Granny Flat Prices and Everything You Need To Know To Know Before You Invest
Across the Central Coast region in New South Wales, smart landowners are building granny flats on their plots of land.
In this article, we will look at what is involved in building a granny flat on your land, including the costs you will need to consider.
We will look at the benefits for you and your property and suggest who you should work with and where you should build to get the best value for your money.
Why build a Granny Flat?
A granny flat is normally a 1 or 2 bedroom small home situated on the same block as the main house.
The layout of your granny flat is up to you. You will help design the building with experts.
Based on information from Acrow Investments’ website, there are a range of standard plans available for their detached granny flats, including:
- One Bedroom Designs
- Two Bedroom Designs
- Designs with a garage
- Two Storey Designs
and, of course, you can customise these designs, to suit your own property dream.
What’s the benefit?
Immediate benefits from your granny flat:
Independent family living space
- Ideal for a growing family or elderly relatives. They will love the independence of living in their own home and you will all appreciate the privacy.
- The future resale value of your block has increased. You will be selling two homes instead of one, with all of the additional living areas and outdoor spaces.
- Granny flats are a fantastic investment choice, as you will discover, below…
What are the costs involved?
- Your granny flat will be built on the plot of land where your main home is. The land must be surveyed before council approval can be granted to begin building a granny flat
- The local council must provide approval for any building work. There are fees and expenses.
- The builder must be paid for designing and constructing the property. Ideally, an experienced professional housebuilder will quote a fixed price for the work.
Fittings and furnishings
- This includes wall coverings, flooring, kitchen tops. These costs are often included in the single price for construction.
- Not strictly part of the initial cost, but if you are building an investment property you will have additional expenses to find a tenant and then to manage the rental property, including regular inspections and maintenance as required.
With any investment, initial cost should not be a concern, as long as you can obtain the funding needed. A smart investor considers the potential returns on the investment (ROI) or whether they are getting the best value for the capital outlay.
The whole process can be faster than you would expect. Using information from recent case studies on Acrow Investments’ website the build duration is between 12 and 16 weeks. This means you could be opening the doors to your new investment home in as little as four months!
Location? The Central Coast, NSW
With the golden beaches and surf of the Pacific Ocean to the East and wonderful National Parks to the West. Major lakes and waterways offer safe swimming. Shopping Centres and schools and with modern, boutique shops. Cafes and restaurants to relax and enjoy the sunset and cooling evening breeze. The Central Coast is a very desirable place to live.
The communities are perfect for families and the location is heaven for fans of outdoor living and sports. Within commuting distance of Sydney and Newcastle, the area is a wonderful evening retreat after the busy city centre.
Partner with investment property experts
Acrow Investments are a highly professional and successful builder of granny flats. We build in Newcastle, Lake Macquarie and Hunter Valley areas and have completed some of the best projects across the Central Coast.
We work closely with our clients to deliver the most affordable project possible whilst maintaining the utmost quality and care throughout the entire process.
Maximise your investment income
Our stylish, highly desirable granny flats enhance your current home and embrace our Central Coast waterfront vibe.
We will provide a free site inspection then begin our process with a meeting to agree on your dream design. Our construction prices start at $99,000 and, based on current average rentals along the Central Coast, we’d expect you to earn a rental income of $350 – $450 per week. If you are repaying an interest-only mortgage you could expect your rental income to cover mortgage repayments and generate additional funds immediately.
The quality of our build means Acrow Investments’ granny flats often realise higher rent than the market value.
Get in touch today.
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