Should I Build A Granny Flat? 9 Risks And Benefits You Must Be Aware Of

If you are considering building a granny flat, there are certain benefits and risks that you must be aware of. Being aware of these risks will help you in making careful and informed decisions for yourself. Before finalizing anything, you should take a careful reading of the below-mentioned risks and benefits of building a granny flat in Sheds Perth.

Risks you must be aware of : 

• You will have to pay for extra maintenance and service costs. This will also bring an added responsibility of paying for more than one living space.
• You never know how long you will use your granny flats, WA. If you are not sure about any person living there for a long time. You will just be spending extra on maintenance.
• Your granny flat can also reduce your chances of selling it at higher costs. This will lead to a decrease in your investment and cause you a loss.
• Because you will have to take proper care of your property, you will never have an exact budget and the situation can also lead to an unnecessary loss.
• There is no guarantee that you will be able to rent your granny flat to potential customers.
• You may also not have the appropriate permissions or approvals from the local council.
• People living in the area might not trust your designs and styles and everyone’s preference is different.
• There can be hidden costs like plumbing. Electricity, etc. There are also some places where properties are charged.
• You will have to face many headaches as you never know what problem might arise.

Benefits you must be aware of granny flats:

• You will have an extra income through rent. Even if you have an irregular salary, you will be able to pay the bills as you will have a fixed income from your rent.
• There are many people who are looking to live in private spaces at cost-effective rates. Your granny flat can get various potential offers especially from students and working single people.
• You can eliminate legal risks by ensuring all necessary licenses and approvals by the local council.
• You can hire a popular broker to ensure the best potential renter for your living space.
• You will be able to cover your house expenses through the income you earn from rent. You will not have to worry about maintenance costs for more than one living space.
• It is a great investment for the future as property rates are only expected to increase in Sheds Perth.
• You will be able to increase your property’s value by ensuring the best luxurious styles and designs. You can easily consult a real estate agent to assess the value of your property in the best way possible.
• You can claim a decrease in your taxes if your property is newly built or rented to another individual.
• You can easily accommodate those family members who want to live separately. You can ensure that you are not paying extra rent for the living space as you will be the owner of the property.

Conclusion 

While there are many risks involved, you can easily eliminate those by making careful and informed decisions. If you are planning to build granny flats, WA, you should go ahead with your plan if you are sure about it. You can ensure the best investment for yourself and your family if you have made careful decisions and done all the necessary to the best of your ability. Owning a property is always an investment. No matter what, you can overcome the risks involved and ensure the best for yourself and your family.