The rise of the granny flat has been a steep one indeed because the granny flat is no longer just for grannies. Whether you call it a granny flat or you call it a studio shed is completely up to you, but having one on your property is going to make a big difference to the way that you live.
Sophisticated, multi generational living is one reason to have one, but improving your investment property is another entirely. You don’t need just one reason: having a Twin Peaks Studio shed installed and built on your property is going to add value and aesthetic and keep your home looking fantastic. So here’s why you should take a look at adding a granny flat to your investment property.
- Multi generational living. The most popular reason people choose to build granny flats on their property is so that they can either have their children or their grandparents or their parents move in. It allows your loved ones to be closer to home without being on top of each other in the same space. If you have a senior relative who can no longer stay at home on their own, or you have a teenager who wants to move out but can’t afford it. Having a granny flat is going to enable you to get the peace from each other that you need while also staying close enough to keep each other safe.
- It’s an excellent source of extra income. Whether you rent it out to family or you rent it out to somebody completely new, your granny flat is going to have that extra bit of cash flow that you need. Granny flats have become a popular space for those who are looking for a short or a long term rental space such as an Airbnb. Generally they are water metered and connected completely separately from the main properties; you don’t have to worry about joining the bills. Whoever’s living in the granny flat gets to have their own space and you’re close by so that you can keep an eye on your investment.
- You increase your property value. Having a second dwelling on your property is a big bonus when it comes to time to sell. Potential buyers with teenage children or aging parents will see the appeal in a separate, self-contained home on the same site. Investors will also see the potential of split rentals.In the rental market that we’re living in today, having those two properties in one is going to really help to increase the yield.
- Tax deductions. Just like any other investment property, a grinding flat is going to be able to be the investment that you’re looking for to give you a significant tax reduction over time. You could offset most property expenses against your rental income as well, which means including the interest on any loans.you also might be able to claim any capital depreciation.