Know These Things Before Investing in Granny Flats 

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Want to add more space to your home? Whether it is for elderly who want to stay with you after a long time or it is your growing child who wants separate space- the extension of a home can meet the demand of your family or can be used as a way to generate money. Whether you know or not, granny flats are easy to buy, build and easy to maintain while providing you with a steady source of income or better way to extend the accommodation.

  • Buying or Building a Granny Flat?

In recent times, lack of affordability is hitting people in the capital cities of Australia. It is due to the lack of easy-to-maintain and reasonable rental property in the desired location. Keeping this in mind, you can have a new source of income with home extension in Gold Coast and build granny flats to attract the tenants.

People consider granny flats as secondary dwellings, where people extend their building in the same land they are currently residing at this moment. Being a self-contained dwelling space, such an accommodation facility must have its own bathroom, bedroom, living space, kitchen and laundry.

In many ways you can add granny flat to your property, it can be standalone building in the backyard or can be an extension over the garage. Wherever it is built, there is one to remember that the granny flat must have its own entrance to meet the regulations.

  • What are the Rules and Regulations to Consider?

Due to the issues in housing affordability, a number of state and territory governments are introducing the measures to make it easier to build the granny flat by reliable builders in Gold Coast. Along with NSW, governments of the Northern Territory, Western Australia, Tasmania and the ACT allow the residents to rent out their granny flat to generate income. However, it is not allowed in South Australia, Victoria and Queensland to generate the income. So, granny flat builders in Gold Coast check with your local council to find out which regulations can be applied, but as a general rule, here are a few things you need to determine-

  • The granny flat must be built on a property that is zoned for residential use.
  • The existing property at least needs to be 450 square meters in size.
  • The owner of the granny flat should be the same as the owner of the property.
  • The maximum living space needs to be around 60 square meters, and space may not include the carports and verandahs.

While capping off here, you must know the cost of adding granny flat depend on the type of flat you choose. However, at a minimum, you need to spend around $100,000 to carry out the entire construction and make it a space worth living.

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