Nowadays, everyone’s looking for a way to boost the value of their property. Real estate has always been the primary growth factor for everyone worldwide. You might try to incorporate various methods. These include landscaping, or even utilising multiple flooring options, even adding a deck.
Among these popular methods, granny flats have made quite an impact. These are known to significantly add value to your investment and multiply it by each year. How’s that possible? Let’s find out:
If you’re looking to change your property, you need to get the council’s approval—these range from adding a simple garage to elevating the property. You even have to get permission for adding a garden or lawn to the property, even if you own the land.
Of course, the same applies to granny flats, but there’s a unique factor at play. You can get granny flats in Melbourne within 20 days. That’s right! All you need is to submit an approval, and you can get it done within 20 days. While other projects will take months to get approval, the same doesn’t apply to granny flats.
In the past couple of years, these additions to a house have grown in popularity. Adding a granny flat can boost your property’s value by 1/3rd, or around 30%, conveniently. This has been proven in the studies.
That’s not the best part. You also gain up to 25-30% rental yields from it. If you look at these numbers, it is compelling to consider at least the idea of adding these flats to your households.
What’s the guarantee that these flats will help you add money? Well, you will always find someone willing to rent a place. These range from students to bachelors. Even tourists like to rent a flat from time to time. So, if you’re looking to generate considerable revenue, granny flats might be the best.
If nothing pans out, you can list it on popular housing websites like Airbnb to get some of the best paying guests for your apartment.
Do you have to pay the property tax in Australia for granny flats? Well, yes. It all comes down to the kind of tax you want to pay. There’s a capital gain tax, and that’s all you need to worry about. You won’t have to pay additional property tax, just the ones on the rent. These keep things borderline easy for you.
Adding a granny flat is a more innovative way to increase the yield of your investment in properties. Given that Australia is a popular country for immigrants, it will always get you positive results. It is cost-efficient and saves you a lot of time and resources compared to other options. So, if you genuinely want to add value to your home or investment, consider these additions.