Feel like a change of scenery? If you’ve been living in the same Sydney location for a while and find yourself less and less enamoured with your existing home design, you might be thinking about moving to a new suburb or location.
The problem is that moving in Sydney can be a major hassle. You have to move all of your belongings across a fast-paced city and deal with moving costs, removalists, packing and unpacking, maneuvering furniture and so much more.
Of course, all of that depends on whether you make it past the auction phase and the challenging housing market.
With this in mind, a renovation might be an easier and more affordable solution to a fresh start in Sydney. You won’t have to tackle the moving process and you’ll get that “change of scenery” you’ve been looking for -- it’s a win-win situation. To help you choose between moving or renovating, here are four reasons why a renovation project is a better idea in Sydney.
Your 20’s are the launchpad for adult life. It’s a time to spread your wings and take those first tentative steps toward independent adult living. Leaving home in your 20’s has become a dream for many young people, in fact NSW Government figures state that 43% of people agreed between 20-24 years old, are still living at home with their parents
The days of affordable rental accommodation for young people who are students, apprentices or in their first job are a thing of the past due to rising rental prices, especially in university towns like Newcastle, Wollongong and Canberra. In Newcastle alone this year, simply finding a place to rent has become like an Olympic event, as Sinead Francis-Coan recently write about in The Newcastle Herald.
What is a really wise financial choice in your 20’s, which also provides you accommodation? A granny flat.
Parents who build a granny flat on their property to accommodate family in their 20s are making a wise investment. Kids who co-fund a Granny Flat with their parents are making an even wiser financial decision. Keep your family close – independent but connected by investing in a Granny Flat.
At Cubitt’s we have even seen people in their 20’s make their first smart property investment by partnering with their parents or siblings to raise funds to build a granny flat on their family home. With a Granny Flat Agreement money paid by more than one person to build a granny flat ensures that everyone is protected in their portion of the investment. Even better, a Granny Flat Agreement entitles you to tax deductions!
By building a granny flat on their property, owners can expect to raise the value of their home by at least 25% when it comes to re-sale. Then there is the added bonus that when your 20 somethings have moved into their own homes, the granny flat becomes available for market rental. A two-bedroom granny flat will rent for over $500 - $700 per week in Western Sydney, Newcastle or Canberra.
Granny Flat’s for people in their 20’s are the perfect launching pad for independent accommodation and sensible investment. Funnel potentially lost rent money into an investment the whole family can benefit from, rather than into a landlord’s pocket! Twentysomethings? How good would it be to have your own, brand-new place…and mum’s roast for dinner by walking across the backyard.
A huge challenge for people in their 30s in NSW and the ACT is the daunting property market as a recent Australia Talks survey of 60,000 thirtysomethings reported.
Back in the past 30 years, it was expected that by your 30’s you investment in the property market would be well underway. Property investment in the 2020’s is a tough game to enter.
Why not do what Cubitt’s have helped so many savvy investors in their 30’s do, and get started by buying a low cost rental in a developing area, and double your rental income with a Granny Flat?
The advent of COVID 19 and its effect on the residential choices for people who work from home mean has led to the ‘pandemic exodus’ to satellite towns such as The Southern Highlands, Hunter Valley, The South Coast and Goulburn where Cubitt’ s build beautiful Granny Flats.
Meanwhile, the median house price in these areas remains below the $500,000 price range Clever property investors in the 30s have worked with Cubitt’s many times to get a House and Granny Flat in these areas completed and tenanted for under $650,000. That is almost half the price of the median property price in Sydney
You won't have your own home straight away in your 30s, but you will have a positively geared investment property which will ensure that by the time it comes to buy your own home, your deposit and input from the equity of your house and granny flat will be sorted.
Granny Flats in Your 40’s
You find yourself as part of the “Sandwich Generation”. If you are accommodating kids as well as aging parents the best possible financial solution for you is a Granny Flat.
Take care of your parents who are ready to downsize, but not ready (if they will ever be) for a Retirement Village or Aged Care.
At Cubitt’s we have helped quite literally thousands of Australian families find the best financial outcome for people in their 40s who have a mortgage, even if it large, and an extended family to think about.
