If you are wondering how much a granny flat costs, this video discusses how to determine that and other things to considerations for building a granny flat.
Click on the “Play” button below to watch now:
Or for those that prefer to read, here is a transcript of the video…
So you’re wondering how much does a granny flat cost? My name is Colin Fragar from Council Approval Group. Today, I really wanted to grab some of the key ideas that we’ve had over doing thousands of these projects for our clients, having interviewed people when we produced Secrets of Property Millionaires Exposed, and also in producing our guide that I would like to give you today. The guide is called Your Ultimate Guide to Council Approval and inside there is a lot of information about granny flats.
Start at the End
But the question that you probably have on your mind at the moment is how much does a granny flat cost? Now, it’s very easy for you to search the internet to try and find different prices from different builders. What inevitably, you’ll end up doing is probably ask the wrong question of yourself. The better question to ask yourself is how much can I get in terms of the rental return from a granny flat? What you want to do is figure out the end game that you’re looking at and then work backwards from there.
Because for example, I have a granny flat which rents out for about $500 per week, so we’re looking at nearly $25,000 worth of rental return for that one rental property. How much per month am I earning from that? I have a project here that I’d like to show you, which is actually one of the properties that I’ve produced. This one here allows us not to have a mortgage on our property; it pays for it.
Granny Flat Costs
So how much does a granny flat cost? Yes, you might be starting at different sorts of prices. Maybe you’re starting at $80,000 build for one that looks like a shed. Please do not go for anything under $100,000. I highly caution you on that. And that’s just sharing my heart with you. The cheaper builds will rent out for less and it will have problems with maintenance going forward.
If you build something that’s a premium granny flat looks like something better than what you would typically see in the standard internet searches that you do for a granny flat, I promise you, in my experience that it will pay dividends for many years.
So how much does a granny flat cost? Really, what I recommend is that you design your own granny flat for your property. If you use our services we work out what’s the highest and best use. And perhaps we can get something better for you than a granny flat. Whatever the development outcome is that you’re trying to achieve, we can sometimes do better for you.
So best thing to do, if you have a project in mind and you’ve got a site, please book in to speak to one of our consultants at the Council Approval Group, councilapproval.com.au. And if you’re just looking at some early research, at least grab Your Guide to Council Approval. My name is Colin Fragar and I wish you every success.