Cost of building a granny suite

Photo credit: kithomes.net.au/grannyflats

Building a granny suite is a perfect investment that allows homeowners to make the most out of their property. But before you get started on building one, you need to know the ins and outs of granny suites. From getting approval to making it into a rental property, here are some of the essential information for you to know about building a granny suite.

Is the granny suite intended for visiting relatives only?

Initially, granny suites were built to accommodate visiting relatives. Built separately from the primary property, these small homes allow your visitors to enjoy their own private space during their stay. Although the term granny suite has not changed, its modern meaning also includes rental units built on residential properties.

Before granny suites were utilised as rental properties, the government imposed tight regulations on their construction. These regulations were eased lately to enable retirees and employees earning low incomes access to affordable housing. Still, each state has its own set of regulations to ensure that laws governing granny suites aren’t abused.

It’s worth noting that not all states allow granny suite construction. In addition, development approval and a building permit from the relevant authorities is a requirement in the states that allow the building of granny suites.

The cost of building a granny suite

Building a granny suite is sure to set you back several thousand dollars, but different projects have a very wide price range. It all depends on the scope and location of your construction project. Apart from the cost of the materials, you also have to pay for the services of several contractors such as plumbers, electricians, and a builder. Another specialist that might be required is an architect. Other costs you will have to incur include those of hiring a building certifier who will help you acquire a building permit.

The initial stages of granny suite construction involve contacting local authorities and getting information regarding regulations. Once your building project gets the green light, it’s time to get quotes from granny suite builders. If you intend to rent out your granny suite, it’s important to weigh the construction costs against the expected return on investment. Builders who specialise in granny suites can also offer you advice when you’re figuring out how much to rent your granny suite for. In most cases, you will find that a granny suite is a great way to add value to your property as well as a great income source for years to come.