Granny flats are rising in popularity as a charming little home added on properties not only in Sydney but also across Australia. People view it as a rewarding investment. We at 5 Star Granny Flats suggest that you know some essential aspects of granny flats before you decide to build one.
What Is A Granny Flat?
You can build a granny flat on your property as an addition to your existing house or primary residence, and own both structures. You can use this small self-contained flat as a dwelling for elderly family members, an additional place for kids, or other members of the family. It can be a source of extra income if you rent it out.
Things To Know About Granny Flat Construction
- You can construct a granny flat only on a residential property, and the size of the block must be at least 450sqm to build it.
- No commercial, community titled, or divided property, or unoccupied land, can be used to construct a granny flat.
- The maximum size of a granny flat can be 60 sqm.
- It is a self-contained structure. It means that it has a separate entrance, living space, kitchen, bathroom as an also outdoor area.
- Sharing of patios, outdoors, pools and barbeques is permitted.
- You can build a granny flat as an attached or detached structure of the main house or even convert a garage depending on the State Council permits.
Granny Flat Cost
Look at the reasons why granny flats are gaining popularity as a secondary dwelling in the backyard for many Australians:
- While it is an affordable accommodation, it offers depreciation benefits as well.
- It is quick to build in a short period of 8-12 weeks in a manageable budget of about $100,000.
- There are a lot of companies around that offer customised granny flat building services at competitive prices. You can strike a good deal by comparing estimates from a few licensed and reputed construction companies.
- By using modern designs that skilfully use light colours, mirrors, and natural light, you can give a spacious look to your granny flat.
Granny Flat Financing
Various options to finance a granny flat are available in the market. You can take a construction loan, refinance your existing home loan, or use the equity in your home. It is better to consult a financial expert to guide you in the matter to get a beneficial financing deal for your granny flat.
Renting Out The Granny Flat
Remember that your future tenants will share some common areas with you because your granny flat is a part of the same residential block. So carefully opt for a design that minimises the privacy issues for you as well as others. You can earn a rental income of over $300 a week or a rental yield of over 7% from a granny flat, depending upon the location of your property.
For more information on our granny flat builder services, you can get in touch with us at 5 Star Granny Flats today! Just give us a call on 1300 843 921 or fill in this contact us form. You can also use this form to get a quick online quote.