Granny flats offer numerous advantages, including additional living space for family members, potential rental income, and increased property value. They can serve as flexible housing for elderly parents, young adults, or guests. Moreover, granny flats can provide tax benefits through property depreciation. This can lead to significant savings by allowing you to claim deductions on your tax return. Investing in a granny flat enhances the overall appeal and functionality of your property, making it a smart financial decision.