How much a typical granny flat costs in New South Wales
Granny flats are excellent accommodation not only for "grannies" but to all type of people. Well traditionally, granny flats are built for aging parents, but there are other potential uses for them too. Now, it is in high demand for young couples and even teenagers. Some use it as their private getaway while there are others who make it as a home office. You can also make it as a guest space if you have some visitors and like to create more space to make them more comfortable. Granny flat can also be a source of extra income if you have it rented out. Regardless of your purpose, it can be a solution to a range of situations.
What is a granny flat?
It is a self-contained accomodation area that is located on the same ground as the residential or main house. A granny flat can be attached, semi-attached or detached to the same dwelling of the main house. Granny flats usually fall to tiny house category. Average granny flats have a kitchen, living area, bathroom and one bedroom or more.
You can have a granny flat custom-built for you, but you can also purchase a kit granny flat which can be shipped to your location. It may arrive fully constructed, but you may still need to build a foundation before you can use it. You may also need to attach water and electricity, but some builders already attach these. It may come with everything but a little construction may still be required.
How much does it cost?
Building a granny flat in New South Wales can cost anywhere from $70,000 to $100,000. However, the actual cost really depends on some factors. It will depend on the materials used, the structure and the quality of your land.
For a kit granny flat, you can expect to pay $10,000 for a flat – pack kit, and it can reach to $80,000 which already includes plumbing and electricity system. This price is for areas with sizes from 28 square metres to 50 square metres. For areas that are over 70 square metres, the cost can come up to $120,000. In choosing a kit granny flat, you should compare the prices carefully and know the inclusions as it can vary between builders. In case you don't like some of the material used in the kit, you may pay extra for upgrades.
If you want to reduce the cost, you may opt not to include some parts of the granny flat like the kitchen. This is if the one who will use the unit can use the kitchen in the main house. Note that some manufacturers will charge an additional cost for deliveries and installation.
When it comes to custom-built granny flats, the cost can range from $50,000 to $120,000. The price may vary according to your specific project requirements. Your type preference and your desired design can also contribute to the actual cost. If you want a customised granny flat, you must be aware of the pre-construction procedures, upgrades and council fees.
The fee of granny flat builders also varies. There are builders who will charge you on an hourly basis. The rate can range from $60 to $110 per hour. Some builders will charge a flat fee of 10% to 20% of the total cost of the project. There are also builders who will charge per square metre. It can be as low as $35 per square metre.
So for custom-built granny flats, the cost will actually depend on the type of granny flat you want to build, the size and complexity and the additional services you may require. To avoid confusion and unpleasant surprises, clarify the terms with your Granny flat builders to prepare your finances.
Will building a granny flat a good investment?
Well, this actually depends on different circumstances, including the use of the granny flat, how much will it cost and where your property is situated. If you plan to use it as your home office, a backyard studio or have it for a private retreat that would really benefit you, then spending for a granny flat would be worth it.
If you are building a granny flat to add value to your property, then it would be a good idea to conduct your research first. Talk with real estate agents and ask if it’s a good option and get an estimate on how much value will it add to your property. More than the additional value, you may also want to think if it would be easier to sell your property when the time comes. Note that not everyone will want a home with a granny flat. Overall, many people are now investing properties with granny flats because it has a better return on investment for the property portfolio.
The most dependable way to build a granny flat is to work with a professional home builder who has the skills and experience constructing granny flats. This will help you meet your needs. Choose someone who completed many notable projects in the past.
Remember the essential thing before building your granny flat is to undergo an approval process, just like any construction project. The rules are different in every council so you must consult your local council in New South Wales to know the rules and restrictions in building a granny flat in your area.