Masterton is constantly looking outside the block to come up with creative and functional alternatives for our customers and our newest range of granny flats are right on the money. In fact, granny flats present a golden opportunity right now with RPG Valuers recently disclosing that granny flats can add a premium of 20-30% of what it cost to build one.
‘That’s why Masterton has a range of granny flat options available for our customers,’ said David Masterton.
But what exactly is a granny flat?
According to the NSW government, a granny flat is a term used for a second dwelling on a property which is smaller than the primary home on the block.
At Masterton, our granny flats are designed to fit with any of our display homes and can be built alongside your main home when building with Masterton.
All of our granny flats feature cosy, yet spacious, open plan living areas with eat in kitchens at their heart. Our designs are the perfect addition to any home and provide an alternative for multigenerational living as well as being a lucrative investment opportunity.
To suit all tastes and lifestyles, Masterton has developed two granny flat ranges to cater to customer needs including:
Detached Granny Flats: This range of granny flats are designed as detached secondary dwellings and can be constructed in the rear or side yard. They include all the features anyone could need in a home and feature open plan living and dining areas as well as a range of facades to choose from. Our Haven 2 design has taken out one of the prestigious Master Builders Association (MBA) of NSW prizes and was the overall winner of the Exhibition/Project Homes Up To $100,000. To build a detached granny flat you must be building your main home with Masterton at the time.
The Duet Series: This range of granny flats are designed as integrated dwellings, built under the same roof as the primary dwelling you’re building with Masterton Homes. There’s a choice of separate entrances to both dwellings at the front of the home, or the option for granny flat entrance at the rear of the primary home. There is also the option of creating a private courtyard for the granny flat, ensuring each household has privacy while maintaining striking street presence. To build an under-roof granny flat from our Duet series you must be building your main home with Masterton at the time.
Why are Granny Flats so Popular?
In NSW granny flats have increased in popularity, adding to the value of properties because of the potential for extra earnings.
‘Much of the value is added by building the Granny Flat alongside a home people are building with Masterton at the time. This means the second dwelling can be rented out to accommodate paying tenants so home owners can earn some income,’ said David Masterton. ‘There is also a trend toward multigenerational living, as well as an increase in people working from home who require a self-contained studio separate to their living areas.’
If the granny flat is rented out, many can cover their mortgage repayments from the extra income and in the current housing shortage it has been reported that granny flats have the potential to increase the rental yield of investment properties by 10%.