Granny flats—first, you don’t have to be a senior citizen to build one or live in one!
Located in your backyard or on its own block, a granny flat can be used for multiple purposes. You can use it to house guests, visiting family or make it an activity zone. It can become a home office, an art/craft studio, music room or a teenage retreat.
Or you can use it as the name suggests…to accommodate aging parents, allowing them to live close to you while maintaining their independence.
1. Mini Version Of Full-Sized Houses
Granny flats are compact versions of full-sized houses. Along with a bedroom or two, they have a kitchen, a bath, a lounge and usually a verandah.
Sometimes, granny flats have car ports linked to them. This provides complete independence to the resident/s of the dwelling.
2. A Granny Flat as an Investment
A granny flat in your backyard will increase the value of your property.
A backyard granny flat can be rented fulltime or perhaps short term, like AirBnB. The income generated will help pay the mortgage.
For an investor, placing a granny flat in the yard of a rental home, not only increases the value of their investment, but it also means you have 2 rental returns from the same property.
3. The Size Of A Granny Flat Matters
If your granny flat is a second dwelling on your site (secondary to the main house) the size is commonly limited to about 60 square metres of living area. Verandahs are not usually considered a living area, so your granny flat can have any size verandah.
Larger granny flats are allowed as second dwellings on rural blocks.
Regulations vary between different councils and states. Before you consider building a granny flat on your property, consult your local council regarding requirements.
4. A Granny FlatCan Add To Your Family’s Income
With a granny flat, you can turn the unused space in your backyard into a rental property generating thousands of dollars per year. You can rent out your granny flat to earn a second income.
5. Budgeting For Your Granny Flat
As we pointed out earlier, granny flats are really just mini versions of homes.
However, just because they may be 1/3 the size of a larger home, doesn’t necessarily mean they will be 1/3 of the cost.
Keep in mind that all the trades which are involved in building a home will also be needed to construct a granny flat.
Take, for example. a plumber. He will charge a similar amount for a ‘one bathroom + kitchen + laundry’ granny flat as he does for a home with ‘4 bedrooms + one bathroom + kitchen + laundry’ home. Surprising, isn’t it !
This will apply to many other trades as well…electricians, tilers, waterproofer, painter, etc.