Everyone and their, well, granny, seems to be building a granny flat these days— or picking out granny flat designs, or looking for granny flat builders in Melbourne, the rest of Victoria and all across the country.
Does that mean you should, too? If you’re still on the fence about building a granny flat of your own, allow us to show you why a granny flat or garden studio should be the star of your backyard.
1: More income, less tax.
Probably at the top of the top reasons to build a granny flat is the extra income you can make by renting them out. While granny flat rentals in general are still prohibited by law in Victoria, you might still be able to rent yours out if it’s to a family member or someone who lives at home with you in the main house.
This extra income isn’t just a boost for your mortgage but also a smart way to reduce property investment risks. If you own multiple properties, renting out your granny flat ensures a steady stream of income from at least one of your properties.
A brand new granny flat isn’t likely to have any maintenance problems like leaks or worn-out wiring for its first few years in use, which means you won’t have to spend on those. If you build your granny flat along with a brand new house, you stand to save even more, because for one thing, you’ll only have to apply for one development project instead of two separate ones.
And, new or not, a beautiful granny flat is likely to raise your home’s overall resale value as an asset property buyers would be willing to shell out extra for—and they won’t love it just for its looks. Granny flats do offer additional value because of the extra space they provide that may be used for living, working or just chilling out.
So if you’re thinking ahead as a property investor, a granny flat in your backyard could very well be a smart long-term investment.
But probably the best part about having a legally rented-out granny flat is being able to make bigger tax deductions every year—thanks to depreciation or the way the value of an asset decreases over time.
2: So many designs to choose from.
It may be argued that even just ‘window-shopping’ or browsing through the infinite possibilities when it comes to choosing a designer granny flat is a delightful experience in itself. Of course, the ‘best’ design is one that best suits your personality and lifestyle, not just in terms of how it looks but how you plan on using it.
Are you thinking of accommodating elderly relatives, a teenager, or newlyweds? Or perhaps you envision using the granny flat as a home office or creative space? This is why granny flat designs are best customized by the person who knows your needs, preferences and peculiarities best—you.
Granny flat designs also depend on your budget and available space. With ample room, you can include two bedrooms, a bathroom, a living area, dining space, and a kitchen. If you’re considering a home extension rather than a standalone granny flat, there are myriad design options for that, too.
3: Advice is readily available.
If a lack of guidance or information about how to build a granny flat is holding you back, have no fear—our buyer’s guide for granny flat shopping in Melbourne is here.
It’s true that building a granny flat involves more than a backyard purchase – you must deal with regulations, permits, and council approval. However, you don’t have to tackle it solo; experienced builders in granny flat construction can provide valuable guidance.
Once you’ve got a rough plan for the location, size, and design of your granny flat, involve the builder. They’ll collaborate with you to finalize the design, estimate costs, and establish the construction timeline.
During your discussions with the builder, feel free to ask questions and raise concerns about materials and design adjustments.
Choosing a local builder means they understand your council’s rules and can aid compliance. They’ll handle permits and keep you informed, providing a personalized touch.
4: A reliable granny flat builder is at your service.
So where do you find a granny flat builder you can rely on to give you advice when you ask and to do everything you need? We offer 7 tips on how to choose a reliable granny flat builder here.
Such a granny flat builder values personalization, ensuring it complements your property, rather than relying on pre-built units, taking the time to get it right through discussions with you.
They know how every little detail matters, from the choice of panels and finishings to the switches and fixtures. And they do their work with the mission of making a long-term investment that will serve as a home for your loved ones, and potentially boosts your property value.
And this granny flat builder would be no beginner, either—having built granny flats and home extensions for no less than four decades, they’ve established a track record of stylish and excellently constructed projects while honing their expertise.