Granny flats - what to consider
The humble granny flat has come a long way from being a quick garage or shed conversion. These days, you can find granny flats that are modern and architecturally-designed abodes that offer the same comfort as a normal home.
They can be used as an investment tool to earn rental income from and/or they can be used as accommodation for family members.
With property prices making it harder for young buyers to get into the market, some parents are turning to granny flats to provide housing for their adult children.
If you want to build a granny flat on your property, there are three key factors that you need to take into consideration.
1. Regulations
Regulations around the construction of a granny flat vary according to where you live, so you should check with your local council to make sure you are working within the right parameters.
So long as you meet the required criteria for the planning and building regulations in your state, you will have a better chance of having your granny flat approved.
In addition, if you’re planning to use the granny flat as an investment property, you should check what your council’s rules are.
2. Research different builders
There is no shortage of businesses that can help design and build your granny flat, but it’s important you do your research. Jump online and read reviews and seek recommendations on reputable companies from friends.
Make a shortlist of businesses and contact each of them for a quote, but don’t just settle for the cheapest price. You should ask builders questions such as if they are licensed and insured, what guarantee they offer, whether their designs comply with regulations, and what you are getting for your money.
3. Hidden costs
With any construction, there may be hidden costs involved and these need to be factored into your budget. Expenses that can lift the overall price include plumbing and electrical costs, and any construction to make the home appropriate for renting, such as fencing and a private pathway. You can avoid any surprises by making sure your home builder is upfront about these costs from the beginning.
As you can see, there are different factors that need to be taken into consideration, but the greatest is likely to be the financing of the granny flat construction.
Building or renovating guide
If you are considering building or renovating, this guide covers everything you need to know from financial considerations to the loan options that are available.
Before you move forward, speak to a local Mortgage Choice broker who can review your financial situation and work out a suitable solution for your needs.
Smoother experience as they have all your information.
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