Intergenerational living has enormous benefits for the broader family especially by cutting down childcare and disability care costs. Now that our view of aged care and childcare has changed so rapidly due to repeated lockdowns in the Greater Sydney Ares, the value of having family close, but with space is incredibly attractive.
Have it all in your 40’s by keeping family close while increasing the value of your property and putting more cash directly into paying of your own mortgage by not spending on expensive care costs.
Granny Flats in Your 50’s
Your 50s are a time to start to relax to really build your wealth. By now, with some equity in your home, or with an investment property added to your portfolio, you can use a Granny Flat to multiply your income.
A Granny Flat really is the easiest side-hussle in town. For an extremely reasonable upfront investment which rarely exceeds $150,000, Cubitts will help you from start to finish in building your Granny Flat. Once built, the Granny Flat whether it be on your own property, or an investment property will double your tenancy income and start to really pile up savings for your future.
With an initial investment of $150,000 and a rental return of an average $25,000 per year, your initial investment is paid off in under 6 years and the ongoing income from your Granny Flat will go directly into your own pocket.
Build wealth in your 50s with a Granny Flat! It’s so easy. Let us make it happen for you.
Granny Flats in Your 60’s
Perhaps by now you are a Granny or Grandpa! That’s why Granny Flats are essential investing for sixty-somethings. Your Sixties are a time when your mind starts to turn to relaxation. You’ve worked hard and you wouldn’t mind slowing down a bit.
The passive income from a Granny Flat is something Cubitt’s have helped hundreds of folks in the sixties create and prepare for their financial future.
Some people choose to build a Granny Flat in their backyard for tenants, some Sixty-somethings who are ready to downsize, move into the brand-new Granny Flat themselves and rent out their big family home for very large rental sums – no need to retire just on your Superannuation! Have an income you don’t have to work for – a Granny Flat
Very, very savvy investors in their Sixties often come to Cubitt’s with several investment properties they simply want to maximize their rental income from by having two tenancies on one property instead of one.
Retiring financially independent and earning an income well into your late Sixties? Simple! Granny Flat investment.
Granny Flats in Your 70’s
We love Cubitt’s customers who are spritely 70’s and want to be physically independent and financially independent. We can help.
Did you know that the average cost of entering a retirement village or aged care facility is $463,000 and that there are then additional ongoing monthly charges? Compare that with a deluxe, bespoke and disability designed Granny Flat for a mere $200,000 (on average)
The benefits of the investment simply don’t compare.
When speaking to many clients, Cubitt’s hear those customers don’t want to move away from the home they love in their 70’s, but they can’t manage the stairs or the garden much longer.
We’ve got you covered. Starting afresh in the backyard of the home you love with a Granny Flat built specifically for your stage of life is the best investment you will ever made.
What’s more, you will have money in your pocket from avoiding investment bonds and strata fees such as Retirement Communities demand. Your recently vacated home is perfect for family or carers to move into – or if you are very independent, tenants who can continue building your wealth well into your 80s!
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The idea of building a Granny Flat is exciting and it can be easy to get carried away, however it’s important to carry out the appropriate research before getting started. Be sure to consult both your local council and state government laws, as these will vary depending on your area.
Looking for an investment, flexible accommodation or a future rental property? Granny Flats are a practical and cost-effective investment that can be designed to suit any use, whether you’re wanting a pool house, teenagers retreat or Airbnb.
Granny Flats are known as ‘secondary residences’ in the ACT and are required to comply with regulations that are slightly different to those in NSW, hence why it is so important to refer to your local and state laws in the planning stages.
At Cubitt’s, we get it – Cubitt’s understand your needs. With maximizing your property’s space whilst keeping family close such a hot topic, we wanted to give you a strong outline of why a Granny Flat is the perfect solution to plan for now. Now that we are in a lockdown, there has never been a better time to plan for your Granny Flat.
Try to purchase a block that is rectangle, with house to the front and plenty of rear garden. It is best if the house is square on the land not on an angle….it gives you more room for privacy from the house and the granny flat.
You may need to vacate your home while the extension is being built. All first floors, or areas beneath works need to be vacated during construction. Legally, no one is allowed to be beneath construction works during the construction hours of 7am to 4pm or until sheet flooring has been installed.