Considering the strategic benefits of having a backyard granny flat around your home, you might be willing to get one built by experts. Well, have you considered how much you need to shell out?
Any sort of property installation or modification involves a significant expense. Given that granny flats come at a wide range of costs, you might have to fork out anything between $20,000 to 200,000. That doesn’t mean anything, right?
It’s imperative to consider your priorities while building your granny flat. It would be a logical move to consult one of the reputed granny flats builders Sydney to get an accurate estimate.
Why Do Granny Flat Costs Differ?
The overall price of your granny flat depends on several aspects, including your personal preferences. Here are some of the elements affecting the value of these pods.
- Site reports and consultations
- Size of the structure
- Building approval
- The granny pod design
- Cost of materials and construction
- Fittings and finishes
If you have made up your mind to install a granny flat, make sure to consult a professional. Experts have adequate industry knowledge, and can help you with the latest designs.
Australians can have multiple floors in their homes. The average cost of a pre-fabricated single-bedroom granny pod would be around $70, 000, including installation. On the other hand, you can go for a larger one with two to three bedrooms. These granny pods offer a greater deal of customization, and can cost you up to $250,000.
What Is The Cost of a Granny Flat Design?
Reputed professionals charge anything between $6,000 to $20,000 for designing granny flats. This range, too, significantly varies because several design elements come into play.
When you reach out to the experts, the site assessor would evaluate the site conditions at the location. You can convey your specific needs, requests and ideas to the professional. Based on these inputs, the experts will come up with a personalized design. They would also focus on the building materials, service connections, fittings, and associated charges. Each of these aspects largely differs from one project to another. Naturally, the overall cost of a granny flat design would be different.
Also, you can be using these granny flats personally, or renting them out. Some Australians even use them as their guest rooms. Once you convey your budget to the company, they can recommend you personalized designs.
Do You Need To Pay Tax On Your Granny Pod?
Homeowners deciding to reside in their granny pods themselves need not pay tax. Even if you have a relative residing in these properties, the tax would be exempted.
However, you need to pay tax on your granny pod if you rent it out. This is because, you would be generating income from your property. The tax amount depends on the respective tax bracket. On the other hand, if any of your dependent family members reside in your granny flat, you can apply for a tax waiver.
Evidently, having a granny flat in your backyard would be financially beneficial. Now that you know how much a granny pod would cost, you can reach out to a reputed designer and get an estimate for your property.