Granny flats have recently become quite popular in the housing landscape. They provide a versatile living space, have potential for rental income, and offer an innovative solution for property optimisation. In this brief article, we will delve into the cost considerations for constructing a granny flat, so that you can plan your build accordingly. Let’s get right into it.
What is a Granny Flat?
Granny flats are small, self-contained living units usually located within the same grounds as a larger residential property. Each unit typically includes all the essentials for independent living such as a bedroom, bathroom, kitchen, and living area. Their utility varies; from serving as a rental unit or guest accommodation to a personal workspace or retreat. They offer a unique opportunity to add value and versatility to an existing property.
What Does it Cost to Build a Granny Flat?
There are several variables that can significantly impact the costs associated with building a granny flat. Let’s explore these factors in detail.
Custom-Built Granny Flats vs Kits vs Flat Packs
While custom-built granny flats allow for personalisation and are tailored to fit specific needs, they typically come with a higher price tag. Kits and flat packs, on the other hand, are more economical and quicker to construct. However, they do not offer the same degree of customisation.
Sizes and Price Ranges
The cost of constructing a granny flat is largely determined by its size. Here’s a basic price guide for various types of granny flats:
● One-bedroom: $150,000 – $200,000
● Two-bedroom: $250,000 – $300,000
● Three-bedroom: $300,000 – $350,000
● Two-storey: $280,000 – $320,000
Please note these are approximate values; actual prices can vary based on specific design complexities and finishes.
Other Costs to Consider
In addition to the construction cost, other expenses such as site preparation, connection to utilities, approval fees, and design services need to be considered. These additional expenses can significantly impact the overall cost, making it important to include them in your budgeting process.
Do I Need Council Approval to Build a Granny Flat?
Construction of a granny flat is usually subject to council approval. It’s vital to understand the relevant rules and regulations which can vary across different regions. Local council guidelines usually stipulate the size, positioning, and usage of granny flats, so ensure you familiarise yourself with these before initiating the project. Remember, meeting these requirements in the planning phase can save you significant time and money down the line.
Will a Granny Flat Increase the Value of my Home?
Investing in a granny flat can potentially enhance the market value of your property. Besides providing additional living space, it can be a lucrative feature for potential buyers, especially those looking for a property that can generate additional income. It’s not just about the extra square meters added; it’s about the functionality, flexibility, and income potential that could sway potential buyers in favour of your property.
Though building a granny flat involves considerable upfront investment, the long-term benefits can outweigh the initial costs. From potential rental income to an increase in property value, the returns can be significant. Careful planning, factoring in all costs, and making informed decisions will contribute to a successful project. If you’re contemplating this step, delve deeper into the details about how to effectively build a granny flat for a comprehensive understanding.