Is it cheaper to extend or build a granny flat? »

Is it cheaper to extend or build a granny flat?

Australian homeowners often land upon a dilemma, when it comes to choosing between an extension of their property and granny flats. Well, prioritizing your current space requirements, you might be willing to optimize the available area. You might even be checking out the best granny flats design that would suit your home. It makes sense to weigh the relative benefits of prioritizing your budget and utility. Although an extension of your property would be economically cheaper, installing a granny flat can serve you a plethora of benefits. This explains why a large number of Australian homeowners are opting for granny flats, rather than extending their homes.

How much would a granny flat cost you? The average expense for installing a granny flat would range from $110 000 to $200 000. This price would largely depend on your preferences about inclusions, size, and difficulty in installing it. However, you might consult a reputed granny flats builder if you are on a lower budget. Some builders can build these flats even under $50,000. How much would a property extension cost you? The cost associated with home extension would largely depend on the type of extension you are looking for. While some property owners want to add another level to the existing property, you can build an additional room on your garage. Alternatively, you can make a guest room out of your basement, or simply add a room to your existing property. Here are some estimates that would help you calculate the cost of extensions.

If you decide to extend your home on the ground floor, you need to shell out $1350 to $2100 per square meter.
In case of two-storeyed extensions, you need to shell out another 50% extra, in addition to the cost of a single-storey extension. Therefore, if you have to fork out $2100 per square meter for single-storey extensions, a two-storey extension will cost you $3150 per square meter.
Homeowners deciding to go for a loft conversion should get the space insulated at first. This would add to their expenses. Besides, they need to secure the floor and make necessary changes to the electric points. On average, be prepared to pay anything between $1500 to $2500 a square meter for loft conversion.
A cellar or basement conversion would cost you around $250000 to $500000. This would be a costly affair, as you need to excavate the area. Besides, the contractors need to secure the building and maintain stability.
Garage conversions are relatively cheaper, and would cost you around $7500 to $20000.

What makes granny flats a better option? Although extensions often prove to be the cheaper option, many homeowners go for granny flats. Since these flats serve as a separate apartment, you can put them on rent. In the process, you can generate a recurring income from these properties. Moreover, one can modify granny flats as per their specific needs. You can create your own space, or gift a dedicated place for your kids to play in. Most importantly, even when you rent out the granny flat, the occupants wouldn’t bother your residence. With the right contractor at service, you can get a granny flat built within $50,000. Evidently, it would be ideal to have a granny flat in place rather than extending your property.