The resurgence of granny flats as a rental dwelling has swept Australia by storm. Suddenly, everyone is aching to build this auxiliary unit as soon as possible. While it would cost a bit of money, forward-thinking homeowners know a granny flat would pay for itself and someday generate extra profits.
If you have a vacant lot in the backyard, your dream of becoming a property owner would normally have to wait—but not all the time. If you want to be a proud granny flat owner in just a few months, use these tips to make this process run ASAP (as smooth as possible):
Get Essential Planning Documents
First, go to the authorities and get the necessary planning documents you need for the project. Most probably, these key papers would help verify your possible costs and answer whether you can build in the first place.
Instead of drafting the design you want, take care of the legal side of it at the outset. Without any hurdle, you can finish this step in 10 days.
Consider Modular Housing
Rather than building your granny flat the traditional way, go prefab. When it comes to speed in construction, modular houses are one of the best regular properties. Depending on the design, a modular dwelling would take about 12 weeks to build off-site and one to 14 days to install.
If you worry about quality, experts attest that modular homes are equal to properties build on-site.
Find a Lender
If you need funds, the lenders offering modular house financing are now increasing in number. This means it’s a lot easier to find a willing loan provider these days than it is in the past.
However, most lenders are less motivated to release the funds before the property is built due to lack of security. Fortunately, this usual catch-22 situation only happens if your modular home would be your primary residence.
If your lender is inclined to finance your modular granny flat project, get pre-approved to know how much you could borrow.
It’s fine to fast track the granny flat building process, but make sure you’re not too fast for your own good. Exercise your due diligence and calculate your moves carefully to ensure you would make the right decisions.