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What does it cost to build a granny flat?

If you’re looking to house a loved one, accommodate guests or even generate some extra money, a granny flat can be one option to consider. We look at how much it is likely to cost and outline some key issues to consider.

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…

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…