Over the years the humble granny flat has transformed into more than just a simple one bedroom unit in the backyard. Granny flats are now used as stylish alternative living spaces, home businesses, investment properties and retirement homes. They can accommodate more than one bedroom, one or more decks as well as a carport or garage. New council laws and regulations have also made it easier to build a granny flat to the size and location you want, as well as turning it into an easy source of revenue.
As a retiree, you may be faced with the prospect of struggling to maintain the home you are currently in, it is a situation that is often very stressful and unsettling. The uncertainty of whether you can afford to buy again, whether you can still maintain the lifestyle you want whilst simplifying and potentially moving closer to urban life and medical help, if needed, can be daunting.
With Australia’s cost of living and property prices gradually rising, granny flats are actually becoming a cheaper option when it comes to buying a new home. They are great for young couples or individuals who are in need of cheaper housing, thus granny flats become wonderful investment properties if you are in need of additional income. A granny flat can also add to the overall property value, meaning you will have a valuable asset that you could potentially sell or even rent out if you do decide to move again.