A granny flat is an excellent option for families to acquire more space for a lower cost than buying a new or second home. Granny flats have long been a popular option for housing extended family members in one’s house. In recent years, however, granny flats have increased the capital value and income potential of properties across the country. The company provides Granny Flat Costs that are affordable. Get More Info.
As housing prices in Australia rise, a growing number of people are unable to afford a single home. According to Business Insider, the avg price of a home in Australia is $554,886. Granny flats are a low-cost housing option that allows tenants to get into neighborhoods at a lesser cost. In order to counterbalance growing housing prices, governments across Australia have pushed to eliminate granny flat laws in recent years.
Although building a granny flat requires upfront costs, the return on investment may be well worth it because it provides rental opportunities as well as the opportunity to increase the value of your home. While exact asset value growth is impossible to predict, it is predicted to increase by around 100 times the monthly rental amount (for example, a $1,200 per month granny flat will rise in value by around $120,000).
The Cost of Building a Granny Flat
The cost of building a granny flat is influenced by a number of factors:
- The house’s dimensions
- What are the products that are being used?
- Labor is expensive.
- If you reside in a neighborhood, are there any construction issues on your property? (e.g. building on a hillside)
If you’re concerned about your willingness to buy a granny flat on your property, there are a number of financing options to consider. Other options include a Home Equity Line of Credit (HELOC), Cash-Out Refinancing, and the use of the private property.
How Much Space Do Granny Flats Require?
Depending on the sort of granny flat, you’ll need a different number of rooms:
- Conversion ADUs adapt an existing section in the main house into a granny flat—imagine changing your garage into a separate one-bedroom living space.
- Granny flats that are connected to each other are extensions to existing structures. These may include converting a section of the primary unit, but they must also include some type of extension.
- Apartments with completely separate constructions from the main house are known as separate granny flats.
The type of granny flat you can build is determined by the number of spaces available on your estate, the condition of your lot, and your financial situation. If space is limited, a basic garage transformation may be a viable alternative to a detached structure, although a bigger lot and a higher investment may allow for larger-scale, specialized modifications.
It’s no longer a guessing game when it comes to granny flats. Before starting construction, the company offers a free ADU survey to assist landowners to find out what they can achieve with their property. This property-specific report covers important information such as measurements and utility requirements, as well as parking regulations, tenant legislation, and more! You can explore a variety of granny flat designs and sketch out where each structure fits on your property using an intuitive drag-and-drop mechanism. When you’re ready to start building, the company can put you in touch with experts who can correctly plan and build your granny flat…