In a pandemic-laden economy, job prospects and traditional business opportunities have an uncertain future. It has sent people searching for passive income opportunities. Granny flats have a long history of housing elderly folks, but today it’s one of the best Sunshine Coast real estate alternatives.
People are finding creative ways to use their granny flats. Some of them convert these tiny house plans into office space or a spacious guest room. What are some things to consider before investing in granny flat renovations?
Types of Granny Flat Configurations
Granny flat floor plans offer single, double and three-bedroom deluxe designs. The styling of these vary, and some builds are even customisable.
Each design features a bathroom, kitchen, bedroom(s) and living area. An investor has the freedom to construct a traditional studio-style accessory apartment or a multi-section layout. The unit can be an extension of the main house, detached or semi.
Of course, there are state-mandated building codes that govern granny flat construction. Sunshine Coast Local councils may impose different guidelines across territories. Anyone looking to build accessory apartments should research granny flat requirements first.
Granny flat Planning and Approval
The safest approach is to consult a certifier to ensure the design meets local council requirements. There are various conditions around building these structures, and approval hinges on meeting them. Some typical considerations include building dimensions, boundary survey adherence and lot size.
Local councils have amended the laws to offer some relief, but the list is still exhaustive. The process of getting granny flat plans approved can be demanding. Homeowners should not overlook hiring a certifier to speed up approvals and permits. Granny flat floor plans designated as a secondary accommodation may have size limitations. In some territories, however, these do not require permits or approvals. It doesn’t hurt to seek consultation with a local regulator about granny flat renovations and new builds.
Choosing the Right Design
Privacy, insulation, orientation, ventilation and ambient light effects are fundamental design considerations. Homeowners may design attached granny flat floor plans to their heart’s content.
One should build these dwellings with potential tenants in mind to ensure the design adequately meets their needs. Split-level designs are ideal for sloped lots. Elderly folks are safer in a conventional ground floor plan without stairs.
Floor plan designs for rentals should exude privacy and independence. An attractive design in this context would be to orientate the building away from obstructions. Therefore, avoid making it an extension of the original building.
It’s best to get professional advice when in the design and planning stage of building a granny flat or undergoing any granny flat extensions. A Sunshine Coast-based builder and expert in granny flat extensions are the team at Dexterity Constructions. If you’ve given the go-ahead to your project, then they’re the people to call for the right type of advice and experience to help with both the design and construction process.
How Much Does a Granny Flat Conversion Cost?
The cost of building granny flat additions may vary depending on design, land economics, size and the materials one wants to use. These days, people are converting garages, sheds and extended backyards into granny flats.
Custom-built options work well for some buyers and even feature upgrades. Another alternative is to hire professional builders, like Dexterity Constructions, to do the granny flat renovation or extension.
Two principal considerations that may inflate building costs are the slope gradient and land quality. Sloped and irregular shaped lots attract steeper estimates than flats.
Financing a Granny Flat Project
The immediate challenges one may face has to do with budget constraints and adaptation. Maximising space and value is a critical design requirement when renovating granny flats.
Working with the land as is, whether it is flat, sloped or irregular shaped, requires expert planning. Builders these days are creative and can come up with adaptive floor plans that complement the dimensions. There are flexible financing opportunities for granny flat renovations available to homeowners.
First, there are direct methods – savings, home loan redraw or an offset on the mortgage. Some financial institutions facilitate construction and unsecured loans for these circumstances. Another way to fund this project is through home loan refinancing.
Does a Granny Flat Add Value?
Adding an accessory apartment can be beneficial in numerous ways, one of which is raising property value. How much value it adds is contingent on the internal and external features. As long as the addition makes a considerable impact that enhances the property, it can significantly boost the bottom line. Granny flat builders can help individuals take advantage of opportunities to scale property value.
Homeowners renting out income-earning granny flats may qualify for property tax depreciation. Of course, there are qualifying conditions an applicant must meet to submit a tax depreciation claim. Eligibility criteria focus on factors such as capital works and assets. It would receive the same treatment as any traditional investment property.
Granny flat renovations are changing the lives of homeowners looking to supplement their primary income. The desirable quality of this investment is that it is cheap.
Although some provinces demand permits before one can start the granny flat construction process, planning constraints are not rigorous. Compared to buying traditional real estate, granny flats yield lucrative returns despite having a marginally lower upfront investment.
With a permit, a suitable design and the right granny flat renovators like Dexterity Constructions, you’re more than on your way to having the granny flat of your dreams. Whether it be for more space or more value to your home, converting a space to a granny flat can do many wonders!Read More