Nutnudger Posted November 7, 2013 Report Share Posted November 7, 2013 So we have been in our house for about 4 months, and we are very busy working on the house, next comes the granny flat and that's were the question is is there a market to let out our granny flat short term, I'm really thinking of people arriving from the UK that could do with some one picking them up from the airport and they would have somewhere to stay the granny flat once we finish the work would have its own bath/shower room and kitchenette and is far enough away from the house that they would have some space I'm thinking as a short term thing for when people are taking the first couple of weeks to settle in and sort work and long term rental? we are SOR does any one know what the tax implications would be? thanks for any help guys Quote Link to comment Share on other sites More sharing options...
StraighttothePoint Posted November 7, 2013 Report Share Posted November 7, 2013 (edited) We looked at one for our back yard and to do the same as you. Costed it out, too much hassle with Shire permits, additional car parking requirements and so on. Gave it a miss and just changed the internals around a bit to create more or less the same requirement. Did a while ago so basics we knew were that we would have needed to have separate insuranace to cover renting out purpose, all rental income would be classed as income, claim back any maintenance and some running costs etc as an expense (i.e. this reduces your tax liability in relation to any rental income) and we would have had to kept "books" of sorts for the accountant. We just could not be bothered. I had a quick chat with my accountant at the time but apparently things have progressed and you can now treat granny flats as an investment property in some cases. That changes the dynamics of it and most likely to your overall benefit.) If you are serious about this, and there would be a market for sure, then I would recommend a chat to an accountant just in case you go down a wrong turning and/or miss any opportunities in terms of financials. Edited November 7, 2013 by StraighttothePoint Quote Link to comment Share on other sites More sharing options...
basicweb Posted November 18, 2013 Report Share Posted November 18, 2013 So we have been in our house for about 4 months, and we are very busy working on the house, next comes the granny flat and that's were the question is is there a market to let out our granny flat short term, I'm really thinking of people arriving from the UK that could do with some one picking them up from the airport and they would have somewhere to stay the granny flat once we finish the work would have its own bath/shower room and kitchenette and is far enough away from the house that they would have some space I'm thinking as a short term thing for when people are taking the first couple of weeks to settle in and sort work and long term rental? we are SOR does any one know what the tax implications would be? thanks for any help guys Hi yes there is definitely a market for this type of accommodation, and the good news is that the laws have changed recently and you no longer have to rent your Granny flat out just to Granny, but can advertise it to non family members. My best advice would be to price it right and you will have it full permanently! Most people move over and want their own space, but more and more people are coming over on a tight budget, so are looking for an affordable place to stay for the first few weeks/month. Good luck and if you want any help with marketing it give me a shout Tracey Quote Link to comment Share on other sites More sharing options...
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