granny unit in block

5 years ago

We are building a house on mr fluffy block in very old suburb..block size is 800 square meter.i have family of four including me,husband and 2 younger kids.. i want to ask is it good to go with building full fledge house around 340-350 square which is costing just above a 1 million dollar or is it good to have one bedroom granny/rental unit in house..if we would think selling house in future,a granny unit might add value because I am not sure how many people would be interested in buying a million dollar house in such a old suburb

Featured Answer

oklouise

5 years ago

last modified: 5 years ago

if you plan to build a forever house why not have a home to suit your own family with multi purpose spaces that can be opened and closed off for different occasions and used in different ways for different ages..rooms to suit small children, teenagers, visiting relatives and empty nesters and/or suitable to be closed off into a separate granny flat...if there are already homes in the area in that price range you shouldn't worry about selling but if there are no houses in that price rangers consider a different area or a cheaper house

Comments (14)

Mukta Jain
Original Author
5 years ago
No there are no house around that cost a million dollar.i wanted a big house that’s why i bought a big land.but we are going through project builder it costing us a million dollor..i am not sure will the price of property rice in future in old suburb.that ‘s why i was thinking its good to have a granny unit..if we go though custom builder i am not sure whether its cost us less or equal..
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siriuskey
5 years ago
Agree with the above, keep in mind that old suburbs are usually in the best positions and have the best addesses
oklouise
5 years ago
last modified: 5 years ago
will the project builder allow variations and why does the house have to be so big?... if you haven't already signed a contract i strongly advise that you shop around for other ideas as a smaller well designed house could be cheaper and more comfortable and provide flexibility for the future without over capitalising or having to include rooms you don't use..?
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3DA Design Drafting and 3D Visuals
5 years ago
where are you located? 1M build varies subject to the design, size, and appliances selected.
maybe if you post what is proposed, some of us here can pitch in ideas either to optimize the size or to reduce cost.
PRO
SKETCH3D Residential Design
5 years ago
Agree with 3DA, give us some more information about where it is. You might have bought into an area in which the location is up and coming, in which case the money you spend will be worth it. However, beware of project home builders only wanting to sell you a stock house plan, there are a several project home builders who will assist with designing something more suitable for the site and others which will only do what they have in their design book with small adjustments.
dreamer
5 years ago
In Western Australia we work in square metres, not squares. When I did the calculations, I was amazed at the massive size of the home you are wanting to build. I agree with other comments. Do you really require a house that big? Yes you can always incorporate a separate wing for use by a tenant. But, as oklouise has said, you could incorporate that into the build for your use now. I would build a beautiful, well designed home, but a smaller home than 350 squares. The cost to furnish, and decorate also has to be considered. And the fact, life can change, and if you had to sell suddenly, would you get your money back?
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Paul Di Stefano Design
5 years ago
the only way to get a 350 square home on an 800m2 block is to high-rise it ;)........pretty sure they mean 350m2, which is still a reasonably large residence and as a custom build would cost easily $1M any day of the week..........

The answers to the questions around value and whether it's actually a sensible investment to build a certain type of house in a certain location on a certain format with certain features etc are always valid, however possibly better directed to people who are dealing with property value and the market/buyers - an experienced local real estate agent should be able to provide some relevant advice/information around these queries.......

I'd only be building what you need for you..........you shouldn't be trying to 2nd guess a potential buyer sometime in the future when you are designing your own home for now. It's fine to building flexibility and future proofing such as say an additional bedroom or kid's playroom etc, but a self contained granny flat is only "useful" for a certain situation, and whilst some people may think it's of value, others equally could consider it a "whatever" and consider the space/cost could have been used better......it's like how swimming pools are similarly hard to "value" one way or the other....it depends on how something is done/integrates or enables a certain function/lifestyle........ultimately, something's/anything only worth as much as what someone is willing to pay for it, regardless what the opinion of what it "should" be.....
PRO
3DA Design Drafting and 3D Visuals
5 years ago
Instead of granny flat, you should also consider building a duplex
dreamer
5 years ago
My home is 347sqm. It was less than half the million dollar price tag. Even if I increased the spec. I would be battling to spend 1 million dollars. I would expect this price to be for a custom build luxurious 450 square metre home, with a pool and outdoor alfresco kitchen. Mukta, do you mean the cost of the land and the build will be $1 million dollars?
dreamer
5 years ago
,,
PRO
Paul Di Stefano Design
5 years ago
It's really not hard to hit $1M construction costs on a customised home this size and a certain level of architectural detailing & specification is applied throughout internal and external, particularly if it involves pool, surrounds and integrated systems. Dreamer if you achieved your home for 1/2 that cost then hats off to you, it's impressive/remarkable value at under $1500/m2 average, but realistically those rates are only possible with a volume builder, or super streamlining/simplifying the design/detail for extreme labour efficiencies.........
dreamer
5 years ago
Hi Paul, yes I completely agree with you regarding a custom build. However, Mukta stated this is a project builder and has not mentioned anything about landscaping and pool design. I,m concerned that they are paying too much for 350sqm project build. Yes, we have a lot of good value, very professional brick home builders here in the west. The downturn in the housing market, for WA happened three years ago, and it is still possible to build a custom built, very substantial home for a reasonable price. I have included some homes from a builder, Webb brown neaves. This company is a design construct company and project builder. A good reputation here in the west.
dreamer
5 years ago
This home by another reputable builder. 480sqm $850k.