What does it cost to build a granny flat?

What does it cost to build a granny flat? Are you thinking about adding a granny flat to your home? While in some cases a granny flat can be a suitable option for an elderly parent – hence the name – there are lots of other potential uses for them too. Maybe your kids are all grown up but not quite ready to move out yet or are staying at home to save for a home deposit. Or perhaps you have regular guests and would like to create more space to make them – and you – more comfortable when they come to stay. You may just want a home office away from the main house that can easily be turned into accommodation if needed. Or you might even be thinking of adding a granny flat to rent out and earn yourself…
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What you need to know before building a granny flat

What you need to know before building a granny flat More than half a million homeowners across the eastern seaboard could build a granny flat if they wanted to, a recent CoreLogic report revealed. And there are plenty of reasons to consider it. Your adult children could use it as a pit-stop on the road to independence, enabling them to save a deposit. Your elderly parents could use it as place to age gracefully, without infringing on your privacy. Or you could use it to earn a little extra income, by bringing in some tenants. But before you call in the diggers, here are a few points worth considering. Why do you want to build one? The first step on your granny flat journey is to consider your reasons for building one. The recent CoreLogic report found that building a granny flat could boost your property value and rental income by 30 and 27 per cent respectively. But even so, Wakelin Property Advisory director Jarrod McCabe says choosing to build isn’t a decis…
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Granny Flat Could Boost Property Values by 30 Percent

Granny Flat Could Boost Property Values by 30 Percent

CoreLogic

More than half a million home owners across Australia’s eastern seaboard have enough space on their property to build a granny flat, which could boost home values by 30 per cent and add around 27% to rental income. Combined analysis by CoreLogic and Archistar identified 583,440 properties in Sydney, Melbourne and Brisbane that meet the criteria for an additional self-contained unit of at least 60 square meters. Constructing a two-bedroom granny flat would require an initial investment of around $200,000, while the outlay for a one-bedroom dwelling would be approximately $120,000. CoreLogic Head of Research, Tim Lawless said: “Building a granny flat is becoming an increasingly compelling proposition for homeowners in a relatively lacklustre market. Not only can it help to manufacture new capital gains, but it has th…
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