A granny flat is a valuable addition for families who want their parents, grandparents, or even children to live close by without disturbing their privacy. If you are curious to know more about granny flats and why they are taking the Australian real estate industry by storm, keep reading.
Let’s find out more about this unique type of property.
The concept of granny flats is not just emerging in Australia, but it is also soaring in popularity worldwide.
A granny flat is an additional home on your property, not your primary residence. We refer to these structures as ‘granny flats’ because initially they were created to keep close and care for elderly parents. A granny flat is also referred to as a secondary dwelling which is more accurately descriptive of its modern versatility of uses.
For designing a secondary residence as a complete residential unit, it should have a kitchen, a bathroom, and other amenities. Generally, a backyard and parking spaces are also features that should be considered when designing a granny flat. The maximum size of your secondary dwelling can be 60 square meters.
A granny flat will increase the value of a home by providing more living space with amenities. If the owner chooses to rent it out to tenants, it can become an additional source of income. The design, size, and construction level determine the rent you can earn from your granny flat.
Homeowners often want to construct granny flats Sydney and use them as a professional or personal studio away from home. However you can in addition to a granny flat you can also build a 35 square meter studio at the same time which can be used for a home office or some other type of workspace, man cave, she shed etc with a kitchenette and bathroom however this studio cannot be rented out like the granny flat can as it is not a dwelling, just space for the primary dwelling to use.
Building a granny flat doesn’t mean you have to buy a brand-new house. Instead, you can contact granny flats builders Sydney to build a beautiful and functional granny flat.
Australian homeowners can live in these flats or rent them out to earn rental income. One of the most common reasons why granny flats are so popular is that it allows property investing opportunities to a larger number of people. As it can be done on your private residence
Of course, several factors contribute to the popularity of granny flats. Let’s look at these factors.
Granny flat costs are significantly lower than buying an whole new property. Generally you will not pay much more for a property which has room to build a granny flat or not so its like buying 1 property, but then for approximately $130,000 you turn it into separate rental properties.
Many people prefer to rent out their granny apartments to boost their income. That allows them to contribute to their savings account and repay their mortgage faster. New granny flats generally provide a weekly income of $350 – $600 depending on the Sydney suburb and finishes of the granny flat. Hence, homeowners can earn a rental income between $18,000 and $31,000/year.
Different granny flat plans allow families to live on the same property without living under the same roof. That way family members can maintain their privacy while being available for each other whenever one of them needs assistance. Granny flats are ideal for families with grown-up children who can’t afford to move out. These flats are also valuable for homeowners who want to offer housing for their aging parents/grandparents.
Young individuals relocating to Sydney seeking better employment opportunities usually look for affordable housing options. They can’t afford to pay exorbitant rental costs due to financial constraints. As real estate prices in Australia continue to rise, affordable housing options are becoming scarce. Since granny flats are inexpensive, the younger generation of entrepreneurs or students prefers these dwellings.
Granny flats increase the overall value of a home. That’s because your home has not one but two usable dwellings. Consequently, that adds to the price tag of a home. Not just that, a granny flat is also beneficial for prospective buyers because they can use it as a rental property, which allows them to offset the purchase expense.
There is sufficient research to conclude that granny flats can boost your property’s value by up to 30%. In addition, many properties in NSW cities like Newcastle and Sydney have additional space for a granny flat. Contact Smart Choice Granny Flats if you want to utilize your property’s extra space.
You don’t have to be a seasoned investor to reap the benefits of building a granny apartment on your property. All it takes is a little planning and the right granny flat builders who can increase the value of your granny flat.
Here are some tips to help you earn the maximum ROI on your granny flat investment.
Constructing a granny flat is an affordable way to add more value to your property. Ensure the design fits the space where you want to build your granny flat. And place entry doors and windows in locations which provide the best functionality and privacy for both dwellings.
Consider factors like setbacks, shape, slope, and sewer lines. Speaking to a professional granny flat builder is the easiest way to ensure these items factored in correctly into the planning of the design. Choosing an appropriate granny flat floor plan will help you use what you have to avoid the unnecessary remodelling of your flat in the future.
Homeowners must notify their local council when they build a granny flat on their property. That’s because the local council needs to ensure new structures are inline with their plans for the local community. It’s essential because the regulations governing granny flats vary in different states. However CDC Approval with a private certifier is the quickest way to get approval.
In some parts of the country, renting your granny flat to anyone other than a family member is unlawful. Each state has its own set of rules governing the dimensions and location on the property.
You can also contact us to determine whether you can build the granny flat you are planning to build.
The Sydney granny flat builders you work with will significantly impact your investment’s success. That is why hiring a reliable builder for building a granny flat is critical.
Professional builders follow the timeline, stay within the agreed-upon budget, and produce a quality product. Check out the best granny flat builders Sydney reviews before you choose a builder.
Your granny flat’s functionality is even more important than its appearance. After all, if you plan on using it as a rental property, your potential tenants will focus on its features first. That’s why most people construct an open plan two-bedroom granny flat as they offer the most comfortable living experience and can cater for a large range of different types of occupants.
You don’t have to spend a fortune equipping your granny flat with the latest fixtures and features. Just make sure your granny flat can offer a mix of luxury, convenience, and privacy to the residents or tenants. Check out our granny flat showroom to find valuable features to add to your dwelling.
Now you know what a granny flat is and how profitable it can be to invest in this type of construction. Not only do granny flats keep families together.
Smart Choice Granny Flats ranks among the best granny flat builders in Sydney. Our team specializes in building custom-designed granny flats that fit your needs and budget. We have been in the granny flat building industry since 2012, and our portfolio features more than 600 granny flats. Contact a helpful Granny Flat Expert today who will happily help you decide on the best design and features for your new construction.
The contemporary granny flat should have an aesthetic appearance and a comfortable feel. The granny flats that Smart Choice Granny Flats builds are designed to become someone’s home, likely for a long time. Hence, we ensure that all our construction projects are finished to the greatest standards and that our granny flat designs appear beautiful and have the atmosphere of a real home.
We take great pride in designing and building unique granny flats for our clients. Each of our designs are highly customizable, which means there is always a design ready for every type of budget and space. Please look at some of our granny flats that we built, Contact us today, and one of our representatives will address all your queries and concerns. Our team treats our clients like friends and focuses on their needs to deliver excellent results within their budget and time constraints.