Chances are you are the kind of person who has worked hard to get to the level they are at now. Your home is, apart from your family, the most valuable asset you have ever invested in. But Australia’s housing market is somewhat unpredictable, and what was once a feasible financial endeavour might now be an impossibility that could no longer be imitated. Have your children grown up and need an independent space until they can afford their own detached house? Are your parents getting older, and do you want to keep an eye on them without seriously affecting their dignity? Do you want extra income to help with the monthly expenses associated with the homeownership process? Then, a construction completed by an experienced granny flat builder can help.
The same narrative can apply if you, as an individual, desire to engage the services of professional duplex builders in Sydney. But what are some of the lesser-known features of these types of dwellings, and how can they change your life financially and personally? Let’s delve deeper into these questions and discover how duplexes and granny flats can positively change your lifestyle.
How Can a Granny Flat Help Your Aging Relatives?
Accessory dwelling units, also known as granny flats, are independent housing units that can be attached to your main home or built adjacent to it. The advantage of these units is that they are cheaper to construct than a typical house, and the convenience they offer to occupants can be similar to that of a regular apartment. Granny flats, by law, must be self-contained, fully-functional home units serviced by all the utilities needed for daily living. And this makes these ADUs built by a granny flat builder ideal dwellings for our elderly relatives.
Unlike the condos developed by duplex builders in Sydney, granny flats can be completely detached from your home, the only condition being that they must be built on the same plot of land. They can provide a sense of independence for your elderly relatives while allowing you to be close enough to them in case of unexpected events. In addition, many older adults do not accept living in aged care homes, preferring instead to remain independent. This can sometimes be difficult to manage, but living in an ADU close to your home can be a middle-ground that appeases everyone. ADUs can also bring economic advantages, as monthly housing costs can be shared between you and your housed relatives.
The Economic Advantages of Duplex Ownership
Most Australians live in detached houses, which is a fact that will not change soon. However, demand for affordable housing options has been steadily increasing in recent years, and this is due to the concentration of job opportunities in the existing hubs of major cities. A building constructed by duplex builders in Sydney can help you to steadily supplement your income due to the growing demand for tenants in the Australian real estate market. The flexibility of duplexes can allow you to rent a single apartment and share the monthly expenses with your tenants, as well as rent the entire unit to two different families.
Given that the Australian property market is growing at a predictable rate, and property values are also appreciating year on year, a duplex bought now, in 2023, due to the favourable prospects it can offer to people interested in renting, is likely to appreciate significantly more in ten years. So, contacting duplex builders in Sydney who can build you a property to your requirements can be a wise financial investment. You should also pay attention to the additional value a duplex can give your plot. As these dwellings allow more units to be built per block of land, the value of your land can increase due to the increase in land utilisation.
What Taxes Would I Pay for Granny Flats or Duplex Condos?
Whether you are the owner of an ADU built by a granny flat builder or you are the proud custodian of a construction engineered by duplex builders in Sydney, if your main plan is to rent them out, then the fees you have to pay for these types of income-producing properties will be similar. You will have to pay income tax for the monthly rental sums that you receive. But an advantage for your financial situation is that you can claim tax deductions for any possible expenses associated with repairing and maintaining your buildings.
You will also have to pay the council rates for the property, which, in a nutshell, is a government tax on the estimated value of the land you own. Depending on your residence area, you may also have to pay a capital gains tax if you plan to sell your ADU built by a granny flat builder or your duplex in the near future. The capital gains tax is calculated by taking into account the original value of the property, adjusted for inflation, against the amount you sold it for. However, it is essential to note that this tax may be discounted if you have owned the property for more than twelve months and if the residence has been used to house your family members.
Plan Your Future Carefully
Ultimately, what matters most is that you and your family make a financial decision that fits your budget and expectations. An ADU built by an experienced granny flat builder can help you increase the market value of your home and expand your living space in a way that makes financial sense. On the other hand, a property constructed by duplex builders in Sydney can help you round up your income or cover your daily expenses.
Your family deserves nothing but the finest. That’s why engaging the services of professional and skilled builders is a must. They possess the mastery and craftsmanship to bring your dream home to life, providing a beautiful, safe, and nurturing sanctuary for your loved ones. Trusting in their expertise guarantees that your home will stand the test of time, reflecting your family’s unique style and needs.