The feelings of shame and laziness that has in past times been associated with adults living at home has essentially disappeared for the Millennial generation - who currently face an unstable job market, record-breaking property prices, flatlining wages and sizeable HECS debts.
In fact, there is a growing trend in the number of young adults, or ‘boomerang kids’ as they’ve been coined, who return to live on their family’s property. Between 2011 and 2016, the amount of 20 to 24-year-olds living with their parents grew from 41.4 per cent to 43.4 per cent, according to Australian census data. The number of 25 to 29-year-olds living at home increased from 15.7 per cent to 17 per cent over the same period, and there has also been a rise among those aged 30-34 as well. For New South Wales alone, roughly one in five people in the 25-29 age bracket are living at their parent’s address.
For many parents, who have tasted the freedom of an empty nest, the idea of their boisterous 20-something year-old children returning to live in their house is not appealing – nor is the thought of doubling dirty dishes and laundry piles. Is there a way to welcome your children back home while maintaining your privacy and avoiding the extra housework? A Granny Flat may be the perfect solution.
There are a great number of benefits to keeping your young adult kids close in a Granny Flat:
It is commonly acknowledged there is little-to-no interest rate at ‘The Bank of Mum and Dad’, and many parents are feeling the pressure of lending a substantial amount of money equally to each of their children, just so they can get a start in life. Building a one, two or even a three-bedroom Granny Flat on your property provides an alternative where one or all of your children can live rent-free in order to save more money towards a deposit.
Granny Flats provide the perfect balance of keeping your family close, while protecting the sense of privacy you all need for daily life. No surprise late-night house guests, no loud music and no mess in your space.
When your adult children live in a separate living space on your property, you can build your relationship with them without feeling like your being taken advantage of as their personal cleaner, cook and laundromat. Cubitt’s wide range of Granny Flat designs have their own spacious kitchens, bathrooms, with the option to have a separate laundry. Our Granny Flat models can even be built over old pools, on narrow or sloping land, or within as little as space as 30m2!
After your children have left the Granny Flat, it opens up accommodation opportunities for the future - such as housing elderly relatives as an alternative to expensive and overcrowded aged care homes. Cubitt’s quality Granny Flat designs can be customised such as adding a wheelchair ramp, and come wide a wide range of inclusions such as high-speed internet with a Uni-Fi Wi-Fi Aerial, the latest in Wi-Fi technology.
Granny Flats also carry the benefit of being an investment for your family’s future, as building a Granny Flat on your existing property can increase the value of an Australian property by as much as 30 per cent, according to a recent CoreLogic report. You and your partner could also perhaps retire a little earlier than originally planned, knowing you have a regular, passive income stream if you choose to rent the Granny Flat out in future.
Are you looking to secure your family’s financial future by building a Granny Flat? Over 25 years in the industry, Ian Cubitt’s Classic Home Improvements has built up a reputation as the trusted name in designing and delivering high-quality Granny Flats and home extensions. As an industry leader we have actively sourced and tested the best building materials, from world-class suppliers, at affordable prices for our customers. We provide a transparent and stress-free approach, ensuring every customer has their own dedicated contact to ensure every project is delivered on time and within budget.
Cubitt's is staffed by a professional team of draftsmen and builders with years of experience. Ask us about the Cubitt's Advantage today.