If you’re considering building a granny flat on your property, you’re likely wondering if it’s worth the investment. Granny flats can be a great way to provide additional living space for your loved ones or to generate some extra income by renting them out. But how much does it cost to build a granny flat? And will it be worth the investment in the long run? This article will look at the pros and cons of building a granny flat and help you decide if it’s the right option for you.
What is a Granny Flat?
A granny flat is a small living unit that is typically attached to the main house. Granny flats can be used for various purposes, such as providing extra space for aging relatives or accommodating grown children who have moved back home; they can also be used to accommodate guests visiting you. They usually include a bedroom, bathroom, and kitchenette and range in size from 30 to 60 square meters.
What does it Cost to Build a Granny Flat?
The cost of building a granny flat will vary depending on the size and features of the unit, as well as the location. Generally speaking, you can expect to pay between $50,000 and $100,000 to build a basic granny flat. The cost will increase accordingly if you’re looking to add additional features or make upgrades, such as a second bedroom or ensuite bathroom.
Custom-built Granny Flats vs Kits vs Flat Packs – Which is Best?
If you’re considering building a granny flat, you’ll need to decide whether you want to have it custom-made, purchase a kit, or go with a flat pack option. Custom-built granny flats will be the most expensive option, but they will also give you the most excellent flexibility in terms of design and features. Kits are typically more affordable than custom builds but offer less flexibility. Finally, flat packs are the most budget-friendly option but will require more work on your part to assemble.
Sizes and Price Ranges
- 1 bedroom (X to Y): The price of a 1 bedroom granny flat will range from $50,000 to $100,000
- 2 bedrooms (X to Y): The price of a 2-bedroom granny flat will range from $70,000 to $120,000
- 3 bedroom (X to Y): The price of a 3 bedroom granny flat will range from $90,000 to $140,000
- 2-storey (X to Y): The price of a 2-storey granny flat will range from $100,000 to$200,000
Other Costs to Consider – Inclusions + Exclusions
When budgeting for your granny flat, there are a few other costs to keep in mind in addition to the unit’s price. For example, if you’re having the unit custom-built, you’ll need to factor in the cost of land preparation, which can range from $2,000 to $5,000. You’ll also need to pay for hookups to utilities such as water and electricity, which can add an additional $1,000 to $2,000 to the total cost.
In addition, you’ll need to factor in the cost of furnishings and appliances for your granny flat. Finally, if you’re planning to rent out the unit, you’ll also need to factor in the cost of marketing and advertising and any potential management fees.
Do I need Council Approval to Build a Granny Flat?
In most cases, you will need to obtain council approval to build a granny flat on your property. The process for obtaining approval can vary depending on your local council, but generally speaking, you’ll need to submit a development application and pay a fee. Once your application is approved, you can proceed with construction.
Will a Granny Flat Increase the Value of My Home?
To build a granny flat can add value to your property. Still, the amount of value added will vary depending on a number of factors, such as the build’s quality, the unit’s size, and the property’s location. Generally, you can expect a return on investment of anywhere from 10 to 20%.
In conclusion, granny flats can greatly add extra space and value to your home. They can be custom-built to your specifications, or you can purchase a kit or flat pack. The cost of building a granny flat will vary depending on the size and features of the unit, as well as the location.