Review these Pros and Cons Before Building a Granny Flat…
So, you’re thinking of a granny flat but still weighing up if it’s the right choice for you? We are here today to show you the pros and cons of building a granny flat so you can make a fully informed decision.
Initially, you may think of granny flats as simply, a living solution for older relatives. While they’re certainly perfect for that, you may be surprised by the range of uses granny flats have.
Let’s dive into the benefits of owning a granny flat…
Pros: More Flexible Living Space
As the name suggests, Granny Flats were originally created as a place for older family members to live, allowing them to be close to family while still maintaining independence.
These days, homeowners find the extra area provided by another dwelling opens up all sort of options when it comes to living arrangements.
Once you’re given the flexibility a granny flat offers, you’ll wonder how you ever lived without it!
We’re going to give you just a few popular examples, but really, if you need a separate but nearby space on your property, a granny flat is the perfect solution.
A lot of parents use granny flats as an area for their adult children to live while they attend university or save up for their own place. It can be a great place for a teenage retreat, or for guests who are staying for a night or a while.
When you don’t have guests, your granny flat is the spare room for whatever your heart desires, whether it’s an entertainment room for movie nights and the footy, or somewhere to put the piano where you can practice without being disturbed.
Maybe you’re a fitness buff and want somewhere to put your home gym equipment, or your kids need a quiet place to study for their upcoming exams.
Pros: Great Work Life Balance
In the last few years, working from home has become more common than ever.
However, while at first it may seem like the dream to work from the comfort of your couch or the living room table, it won’t take long for you to realise how many distractions there are in your house, from kids to television, to all your hobbies.
Suddenly, you’re at risk of developing a poor work life balance, which can lead to being less productive at your job and losing valuable time with your loved ones.
If only you had your own separate workspace on your own property…
A granny flat can provide the perfect solution for a home and work life balance while still maintaining all the benefits of working from home.
Whatever your career may be, designing and building your own granny flat is a fantastic opportunity to create the perfect workspace for you.
This separate area will help be at your productive best, achieving all your tasks without you having to battle that peak hour traffic every day.
Pros: Chance for Extra Rental Income
If you’ve been considering taking on renters, a granny flat is the perfect solution. It offers more privacy than simply renting out a room in your house, which will make it more appealing for potential tenants.
You and your new tenants can find a perfect balance for your new living arrangement, being able to catch up whenever you please, but having the space to live your own lives.
A granny flat can start paying for itself should you decide to rent it out. If a permanent tenant isn’t for you, you have the option of creating an Airbnb listing.
You’ll get the chance to meet people from all other world from all walks of life and make a little extra money while you’re at it.
When it comes to how much you can charge to rent out your flat, this will depend on a couple of factors like your location and how fancy and feature-packed your dwelling is.
You’ll want to check with your local council for all information regarding regulations and permits.
In New South Wales, you can rent your granny flat, even if the party isn’t related to you. Other states vary, so all our interstate readers should check with their local council about what they can and can’t do with their granny flat.
Pros: Add Property Value
A well designed granny flat could be a huge selling point to your property if you plan to sell somewhere down the line.
Like any renovations, it’s all in the execution of your vision, and the quality of the work will be a deciding factor in how much value it’ll add to your home. Your granny flat should feel like a natural extension of your home, so this is where having an expert on your side will make all the difference.
At Granny Flat Solutions we’ve got over 35 years’ experience and can help you through the entire process. Whether you’re looking to build a multi-generational living arrangement, creating an investment, or anything in between, we’ve got you covered.
Cons: The Approval Process
Like any substantial renovation, you’re going to need to acquire permits and get permission for your new granny flat. In New South Wales, you can rent out your granny flat (if you live in another state, you should check your local regulations), but you do need to get council approval first. Granny Flat Solutions specialise in CDC approvals and will offer you our expertise every step of the way.
This isn’t our first granny flat, so we’re up to date with all the latest updates and can help you tick all the boxes and avoid any mistakes.
For more information, click here to read our guide to getting your granny flat approved.
Cons: Capital Gains Tax
When you build a granny flat, it’s possible you’ll need to pay capital gains tax when you sell it in the future. It’s worth chatting to your accountant to check your options, especially if you’re building a home office as you may get some tax deductions.
The Benefits Outweigh the Challenges
Whether you’re planning to rent, want to give your teenagers some space, need your own workspace at home, or want your loved ones to be close by while remaining independent, a granny flat provides the perfect solution for you.
It can add value to your property and be a huge feature to potential buyers. Whatever your goal is, we at Granny Flat Solutions are the ones to bring it to life.
With over 35 years of experience in the Sydney area, we’ve got all the know how you’ll need to take you from conception to construction to you having your dream granny flat.
To get started on your own granny flat or for any queries get in touch by clicking here or call us at 1300 259 677.