Renting your granny flat gives you extra claimable on your depreciation schedule. If it’s a brand new flat, you’ll able to claim a good amount of paper losses that will aid to offset the tax you have to pay each year.
With granny flats, you can save money on renting an expensive commercial space. Moreover, you can save on travel costs to and from work and enjoy a better life/work balance.
Increases your Property’s Value
While selling your home, a buyer would judge the granny flat as an extra room and an investor will see the extra income that it will derive. And they would be willing to spend more money or will agree to the price you fix.
The uses and benefits of granny flats are endless and it can be adapted to suit the changing needs of all families.