The granny flats are those dwellings that are s secondary, which means they are another dwelling to the main property. These flats are self-contained having a separate entrance and all the facilities like kitchen and bathroom. The bedrooms are separate. These two bedroom granny flat have to maintain certain regulations as per the local councils. These flats can be built on a residential zone. They have to be limited to just one granny flat. The one who is the owner of granny flat has to be the owner of the primary dwelling. The area of the flat is comfortable within the living space. It can have patios, verandas, or can be attached to the main house. They can be built on either strata title or on the basis of community title property. These are restricted to be built upon the unoccupied land or a property that is used for commercial purposes.
What are the benefits Granny Flats?
There are various reasons to build a granny flat for their own purpose. It is actually a profitable addition to your property. It can be used in many ways and can adapt the changing needs of the families. Two bedroom granny flat is one of the most effective second dwelling or an alternative arrangement. The benefits are:
- The homeowners who love and get used to their neighborhood, but do not wish to live in a big home can opt for a two bedroom granny flat. This means they love to live with the new and modern facilities as well as reap the financial rewards form renting the house.
- The greatest advantage is that you will have your own land and your own dwelling. The value of the property will only increase and you will live as per your rules.
- Children can save money and buy their own home. The young children can easily stay in these flats instead of paying huge amount of rent and spend unnecessarily.
- The concept of granny flats is ideal for business owners. You can build a granny flat and use it as a studio or a flat without paying to the landlords. You are substantially increasing the value to the property, which is your own home.
- You can use the granny flat to care for the sick and the disabled. It becomes easier for the caretaker to look after the sick person. It will give convenience and peace of mind. It will also give them a feeling of independence.
- There will be an availability of tax depreciation. If you own a granny flat, then you will be able to claim a good amount of paper losses. This will help you to offset the tax that you have to pay each year.
Why are granny flats great investments?
Of course, many risks are associated with building a granny flat. However, they are not so complicated and can be mitigated and managed. These flats can give you great returns on investment. It also helps to increase the value of the main property. You can also pay off your mortgage faster. There are examples where one had two properties and lived in two-bedroom granny flat. The individual rented the properties and earned a good income. The owner was also able to pay off the mortgages over a specified period of time. The other step advisable is to speak to a builder or some company that build granny flats. You can know the cost or take the help of a local estate agent about plans. They may give ideas about renting the flat.