NewsThings to Consider Before Investing in a Granny Flat

Things to Consider Before Investing in a Granny Flat

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Are you someone who enjoys hosting your old parents or your friendly guests every once in a while? If you do, investing in a granny flat might be a perfect option for you.

You can make a granny flat out of your unutilised storage or basement. It could even be a completely different structure separate from the main house.

Plus, in Newcastle, New South Wales, construction of 2 bedroom granny flat is allowed without any prior approval of a council. Before proceeding ahead, go through the Affordable Housing State Environment Planning Policy (SEPP) to see what rules govern your granny flat construction.

Now, if you are still keen to build a granny flat in your backyard perhaps, then you must hire a reputed granny flat builder Newcastle! They are the best people who can guide you through the process and ensure that you end up with a beautiful granny flat in your house.

But before you research for some granny flat builder Newcastle and make a call, you still need to get some things figured out.

Factors to Consider Before Building a Granny Flat

Here are some crucial criteria to keep in mind before you buy a house with a granny flat or get one built.

● Budget

One of the most significant factors that will change the course of your decisions is your budget.

If you are keen on getting a granny apartment built on your land, figure out whether you have enough funds to do so. An average-sized 50 m2 granny flat can cost you about $95,000.

Ask yourself about the purpose of a granny apartment and whether a granny apartment is justifiable against the money you are willing to spend.

If you plan on buying a house with a granny flat, remember that you would have to pay extra cost for the same.

● Regulations of Property Owners’ Association of Australia

An essential factor to consider is whether the city zoning or property owner’s association of Australia permits you to build a granny flat. There might be rules and regulations prohibiting you from making an extra structure in your home. If you try to break away from those rules, the granny apartment might be torn down.

● Good Constructor

If the city zoning or homeowner’s associations allow you to build a granny flat, the next thing is to find a good, reputable contractor.

This contractor must have a proper license and good experience. They may be able to help you obtain necessary documents and construction paperwork as well.

● Maintenance Issues

Besides the prominent extra bills, maintaining the granny apartment will consume money, time, and effort. From vacuuming the place to getting the lights changed, it involves many tasks that you may find tedious.

● Cost of Insurance

Insurance is an essential security blanket. Not many insurance providers may cover a granny apartment since it’s an accessory unit, not exactly a part of your home. This puts the granny apartment at risk should any mishap occur.

If you plan to rent out your granny apartment, it becomes vital to get it insured for safety purposes.

Wrapping Up

The idea of an extra room – whether for storage or just for inviting people over looks pretty desirable. If you can maintain it, bear its additional costs, keep it clean and safe, then it does seem like a feasible idea.

But if not, you may want to reconsider your plans. Take a step back to evaluate the purpose of a granny apartment and whether you can afford and maintain it.

Hopefully, this checklist will help you gain a better overall view.

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