When planning a granny flat, it's common to prioritise saving money. It is possible to construct a stylish and functional granny flat without breaking the bank. Creating a comfortable and aesthetically pleasing home on a budget is possible with some forethought and forethoughtful choices. In this article, we'll look at some money-saving tips that can come in handy as you plan the layout of your granny flat. These suggestions will help you make smart financial decisions without sacrificing comfort or style as you construct a granny flat for a loved one or as a source of rental income.
What Is A Granny Flat?
A granny flat is a separate dwelling unit for elderly or infirm relatives or other family members, usually located on the same property as the main house. It can be used in a variety of ways, such as to accommodate ageing relatives, generate rental income, or accommodate a growing family.
What Does It Cost To Build A Granny Flat?
Several factors affect how much money you'll need to construct a granny flat. These include the dwelling's dimensions, layout, materials, and setting. Costs can be as low as $100,000 or as high as $200,000 or more. The above table is meant to serve as a general guideline for costs; however, the actual price will vary depending on the configuration chosen.
Custom Built Granny Flats Vs Kits Vs Flat Packs
Granny flats can be built in three main ways: from scratch, from a kit, or as a flat pack. Custom granny flats allow for the most creative freedom in terms of layout and design, but they may be more expensive. Prefabricated granny flat kits save money because they don't require extensive construction work. Flat packs offer the lowest cost due to their ability to be assembled on-site, but they also offer the least customization.
Ways To Save Money When Building A 'Granny Flat'
Use An Existing Structure / Outbuilding
Saving money can be as simple as not starting from scratch. Existing structures, such as a detached garage, can be converted for this purpose. Instead of spending money on things like new foundations, you can put all your efforts into making the space liveable.
Lay The Groundwork Sooner, Rather Than Late
Don't need any changes? Maybe it doesn't have to be that way always. If you don't need a granny flat right now, but you think you might in the future, you might as well get a head start on building one.
Annexations present a unique challenge when drawing up blueprints. Permitted development rights allow their construction for a variety of uses, including yoga studios and home offices. However, a full application for planning is needed if a bedroom is to be included in the annexe.
So a full application for planning is required to convert a recreational annexe into a residential one? Nope!
Instead, you'll need to submit a CUC application in this case. There is a chance this won't be allowed in your area, but it's also a safer bet for protecting your future granny flat.
Furthermore, you can spread the costs of your project out over several years by constructing a recreational space now. You can put off the expense of installing plumbing or insulation in a yoga studio or office until it's absolutely necessary.
Pay Off The Investment Before The Big Move
Another choice, if you can wait a few years, is to let your annexe pay for itself through rental income.
You could do this by constructing a separate living area and renting it out in the meantime through a service like Airbnb or a similar site.
Building Up, Not Out
If you can't afford a standard accessory building, why not get creative?
After all, a detached structure isn't required to make a quiet retreat. Loft conversions and rear additions both add square footage that can be finished off as living quarters. Both of these projects fall within the scope of your permitted development rights, making them potentially less complicated to plan.
Thanks to the revised permitted development standards that went into effect in 2020, homeowners can now legally add a second story to their homes. These projects may not be as inexpensive as a traditional annexe, but they are a fantastic option if you are reluctant to give up your garden or if you simply prefer having your loved ones under one roof.
Use A Specialist Property Broker
We always advise our clients to learn as much as possible about their financial options so they can make the best use of their money. Confused about which home loan or funding option is best? Talking to a broker who focuses on real estate investments could be a good idea.
Brokers can often take into account not only the current value of your home, but also the value after the project is finished, which is something that traditional lenders can't do. For both the short and long term, they'll be able to find you the most cost-effective financing options.
Why The Right Builder Can Make All The Difference To Your Investment
Once you have decided that purchasing a piece of real estate with a granny flat attached is the way to go, you must select a contractor to bring your vision to life.
Now is the time to make sure the granny flat company you hire has the proper building permits, verifiable references, and a polished website to back up their claims of reliability.
It's helpful to be aware that not all providers of granny flats adhere to the same quality standards. Some only act as project managers or designers, neither of which have the necessary construction experience to know what will work best on your street. Others advertise a shockingly low starting price that doesn't include much, only to hit you with a tonne of additional fees once you're committed to a contract. Bad news for your bank account.
Maximise Your Return On Investment
Research, Research, Research.
Investigate crucial factors like council regulations, the need for rental properties in your neighbourhood, and the cost of building a granny flat to ensure this is a good investment.
