Granny flats, which have come to be known as secondary dwellings, are considered living spaces to be occupied independently as separate habitats. In general, their floor area is limited to 60 square meters. However, in some cases, the floor area may be more.
On the other hand, a studio is a structure conjoined with a dwelling. It is not built to serve the purpose of full-time habitation. It serves as a space for pursuing a hobby that requires considerable space, for example, pottery and music. A bathroom, a living room, and a bedroom are permissible spaces but it is not allowed to have a kitchen and laundry facilities, as a studio is a ‘non-inhabitable’ property.
Granny Flat vs Studio
Being considered a secondary dwelling, it is not permissible to have two secondary dwellings on the same property. But a studio, being a ‘non-inhabitable’ property, can come up right next to a Granny flat. This means that a single block can have three separate dwellings – a primary dwelling or main house, a Granny flat as a secondary dwelling, and a studio as an ‘ancillary’ or ‘non-inhabitable’ dwelling. The bottom line, therefore, is that a Granny flat or studio must have an approved ‘primary dwelling’ for the property. Also, a Granny flat and studio must not be attached structures – a minimum distance of 0.9 metres must be maintained between the two.
A granny flat by reputed Granny Flats Sydney builders offer the potential to increase the return on investment of your property and equips you to offset the mortgage on your property faster than what you had calculated. Several benefits of having a granny flat that helps you make an informed decision are mentioned below.
Add-on rental income An important plus point of having a Granny Flat Blacktown property is that you can let them out to make extra money. Presently, granny flats fetch rents up to $350 a week. The return on investment being over 20%, it is a lucrative investment option.
Ease The Burden Of Mortgage
With banks coming up with tougher loan policies and higher interest rates, home loans have become harder to maintain for the average Australian. Thus, the extra bucks that you can hope to make from a granny flat ease the process of mortgage repayment. Being a small fraction of the cost of a fresh investment property, the cost of Granny flats with modern designs makes it ideal for renters. It, therefore, fosters your journey towards financial freedom and eventual property ownership.
The Family Can Stay Close
Dwelling spaces are never enough as your family expands. A Granny flat offers the much-needed breathing space, helping to keep the family together while allowing independence.
Advantage On Land Tax
Granny flats come with an advantage on land tax as the process of letting them out entitles you to additional tax depreciation. If you erect a brand-new tiny house structure, you can file a claim. This is a convenient way of offsetting your annual tax amount.
Value Enhancement
Your decision to construct a Granny flat may initially be driven by the need to offer more space to your teenagers but eventually, it is a huge investment benefit. A real estate agent in your area can show you how Granny flats properties create value.
