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Downsizing: Granny Flat Living vs Apartment Living

Wednesday, 13 January 2021

Have you found the amount of ‘stuff’ in your house just keeps stacking up? Do you spend endless hours vacuuming, dusting and tidying rooms you no longer use? Is your backyard becoming too laborious and time consuming? It sounds like you might be ready to downsize. In this article, we compare the key elements of apartment living against living in a Granny Flat on your family’s property:

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Neighbours: Apartments vs Granny Flats

When moving somewhere new, it feels like a roll of the dice when it comes to who your neighbours will be. We’ve all heard the stories about nightmare neighbours with noise complaints or car space arguments. That risk seems to greatly increase when it comes to moving into an apartment, since you have shared walls and are sharing communal areas such as the entrance, parking areas, bins and facilities with many others – some of the latest apartment blocks in Sydney have 100 units per building! However, when it comes to living in a Granny Flat on family property, there are no shared walls so you can achieve that extra level of privacy, and your main neighbours are your loved ones!

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Costs: Apartments vs Granny Flats

Generally speaking, building a Granny Flat is far more affordable than purchasing an apartment. Sydney’s median unit price in Sept 2020 was $745,168 according to CoreLogic data, while Cubitt’s wide range of quality Granny Flats start from as little as $105,000. Let’s not forget the ongoing costs associated with apartments – the administrative fund levies for cleaning and gardening costs, sinking fund levies for building renovations, strata management fees and special levies for the upkeep of common property.

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Investment Opportunity: Apartments vs Granny Flats

Did you know that according to recent CoreLogic data, building a Granny Flat in your backyard can instantly increase the value of your existing property by as much as 30 per cent? They also provide a passive rental income opportunity for the property owner once the Granny Flat is vacated by family. In comparison, apartments are very much tied to the tides of the property market, as well as being influenced by future construction. When new apartment buildings are constructed, an oversupply of apartments can stifle price growth.

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Best View: Apartments vs Granny Flats

Apartments with fabulous views tend to carry a hefty price tag if you want to see the ocean, sprawling hillsides or secure a penthouse position. In terms of Granny Flat views, this really depends on the kind of backyard the Granny Flat is built on. You could build the Granny Flat near the pool, or have it surrounded by garden for example. Granny Flats also mean you can be surrounded by nice views without having to endure daily flights of stairs or lifts.

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Lifestyle: Apartments vs Granny Flats

There are so many advantages to being close to family when you live in a Granny Flat, such as being close to your grandkids, and being on hand for family gatherings such as Easter and Christmas. Granny Flats are also a long-term solution for the future in that you may not need to move into a nursing home in later life – your family could provide added support if you needed it, and Granny Flats built by Cubitt’s can include wheelchair ramps and wider doorframes to help make your life that little bit easier.

While you would need to contribute to or attend strata meetings, and put up with small inconveniences such as the lifts being down for maintenance, the benefit of apartment blocks is that you can live inner city with the ability to be close to public transport. Granny Flats really depend on where you or your family are already located, but it does bring the advantage of being in a familiar location.

With over 25 years’ experience in the industry, Cubitt’s are the experts in Granny Flats and home extension projects in NSW and the ACT. Are you curious to learn more about Granny Flat living? For more information, why not take a guided tour through our Granny Flat models at a Showroom near you or call our award-winning customer service team on 1300 721 150.

References:

https://www.corelogic.com.au/housing-update

https://www.ljhooker.com.au/blog/latest-blog/january-2020/how-granny-flats-add-value-to-home-or-investment

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