The market for granny flats has certainly received a boost in the recent times with many people looking forward to build them. After all, it is not only a great source of accommodation for the elderly and aged people of the society, but also an additional source of income. Therefore, if you have an empty piece of land, you can also consider building a granny flat there. However, the primary thing that you will have to determine is the cost of building a granny flat. Unless, you are aware of the costs, you will not be able to make a move.
Various Factors Determining Costs:
It is important to understand that various factors determine the exact cost:
- The location and size of the property where you want to build the granny flat.
- The freestanding ones are cheaper.
- The local building regulations and the costs involved in the same.
- Renovating an existing garage or space is cheaper than building a flat altogether.
These and several other factors play a great role in determining the cost for building a granny flat.
Get In Touch With Builders:
One of the most important things that you can do is to get in touch with an experienced builder-
- They have ideas and information on the latest market as well as the cost involved in the process of building.
- He is also well aware of the local codes of a building from where you will get an estimate of the cost of building a granny flat.
- If you want, you can also get quotes from your builder regarding the current costs in your area.
The combination of these elements will help you set up a budget and decide whether you want to move ahead with your plan.
Determining Your Requirements:
It goes without saying that different people have different requirements in terms of the granny flats. While some look for a single storey flat, others consider going for multiple stories and multiple rooms. The numbers of people intending to stay in the room and the purpose for which you want to use the room are also significant. Unless, you determine your requirements, it will not be possible for you to know the estimated cost. Moreover, the cost also depends on the design of the flat that you intend to choose. Currently, there are several modern designs available in different price ranges.
- You can either check the internet to get a valid and practical idea.
- You can talk to your builder about the design, options and the costs for each.
Getting Tax Breaks:
One of the major reasons for which the popularity of the granny flats has increased are the tax breaks. It has been found that homeowners with granny flats will get some deduction in their taxes. Therefore, this is definitely another great way to save money in the time to come. You will even realize that as a whole, the cost of building a granny flat is not huge compared to building a new home. Therefore, it is definitely a wise move on your part, and you will be able to use the flat for wide varieties of purposes. Nothing can be better than this. Thus, do not delay anymore. Gather the necessary information and carry the effective research required to ensure that you get the correct estimate and plan your budget accordingly. So it can be said that these flats not only create a good source of income but also adds value and accommodation space to your home.