Money Talks | Drawing a second income with a granny flat
Granny flats are an easy and effective way to generate that second income you have always wanted. In addition to the extra living space they provide, their rental return can help you pay off your mortgage faster, something of which we all dream.
How much does a granny flat cost to build?
Our range of granny flats are not only well within your budget, but are stylish in design. The cost is much less than a regular new home build, depending on your specific needs. You have the option to choose from one of our standard options, or you can design your perfect money maker from scratch. Granny flats are affordable because you can use the equity in your existing property or take out a separate loan to pay for it.
Increasing your property value
Having another separate dwelling on your land is a long-term investment in your future, should you choose to sell later down the track. It could be your unique selling point in comparison to other homes in your area.
In addition to this, the tax depreciation from such an asset over time will increase your return on investment, or ROI.
When adding another property, there are a few other things to take into consideration. To increase your property’s value and maximise the money in your pocket, ensure you don’t use too much land and that, design-wise, it looks similar to the existing dwelling.
Benefits of a granny flat
You can use a granny flat now for that extra rental income or making more room for teenagers, and the later as a downsize option when you are ready to retire. If you own your own business and need an office, granny flats can be an economical way to fulfil that need, rather than paying for an expensive commercial office space.
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