Get Accurate Quotes From Builders.
As was previously mentioned, obtaining an accurate estimate of construction costs will help you plan accordingly and steer clear of unpleasant surprises.
Ensure A Consistent Style.
The value of your entire property can be increased by building a granny flat that blends in with the main house without requiring too much extra room in the backyard.
Double Your Property’s Earning Potential.
You can increase the amount of money you make from your investment property by renting out a second dwelling on the same property. Compare the upkeep costs with the potential gains to see if it's worthwhile to proceed, though we suspect it will be.
Granny Flat Bedroom Space Saving Tips
Shelving Systems
These can be tailored to your needs, making the most of your storage space by accommodating even the most unusually shaped items.
It is prudent to investigate a number of shelving systems in addition to tailoring the current storage areas. Hardware and storage speciality shops are good places to find ready-made systems, or you can consult a local handyman if you need something more specific.
There is no doubt that installing a well-thought-out and high-quality shelving system in your closet will make all the difference, no matter what you decide.
Its purpose is not limited to housing your garments. Personal items, gifts, and anything else that needs a secure place to stay can be kept here.
Under-Bed Storage
Don't discount the potential of the space beneath the mattress. A wide variety of items can be stashed here.
Under the bed is a great place to store items that aren't seasonal, like blankets, shoes, and paperwork. And if you cover it with a valance, no one will know the difference.
Inexpensive and effective for maintaining order, speciality under-bed storage containers and vacuum seal bags can be found in most department stores.
Wall Shelves
Wall shelves are a classic solution for maximising storage in a granny flat bedroom.
Shelves for the wall are cheap, can be found at any hardware store, and require no special skills to mount. You can find wall shelves in a wide variety of shapes, sizes, materials, and finishes to complement your existing decor.
You can make your storage part of the decor by purchasing pretty boxes from a stationery store or a home decor retailer and placing them on shelves if you have a lot of small things to keep organised.
Some creative suggestions for saving space in a granny flat bedroom are always welcome, regardless of whether you are just beginning your granny flat journey or have been living in one for some time.
Frequently Asked Questions About Granny Flat
Absolutely! Designing on a budget doesn't mean you have to compromise on style. By focusing on cost-effective materials, clever space planning, and utilizing affordable design elements, you can create a stylish granny flat without overspending.
There are several ways to save money on construction costs. Consider using prefabricated or modular construction methods, which are often more affordable and efficient. Additionally, sourcing materials from local suppliers, comparing quotes from multiple contractors, and optimizing the design to minimize wastage can help reduce expenses.
It's important to allocate your budget wisely. Focus on essential areas such as the kitchen, bathroom, and structural integrity of the granny flat. These areas typically have the highest impact on the functionality and livability of the space. Other non-essential areas can be tailored to fit within your budget constraints.
Yes, there are several cost-saving strategies for interior finishes. Consider opting for affordable yet durable materials such as laminate or vinyl flooring instead of expensive hardwood. Explore budget-friendly cabinetry options and utilize paint to freshen up the walls and give the space a new look without the high cost of extensive renovations.
Maximize the functionality of your granny flat by focusing on efficient space planning. Opt for multifunctional furniture pieces that serve dual purposes, such as sofa beds or storage ottomans. Utilize wall-mounted storage solutions and built-in shelves to save floor space. Additionally, incorporating natural light and using light colors can create an illusion of a larger, more open space.
Why Design Granny Flats For Rent?
We've already discussed how these homes can help families care for ageing loved ones without intruding on their autonomy. But this isn't the only factor that attracts investors to granny flats.
They also provide a means by which to raise the market value of your home. In fact, a granny flat can add as much as 30 percent to the value of a home.
You can expand your home without incurring any additional costs for land thanks to these accessory dwelling units. Furthermore, granny flats can be a fantastic way to earn extra money without doing anything. In the United States, 43.6% of households do not own their homes, but rather pay rent to a landlord. You can easily find renters who will appreciate and put to good use your granny flat.
Renting out your granny flat can help you cover some of the expenses associated with maintaining your primary residence. If you already have a granny flat on your property and are looking for something to do with it, this is an excellent choice.
However, if you want a reasonable return on your investment, you need to give some thought to the layout of your granny flat.
Do I Need Council Approval To Build A Granny Flat?
Getting granny flat construction approved by the local council is usually necessary. However, the specific rules and requirements can change from one municipality to the next. Before beginning construction, you should talk to the city council to make sure you have all the necessary permits and approvals.
Will A Granny Flat Increase The Value Of My Home?
