Putting your house on the market is just the beginning of this journey. What awaits you is a series of steps, preparations and changes that you need to make in order to attract top buyers. However, since real estate market is fierce, with a great number of properties waiting their turn to shine, selling your home can quickly turn into a long, tiring process.
Thus, you need to do everything you can to get your home to the top of buyers' lists and sell it faster. The key to achieving this lies in making your home appealing to and a wise investment for prospective buyers. Apart from styling up your house and giving it a classic, timeless appeal, you should consider building a granny suite on your property owing to a great number of benefits that it offers.
Tax breaks are one of the greatest benefits that building a granny suite offers. Investing in this type of housing can provide you with a significant amount of money in tax credits over the period of five years. All the funds that you put into building a granny flat, as well as a portion of your utilities and other expenses, may become tax deductible. Depreciation deductions of granny suites can amount to a sizeable sum.
Furthermore, for tax purposes, a granny flat is unlikely to be seen as a second dwelling upon selling your home. Consequently, both you and a soon-to-be owner will benefit from a granny flat.
An additional source of income
While some owners build granny flats for their family members, others see it as an opportunity for profit. Granny flats can become rental properties that will provide owners with additional passive income every month. This can be quite appealing to your prospective buyers who won't hesitate to pay a bit more because it will pay off later on.
Not only can this reimburse for a portion of the price they paid, but it can also bring them a sizeable increase in their savings even when they retire. In addition, it will also enable them to pay off the mortgage that they took to pay for the property in the first place. Such a stable source of rental income is certainly a benefit that each buyer will have in mind.
Granny Suite – A quick and easy investment
The process of building a granny flat is relatively quick, affordable and easy. In Australia, for example, this type of construction is encouraged by a great number of initiatives, so home-owners can truly fast-track the application and approval processes. If your property meets all the mandatory requirements, such as land size of 450 square metres or more, you'll easily qualify for the necessary approval.
Once you've completed this part, you can hire highly trained granny flat builders who can suggest possible design solutions and start the building process as soon as possible. This way, you'll be able to increase your home's value before the sale over a short period of time. Other construction projects require more work and effort, which can delay your sale altogether.
A smart use of space
When considering different properties, buyers are looking for functional, stylish homes that will provide them with the greatest benefits. An optimal use of space is one of the most sought-after features among prospective buyers and building a granny flat will definitely increase the usable square footage of your property.
A granny flat is a functional, stylish home addition that can be truly useful. It can be used as a guest house, elderly housing, office space, kids' activity area, students' home, a rental space and so on. It's definitely a wiser investment than, for example, building a huge pool. Although an outdoor pool will look glamorous, a granny flat is simply a wise investment and a smart use of space, which buyers will appreciate.
Increased property value
All of the aforementioned benefits that a granny flat brings will increase the value of your property significantly and bring a high return on your investment. This is something that may appeal to buyers, as well. Namely, if prospective buyers decide to move at some point in the future, this tiny home addition will be quite valuable to them, too.
Building a granny flat on your property is a wise and easy investment. Not only will it increase the value of your house, but it will also appeal to prospective buyers and provide them with a great number of benefits that they won't be able to resist.
Add us to your Daily Routine on Alexa. Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.
Do you have an Android Phone? Add our Free Podcast App Here.
Do you have an I-Phone? Here is our iOS version of the podcast app.