Real Estate

Granny Flat Solutions Sydney: Is It Cheaper Or Extend Or Build A Granny Flat?

A granny flat is a mini or small home built on your land to live or for an investment. A granny flat can be connected or unconnected to your house, it can be a part of your garage, or a small part of the house can be converted into a granny flat. Having a granny flat solutions can be an excellent investment and additional revenue option. It can be the perfect place for aging parents or guests visiting you on the weekend. A granny flat adds to the revenue sources and generates extra income when rented out. Building a granny flat comes with a lot of advantages. Let us see whether it is an excellent option to extend or build a new Granny Flat Solutions Sydney

Granny Flat vs. Extension:

Various styles can be used to build these granny flats. The cost considerably depends on the size of the flat and the amenities you want. Building a granny flat typically ranges from $50,000 to about $150,000; but, the actual expense will largely depend on the size, land location, the material used to construct the flat, and the cost involved in the interiors. A few other expenses that have a significant role are the electrical and plumbing expenses. However, if you have a good idea of the size and features, Sydney quantity surveyors can give you an accurate estimate of the construction cost (plus they can provide a tax depreciation schedule to help you save at tax time0.

A great way to lower these costs may be to transform an old shed or garage into a granny flat. You may get involved in the construction work or do the painting and landscaping on your own. Constructing a new flat comes with a lot of approvals. The costs involved in getting these approvals must be taken care of.  These laws and costs will vary in different places.

Granny flats may not sound very cheap but are less expensive than going for a house extension. These flats will offer you a great return on investment. However, you must do the homework and get quotes from different local builders to compare before finalizing one. These quotes must involve every minute detail involved in building the flat.

Some builders also include slabs, plumbing, and electricity while quoting the prices. The prices may be quoted per meter, like $100 per meter of construction. Some quotes may include excavation and filling costs, too. In contrast, the others may include power points, custom cladding, modular kitchen, bathroom fittings, flooring, Laundry tub, and electric fittings in the quotation.

An extension may add a floor to the home, and getting the required permissions to do so might be easy, but the home will remain messy when the building process is going on, and the space constraint problem may not be solved in the long run. The main benefits of having a granny flat than extensions include:

  • First, the problem of space constraints gets solved.
  • Second, Granny flat is a separate area, so everyday life is not disturbed while the construction is going on in full force.
  • Opting for an extension will lead to knocking down the home walls, disturbance around your home, and the high cost of redecorating the space.
  • The granny flat gives you an additional rental income and adds to the monthly revenue.  

Conclusion: 

The decision needs to be taken keeping in mind the extra space needed in the house, whether you wish to create a private space, do you want to add up to your revenues, and do you want to remain undisturbed during the construction process. Both extensions and granny flats have their pros and cons. However, financially, a granny flat can give you an instant return and create a whole new private space in the home. 

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