The value of your home may rise if you add a granny flat that is well-planned and built. Buyers may be interested in it because of the additional space it offers and the rent it could generate. But you need to think about the local market and make sure the granny flat is suitable for the people in your target audience.
There are financial and quality-of-life gains to be had by constructing a granny flat. You can make sure your granny flat project is successful and rewarding by planning ahead and creating a budget that takes into account all of the costs. When estimating the total cost of building your granny flat, be sure to factor in not only the square footage but also the materials, labour, and other considerations.
Conclusion
A granny flat is a secondary living unit on the same property as the primary residence, typically used by elderly or disabled family members. There are essentially three ways to construct it: from raw materials, from a kit, or from a flat pack. Custom-made granny flats offer the most flexibility in terms of floor plan and aesthetics, but they may also be the most expensive option. Prefabricated granny flat kits offer the greatest cost savings because of their on-site assembly, but they also provide the least room for personalisation. Converting an existing building, like a detached garage, is an option.
Annexes can be built for many different reasons, but if a bedroom is to be included in the annexe, a full application for planning is required. Building a recreational area today also allows you to amortise its price over a longer period of time. In addition, you can recoup some of your costs associated with the upcoming relocation by building a secondary dwelling and leasing it out in the interim. Finally, homeowners have the legal option of adding a second storey to their homes. While this may not be as cost-effective as a standard annexe, it is an excellent choice for those who would rather not give up their garden or who would like to keep their family together under one roof. An expert property broker can help you identify the most affordable financing choices for a granny flat investment, and that's the most crucial piece of information in this whole article.
Make sure the flat granny company you hire has all the necessary documentation, including building permits, references you can contact, and a well-designed website. To make sure the granny flat is a suitable investment, research is also crucial. Last but not least, the granny flat should look like it belongs in the yard without taking up too much space. Space-saving ideas for a granny flat's bedrooms are the focus of this article. Adjustable shelving and hidden space under the bed are both great options for storing year-round necessities.
You can find wall shelves at any hardware shop, and they are a tried-and-true method for optimising storage space in a granny apartment bedroom. Granny flats are also useful for providing care for elderly relatives without compromising their independence. Adding a granny flat to your property can increase the value of your home by as much as 30 percent and provide you with passive income. Obtaining the required permissions and approvals from the local council should be a priority before beginning construction on a granny flat. You should also consider the local market and tailor the granny flat to the individuals who will be living there. Making ensuring the project is successful and gratifying requires some forethought and the creation of a budget.
Content Summary
- Construct a stylish and functional granny flat without breaking the bank.
- Money-saving tips for planning the layout of your granny flat.
- Granny flat: a separate dwelling unit for elderly or infirm relatives or other family members.
- Uses of a granny flat: accommodate ageing relatives, generate rental income, or accommodate a growing family.
- Factors affecting the cost of building a granny flat: dimensions, layout, materials, and setting.
- Custom-built, kit, and flat pack options for constructing granny flats.
- Money-saving tip: convert an existing structure or outbuilding instead of starting from scratch.
- Start building a granny flat in advance if you anticipate needing one in the future.
- Permitted development rights and planning applications for annexe construction.
- Spread costs by constructing a recreational space first and adding residential features later.
- Rent out the granny flat through services like Airbnb to cover costs before moving in.
- Consider loft conversions and rear additions to maximise space and comply with development rights.
- Consult a specialist property broker for financial options and cost-effective financing.
- Importance of choosing a reputable builder with proper permits and references.
- Research council regulations, rental demand, and construction costs for a successful investment.
- Utilise shelving systems to maximize storage space in the granny flat bedroom.
- Under-bed storage for stashing items like blankets, shoes, and paperwork.
- Wall shelves as a classic storage solution for the bedroom.
- Benefits of designing granny flats for rent: care for loved ones and increase property value.
- Accessory dwelling units offer a way to expand without additional land costs.
- Renting out the granny flat can help cover expenses and generate extra income.
- Consider the layout and target audience when designing the granny flat for rental purposes.
- Council approval is usually required for granny flat construction, but rules may vary.
- A well-planned and built granny flat can increase the value of your home.
- Plan ahead and create a budget considering all costs for a successful granny flat project.
- Consider square footage, materials, labour, and other factors when estimating the total cost.
- Cost-effective strategies can help you create a comfortable and stylish granny flat.
- Granny flats provide flexibility for different living arrangements and income opportunities.
- Building a granny flat requires careful consideration and adherence to local regulations.
