Building or buying granny flats as an investment is an emerging trend that looks to stick around for a while—especially in Western Australia. While the initial purpose of these secondary dwellings will forever be for the elderly, many see them as a goldmine than a housing for relatives.
In case you still don’t know what the fuss is all about, ClassicGrannyFlatsWA.com.au shares the three ways to make instant money or generate regular income from a granny flat:
In WA, a new legislation allows and encourages homeowners to rent out their granny flats as a single-occupant accommodation. This is a great answer to the rising demand for affordable housing, especially intended for you the growing number of people who prefer to live alone.
Instead of letting your empty lot or unoccupied flat bear no fruits, might as well open your doors to tenants for an additional stream of income.
If you want turn your flat into extra cash without shouldering the duties of being a landlord, it’s best to rather sell it. Almost every granny flat for sale in Perth are on the market for this very reason.
The selling of relocatable flats promises to be a win-win situation for both parties. The seller can take advantage of the high demand to find a buyer at a favourable price. The buyer, on the other hand, can have a fully furnished granny flat available for rent, skipping the potentially lengthy construction process and generating immediate cash flow.
Most, if not all, you spend on your granny flat is subject to property depreciation—pieces of furniture, fittings, renovations, etc. Using the diminishing value of your granny flat is an excellent way to increase your tax deductibles.
This trend is fairly new, and yet to reach its height. It wouldn’t be surprising for new ways to financially gain from grant flats to shape up in the future.