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.
Reason No. 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 could not only be a big help in paying off your mortgage as an alternative income source, but also helps to manage your property investment risk. If your granny flat is one of two or more properties you own, renting it out helps to make sure you’ll have at least the income from one of your properties coming in on a regular basis.
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.
Reason No. 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.
Do you plan on putting your actual granny or grandpa, or your just-turned-18 teenager, or even your newlywed children into it? Or were you looking to use your granny flat as a home office or hobby haven? This is why granny flat designs are best customised by the person who knows your needs, preferences and peculiarities best—you.
Granny flat designs also vary according to how much you’re willing to spend on construction and how much space you have. If you have enough space, you can have two bedrooms, a bathroom, living room, dining room and even a kitchen. And if you’re leaning towards a home extension rather than a free-standing granny flat, there are myriad design options for that, too.
Reason No. 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 isn’t necessarily as straightforward as buying it and setting it up in the back—there’s legislation to consider, getting permits, council approval and so on. It’s just as true, however, to say that you don’t have to go it alone. You can easily get advice from experienced, professional builders who specialise in granny flat building from the ground up.
After you’ve more or less decided on where to put your granny flat (in the yard or attached to your home), how big it’s going to be, and what you’d like it to look like, enter the granny flat builder. They can work with you to come up with a final look or design for your granny flat, how much it’s going to cost, and how long it’s going to take to build.
As you discuss things with your builder, you should be able to ask them questions or bring up any concerns you might have, such as the materials to be used or whether adjustments can be made to the design.
The particular advantage of asking a builder from your area is that they will be familiar with your council requirements and be better able to help you comply. The builder you choose should be taking care of acquiring planning and building permits for you, and be keeping you informed every step of the way.
Reason No. 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 understands how important personalisation is to a home owner, even if they don’t plan on using it themselves, as it has to harmonise with the rest of the property. This builder wouldn’t have a warehouse of pre-built flats just waiting to be shipped out, but would take the time to talk things over with you to make sure they get it exactly right.
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.