Benefits of owning a granny flat in Sydney

What is a Granny Flat?

A granny flat is an independent living area designed especially for one or two persons that are located on the ground of a single-family home. It is named as granny flat since it is one of the ways to accommodate old age people. Often in the building industry, the granny flats Sydney are known as an accessory dwelling unit or accessory apartment.

Most granny flats are the smaller version of a housing unit which comes with complete kitchen facilities. In some cases, the kitchen facilities are limited so that you can use only the mini fridge, microwave, etc. Granny flats are the convenient, functional and versatile space that can be used to serve your family and later it can be used as a source of additional income. There are some regulations you need to follow when it comes to building a granny flat. Some of the granny flat regulation includes

• Free to build a granny flat in any area
• Size limit in terms of square metres per block
• You can build only one granny flat per block
• Avoid subdividing the plots to construct granny flats
• Granny flats can be built as a standalone unit or can be attached to the main building
• Need to satisfy the requirements set by Building Code of Australia.
• Knowing the above-mentioned regulations, you can build the granny flat according to your requirements. Here we have mentioned few benefits of owning a granny flat.
• Additional Income
• Tax depreciation
• Increase your property value
• Spreading your income risk
• Additional Income

The main benefit of owning a granny flat is getting additional income. A granny flat provides a second income for the homeowners. This additional income will help you to pay your mortgage earlier and will lead you towards quick financial freedom.

Tax Depreciation

Owning a granny flat and renting it can give you extra claimable on your depreciation schedule. If you build a brand new granny flat with the help of Sydney granny flat builders, it will help you claim a lot of paper losses. This helps to offset the tax amount you have to pay every year.

Increase Your Property Value

The granny flat helps you increase the value of your property. When it comes to a family, it appears to be one room for their teenagers. On the other hand, the investor will give importance for the extra income it can derive to the owners.

Spreading Your Income Risk

Most people rely on single income to fund their lives. Renting out the granny flat can help you earn a second income. Choosing the right granny flat builders Sydney can help the owners built the high quality and comprehensive granny flats.