With rising interest rates, homeowners and property investors alike are turning to Granny Flats to gain additional income and maximise the value of their property.
Building a Granny Flat will secure capital growth and increase property values by up to 30 per cent, depending on location and demand. The high return on investment (ROI) means that Granny Flats do a great job paying themselves off!
Wally Gebrael, co-founder and Director of Granny Flat Solutions, has witnessed a rapidly increasing demand for his product. Gebrael says the benefits are self-evident. “Backyards cost nothing, so you can save big on costs by investing in your own backyard”. This is an excellent opportunity for newlyweds to live close by but maintain their independence, for downsizers to create a bespoke custom home and earn a passive income from renting out their primary dwelling, and so much more!
Benefits of Investing in a Granny Flat:
Return on Investment
A Granny Flat investment property is a cost-effective asset for investors. By the same token, they offer an affordable housing option for tenants. Building a Granny Flat on your property could haul an average ROI of around 20per cent.
Positive Geared Investment Property
As a self-contained home, a secondary dwelling can change your property from a negatively geared investment to a positively geared one. Many Granny Flats benefit from a positive cash flow of over $12,000 annually after interest.
Tax Depreciation Entitlements
Like most rental properties, a Granny Flat offers substantial tax depreciation entitlements. Set at a minimum of 2.5 per cent, Granny Flat depreciation will allow you to claim wear and tear as time passes.
Fast Repayments
Since a Granny Flat brings in a second income, you get to pay off your mortgage faster.
Your Vision is our Blueprint
Granny flats have evolved; they’re no longer quaint and cramped spaces and are no longer just for grannies. Granny Flats Solutions team of experts are dedicated to building your dream custom Granny Flat; your vision is their blueprint. “Cookie cutter designs simply don’t work on every block; for example, in the Northern Beaches, we know sloping blocks are common, and it’s important to tailor each floor plan according to our client’s needs, budget and lifestyle,” says Gebrael.
Granny flats are 60 square meters and typically include one, two or three bedrooms, a kitchen, laundry, bathroom, living space and dining room. The average cost is between $150,000 – $180,000. “The price can vary, starting at $130,000 for a standard design or upwards of $350,000 with all the bells and whistles”.
Granny Flat Solutions has been building outstanding award-winning homes and granny flats for over 35 years.
grannyflatsolutions.com.au | (02) 9481 7443