07 Nov The benefits of Building a Granny Flat
Working in the building industry, I often see trends in home design come and go, yet one trend that has really caught my attention and offers a lot of benefits is building a granny flat.
The benefits of a granny flat are numerous, including providing accommodation for your extended family or for generating rental income. Building for accommodation can provide you with some much needed privacy and space, while renting the flat out will significantly assist and reduce the loan repayments on your property.
When building a granny flat, the primary requirement beyond building and planning regulations, is to ensure that there is sufficient space. The most common conversions that I have come across in the industry includes garages and garden sheds, which often become one or two bedroom units with bathrooms.
Granny flats can also provide a favourable return on investment, assisting in increasing the value of your property and pay off your mortgage faster.
I find the that granny flats are most popular option for singles and couples who don’t need a lot of space and are most likely under financial stress. I find young adults are also living at home loner and granny flats are a great option to provide extra space them, and also a lifesaver for baby boomers who were hoping to empty their nests sometime soon.
If you are thinking of building a granny flat, there are regulations to abide, particularly in relation to their size and where they can be built. You are generally free to build a granny flat in any area but it is essential this is run by your local council. It needs to be noted that you can only build one granny flat per block and these flats are generally not allowed to be built on a dual occupancy block. Also, you cannot subdivide plots in the process of constructing a granny flat.
Granny flats have a lot to offer, but if you are considering building a granny flat, I advise you seek information from your local council or from an accredited builder to ensure you pertain to regulations.