In Sydney, there is a lack of affordable housing; young home buyers find they just cannot save enough money for a deposit while renting. Home owners are seeing this *gap* in the rental market and are turning their back yards into a home for a new granny flat. Of course, granny flats have transformed and are no longer a one room set up with a small shower and toilet, they have become fully-fledged homes in their own right.
Granny flats have come a long way, and because of this home owners are seeing them as a good investment, turning some of their un-used yard into a neat home that family members or strangers can rent out at a cheaper than market rate, providing a place for your children and their families to save for that house deposit of their own.
Granny flats Sydney are also a win for the homeowner when they do decide to sell, they can sell both properties as one at a higher price and make their money back quickly.
Parents see the granny flat as a way of helping their children get their foot in the door, a granny flat is a safe and secure place the kids can live while saving, and rent can be anything from a few dollars to the market rental rate of a studio or 2 bedroom unit – depending on the size of your granny flat.
Today young families are returning home, and teenagers are staying home for longer simply because they can’t afford to move out, rents are skyrocketing, add to that child care fees, utilities and other expenses. Children just have to stay at home for longer in Sydney and they simply can’t afford to buy, and they don’t want to be renting forever.
Mum and dad might be now in their 70’s and want to travel, they have a large block of land and decide to build a granny flat,
they’ll move into the smaller granny flat and let the children and their family move into the house.
Granny flats are no longer a converted shed; they are a smaller version of a brand new house!
As parents age, they may well find that a granny flat has additional benefits – they can stay in their home for longer before they may need to move into a retirement village or nursing home. For them, a granny flat allows them to stay *home* for longer, with the kids just meters away there to care for them.
Granny flats with assisted living options are fast becoming a popular option for families, with parents preferring to stay at home – or close to it – rather than going into care.
A granny flat is now seen as a long-term investment as a rental property as well.