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The recent COVID-19 pandemic events in New South Wales have highlighted how quickly the tides can turn, and just how crucial it is to keep family members close and safe. In this article, we unpack why investing in Granny Flat Real Estate would help solve a lot of the problems witnessed over the Christmas break.
A Christmas Like No Other
Christmas was indeed a smaller, quieter affair for Sydneysiders in 2020. In December, New South Wales turned from being weeks free from any local COVID-19 transmission to suddenly grappling with growing clusters in just 48 hours. The timing could not have been worse - with many families having to either reduce their Christmas celebrations, cancel their plans altogether or even go into a strict lockdown. No-one should feel isolated or fear for their health, especially at Christmas.
But what if you could help keep your aging loved ones safe and close, and be prepared for any outbreaks or future pandemics?
Proximity to family is more important than ever before. If your senior loved ones lived in a Granny Flat near your home, they would not need to commute in order to see you for special events such as Christmas and would be close by in times of lockdown so you can easily check-in on their wellbeing at any time. It also means the grandparents can regularly spend time with their grandchildren, and provide babysitting or childcare should the need arise.
There are many benefits to living under one roof, but there are even more advantages to living under two roofs, close by. Living together can feel awkward and cramped when you combine not only a few extra people spending the majority of their time in your house, but also the extra room required for all their belongings. Investing in Granny Flat Real Estate is an ideal aged care solution, providing the perfect balance of protecting your privacy while allowing you to keep an eye on ageing parents. It also keeps them out of crowded and increasingly expensive aged care facilities, which at multiple times during the pandemic had to refuse all visitors for safety reasons.
Help Recession-Proof Your Family During an Unsteady Global Economy
Building functional, extra space to have available on your property is more valuable and relevant than ever in a world changed by a global pandemic. Being flexible and versatile, you could even use one of the bedrooms as a home office so you can work from home in peace and quiet when train travel and shared workplaces are to be avoided. Plus, if for whatever reason your Granny Flat is no longer being used by family, your Granny Flat Real Estate can simply become an extra income source. It is unsure how our Australia’s economy, or indeed the global economy, will be impacted by the global pandemic over the next few years and beyond - so having a regular, passive income stream can be a much-needed source of reassurance and added support.
When it comes to investment management during uncertain economic times, it can be incredibly difficult to know where to invest your hard-earned savings on a long term basis. Interest rates are at record lows, so many Australians are reluctant to keep money in the bank. With real estate continuing to hit record-breaking asset prices in NSW and the ACT in 2020, it can be difficult to know if this trend will continue in the near future or if there is a risk of property prices crashing. However, there are currently many positive financial reasons to invest in building a Granny Flat on your property.
Firstly, and perhaps most urgently, the Australian Government has extended the HomeBuilder scheme in an attempt to further promote the economy. The extension means the limited-time HomeBuilder cash grants of $15,000 are now available for eligible homeowners who enter a building contract with a licenced builder, such as Cubitt’s, before 31 March 2021. The government also extended the deadline for HomeBuilder applications to be submitted, which is now 14 April 2021. All HomeBuilder applicants have also received an extension to the construction commencement timeframe from three months initially to now be six months, and the property price cap for New South Wales has been increased. You can find a link to more information on this topic in the references list below.
More positive news is that not only are interest rates cheaper than ever before, being at record-lows, but credit applications are becoming more streamlined in 2021 - after the Government proposed reforms to responsible lending. This means it will be easier to access credit for everyday Australians, so you can build a brand-new quality Granny Flat on your property to keep your family close.
Subject to legislation passing parliament, it is also expected that from 1st July 2021, Capital Gains Tax on Granny Flats will likely be exempt for relatives accommodating disabled family members or older parents, provided a formal written agreement is in place.
What many people don’t know is that building a Granny Flat to your home can add considerable value to your asset quite instantly. In a 2019 report, CoreLogic real estate sales data found that the value of an Australian property could increase by as much as 30 percent with the addition of a Granny Flat. For example, if your home is worth the current median price in Sydney of $872,934 – this means an additional $261,880 in value added to your property.
In a way, it should come as no surprise, since you would be adding functional and comfortable living space with extra bedrooms and bathrooms to your land.
Choose the Granny Flat Experts
There has never been a more important time to keep family close, while maintaining a safe distance in consideration of health. With a passionate team dedicated to delivering customers a stress-free experience, Cubitt’s are proudly a family owned and operated business. We have over 25 years’ experience building Granny Flats and home extensions throughout NSW and the ACT, and have perfected a wide range of 1-bedroom Granny Flats, 2-bedroom Granny Flats and even 3-bedroom Granny Flat models to choose from.
Take a look at our NSW Granny Flat range and ACT Granny Flat range, which have been designed with state planning laws already taken into consideration – saving our customers valuable time and money for their project.
Unlike most other builders, Cubitt’s is unique in that we offer completely customised solutions. Visit our website to learn more about how our Custom Granny Flats can work for you. On top of our wide range of Granny Flat inclusions, you can choose to add features such as floor-to-ceiling windows, expanded pantry space, outdoor decking and more. We provide quality craftsmanship by using the best materials and employing the most reliable tradesmen in the industry, while our council planning and drafting teams will take care of the council approval process for you.
Did you know that every Granny Flat built by Cubitt’s includes installation and setup of an innovative Uni-Fi Wi-Fi Aerial? Keep your family connected from day one with the very latest in Wi-Fi technology, just one of the many value-packed inclusions when you build with Cubitt’s.
You can learn more about it by speaking with our award-winning customer service team on 1300 721 150.
Cubitt's is staffed by a professional team of draftsmen and builders with years of experience. Ask us about the Cubitt's Advantage today.