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Fairfield Granny Flat Designs
There are as many reasons to build a granny flat as there are granny flat designs but they usually all come down to one common reason: to give someone else (other than yourself) a place to live. This could be an ageing relative, to work from home or for a teen or adult child still living at home, to name but a few.
Whatever your particular situation, if you intend to build a granny flat to give someone else a place to live, it might not be a bad idea to obtain professional advice about how this might affect your position or the position of the person you are providing accommodation for.
Building a granny flat is generally considered a good investment.
Even so, advice from a solicitor, accountant and financial adviser will help you to understand any legal, financial and taxation implications of the project before you commence work, particularly if a government pension or entitlement of some kind is involved.
Granting a right to reside on your property, just like renting it out or selling it to an investor, can affect government entitlements, your income tax position and when it is eventually sold, the tax treatment of your property.
Even though your arrangement might be with family, you should also seek legal advice about documenting your arrangements with a granny flat tenant in a written contract.
Getting the right advice from the right professionals prior to finalising your building plan is just as important as choosing the right design and getting the right advice from a licensed and experienced builder. You should never take short cuts with your granny flat design or build and neither should you miss this important step.