4 Steps to Calculating the Cost of a Granny Flat
- Written by NewsServices.com
More and more Australians are choosing to build granny flats, and for a good reason! They provide additional living space for elderly parents or adult children, can be used as a home office or studio, and can even generate income by renting out. But before you start planning your granny flat construction project, it's important to calculate the cost. In this article, we will walk you through the four steps to calculating the cost of a granny flat.
Granny Flat Size and Prices
|
1 Bedroom |
$150,000 – $200,000 |
|
2 Bedroom |
$250,000 – $300,000 |
|
3 Bedroom |
$300,000 – $350,000 |
|
2-Storey |
$280,000 – $320,000 |
What is a Granny Flat?
A granny flat is a self-contained living unit that is attached to or detached from the main house. They can range in size from a small studio to a three-bedroom unit and usually include a kitchen, bathroom, and living area. Granny flat solutions are becoming increasingly popular as a way to provide additional living space, especially for elderly parents or adult children.
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, you can expect to pay between $150,000 and $200,000 for a small one-bedroom unit and up to $3500,000 for a sizeable three-bedroom unit.
Custom-built Granny Flats vs Kits vs Flat Packs
There are three main options when it comes to granny flat construction: custom-built, kit, or flat pack.
Custom-built granny flats are the most expensive option, but they offer the greatest flexibility in terms of design and finishes. If you have a specific vision for your granny flat, or if you want to include luxury features like a kitchen or bathroom with a spa bath, then a custom build is the best option.
Granny flat kits are pre-designed and can be delivered to your site as a complete package. This option is more affordable than a custom build, but you will have less control over the final design.
Flat-pack granny flats are similar to kit homes, but they are delivered in parts that you will need to assemble on-site. This option is the most affordable, but it requires a certain amount of DIY skills and knowledge.
Other Costs to Consider
In addition to the cost of construction, there are a few other costs to consider when planning your granny flat project.
First, you will need to obtain approval from your local council. This process can take several months and may require the services of a professional planner or architect.
Next, you will need to connect utilities to your granny flat. This includes water, electricity, gas, and sewerage. The cost of connecting utilities will vary depending on the provider and the location, but it is typically between $1000 and $2000.
Finally, you will need to insure your granny flat. This is important to protect your investment in case of damage or theft. The cost of insurance will vary depending on the value of your granny flat and the level of coverage you choose, but it is typically between $500 and $1000 per year.
What are the Ongoing Costs of Owning a Granny Flat?
There are a few ongoing costs to consider when owning a granny flat. First, you will need to pay council rates, which are typically between $200 and $300 per quarter. Second, you will need to pay for water usage, which is typically between $100 and $200 per quarter. Finally, you will need to pay for electricity and gas usage, which is typically between $100 and $200 per quarter.
Inclusions + Exclusions
When calculating the cost of a granny flat, it's important to consider what is included in the price. For example, some builders will include council approval and utility connection fees in the price, while others will exclude these costs.
Additionally, there are a number of finishes and fixtures that you can choose to include or exclude from your granny flat. For example, you may want to upgrade the flooring or add extra storage space. These upgrades will add to the cost of the project, so be sure to factor them into your budget.
Do I Need Council Approval to Build a Granny Flat?
Yes, you will need council approval to build a granny flat. The process can take several months and may require the services of a professional planner or architect. The cost of council approval will vary depending on the complexity of the project, but it is typically between $500 and $5000.
Will a Granny Flat Increase the Value of My Home?
Adding a granny flat to your property can increase the value of your home, but this will vary depending on the location, quality of the build, and other factors. If you are planning to sell your home in the near future, it is important to speak to a real estate agent to get an accurate estimate of how much value a granny flat will add to your property.
Building a granny flat can be a great way to add extra space and value to your home. However, it is important to carefully consider the cost of the project before you begin. By following the steps outlined in this article, you can be sure that you are getting the best value for your money.
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