There are two notable trends occurring in the Australian real estate market right now: one is a rapidly aging population finding their current homes unsuitable, and another is a housing market that makes it difficult for young people to get on the property ladder.
If you’re middle-aged and comfortable enough to own a home and some land, you’re probably concerned for both your parents and your kids. Most of us don’t want to see our parents end up in a care home and we want our young adult children to have some independence, while not being crippled by exorbitant rents.
But how exactly can you prevent this? If you’re in a position to do so, there’s really only one clear answer: build a Granny Flat.
Still not convinced?
Here are our 7 reasons you need to seriously consider investing in a Granny Flat:
- Look After Your Aging Parents
Most of us have had enough of living with our parents after the trial of our teenage years, but despite this, we don’t want our parents to be isolated in their old age.
A Granny Flat is a great way to keep your parents close to you, to make sure they’re alright, but also allows both of you that all important breathing room.
The fact that Granny Flats are frequently all on one level makes it much better for someone who is aging, and a smaller space is easier to manage, but it’s still an independent living arrangement – which is so important for esteem.
- Provides a Place for Your Young-Adult Children
It’s not advised that parents and children live on top of each other once kids reach their late teens and twenties. Being independent and making your own decisions – even bad ones – at that age is so crucial to development.
But plenty of young adults bankrupt themselves living in cities they can’t afford, and struggle to save up for anything – let alone a house.
A Granny flat gives your kids the opportunity to live at home and save some money but puts a bit of space between you; something which will only be beneficial to your relationship.
- Have a Place for Projects
Do you have a frustrated artist in your family? If so, you should seriously consider renovations in Perth to fit a Granny Flat in your garden.
This can become a great place for your aspiring painter, sculptor or jewelry maker to get that much-needed solitude essential for creativity. It’s a nice place to get away and work on big projects, and when the time comes because of space’s versatility, it can be converted.
- Increase the Value of Your Property
Nothing will boost the value of your property like a Granny Flat. What potential buyer wouldn’t drool over the idea of two homes for the price of one?
All the positive values a Granny Flat adds to your life is also going to increase the value of your property overall and make it more attractive to a potential buyer. Head over to addstyle.net to learn more about what renovations in Perth can do for you.
- Rent It!
If you find your Granny Flat unoccupied by your near and dear, you can consider renting it. Renting a small property can be incredibly lucrative in a competitive property market, and it can really put a great boost into your monthly ingoings.
This is a great way to earn a passive income, which will allow you to do all the things you want to do – whether that’s travel the world or buy a new car.
- It’s Great for Guests
If you have family abroad who you want to accommodate when they visit or have friends staying over all the time so you guys can relive your glory days, a Granny Flat might just be the one for you.
Granny Flats allow you to host the people you love, in a way that’s so much more comfortable and luxurious for them. Expect to be seeing way more guests in the future, once you’ve built your Granny Flat!
Author: Ellie Wiseman