How You Can Recession-Proof Your Family with a Granny Flat

April 3, 2020

There’s no denying the impact that the COVID-19 (Coronavirus) pandemic is having on economies all over the world. In fact, the ABC is reporting that almost 90 per cent of businesses in Australia are expected to be impacted in the coming months. Armed with this knowledge, is there a smart way to prepare in advance, and protect your family from the financial ramifications of a recession? In this article, we investigate if building a Granny Flat with Ian Cubitt’s Classic Home Improvements can help recession-proof your family.

 

A Roof Over Your Head

 

It can be stressful feeling powerless and unprepared during uncertain economic times. Many retired Australians may worry they’ll be depended on to lend cash (and quickly) to their family, especially if their family members lose their jobs, or are forced to take a pay cut. However, in times when paying the rent becomes tough for your loved ones, an alternative solution could lie in your very own backyard.

Building a Granny Flat is a way to open up your existing property to extended family if the need arises, while allowing you to maintain your privacy and sense of space. It also means you don’t need to travel or leave the house to help care for young children, in case childcare costs suddenly become an issue. Always accessible, Granny Flats can provide peace of mind knowing there is comfortable, reliable accommodation readily available, in the event that your loved ones encounter financial distress.

Ian Cubitt’s Classic Home Improvements has a range 1-bedroom, 2-bedroom and 3-bedroom granny flats to choose from. Unlike most other companies, we also offer custom designs and layouts, so you can build the perfect Granny Flat that is completely tailored to your family’s needs.

 

An Added, Long-Term, Passive Income Stream

 

Even if you have a good full-time job, it’s not a bad idea to reduce your dependency on it by adding an extra source of income on the side. Adding to a diverse range of income streams can mean more income security, especially during turbulent economic times. If you lose one form of income, you could still have another to fall back on – this is particularly valuable if the income requires none of your day-to-day time or labour.

If you are uncomfortable investing in the share market during times of a weaker economy, building a Granny Flat could be an ideal substitute. Weekly rental income generated by leasing a Granny Flat may help during times of recession, to bring in long-term, regular and passive funds while being relatively low-risk.

 

No Longer Using Your Pool? Build Over It!

 

If you have always dreamed of building a Granny Flat on your property, but have never had the space to accommodate it, did you know that you can actually build over your existing pool space? Maintaining a consistently clean pool can be hard work and can cost upwards of $3,000 each year, which could be a huge saving in times of recession, especially if the pool is no longer being used.

Yes, if you feel like you are spending hours on end scooping eucalyptus bark out of it or constantly unclogging the filter, building a granny flat is a way to increase the value of your property and wave goodbye to that discoloured, dormant pool. Make a splash with your cash instead by transforming the space into a new, livable area that adds substantial value to your existing property and adds an additional revenue stream to your overall income.

Experience the benefits of having a Granny Flat on your family property. Ian Cubitt’s Classic Home Improvements is a family owned and operated business, which prides itself on having built Australian granny flats and home extensions for over 25 years. Over this time, we have perfected the process of designing and building a range 1-bedroom, 2-bedroom and 3-bedroom granny flats to choose from. We also ensure every customer has a dedicated project manager to guide them through the building process, keeping them updated. If you live in NSW or the ACT and are considering whether a granny flat may be right for you, speak with our award-winning customer service team on 1300 721 150 or via email at hello@cubitts.com.au.

 

Reference:

https://www.abc.net.au/news/2020-03-26/coronavirus-economic-impact-in-australia-abs/12092488 

Free On-Site Assessment at Your Property

Interested in finding out how to make a positive investment from a Cubitt's Granny Flat or Home Extension? Get in touch for a no-obligation site inspection today.

If you are looking to purchase a new property and want to do a Granny Flat Suitability Check - please use this form instead.

We require your name, email and phone number to get back to you - and the more you can tell us about your build project, the more effectively our local teams can help.

NSW Farm Stay Accommodations FAQ

The NSW Government has made it easier for farmers to use their land for tourism activities, such as farm experiences, cellar doors and farm stays.

Read More about NSW Farm Stay Accommodations FAQ

Eco-Tourism Accommodations in NSW: A Blueprint for Sustainability

As the NSW Government throws its weight behind ecotourism initiatives, eco-tourism accommodation has a pivotal role to play in fostering sustainable experiences that resonate with today’s conscientious travellers.

Read More about Eco-Tourism Accommodations in NSW: A Blueprint for Sustainability

Building Your Accommodation Business from Scratch in Rural NSW: A Comprehensive Guide

Whether you’re envisioning a cosy bed and breakfast or a cluster of serviced apartments, here’s a step-by-step guide to help you turn your dream of building an accommodation business into a prosperous reality.

Read More about Building Your Accommodation Business from Scratch in Rural NSW: A Comprehensive Guide

What the Inland Code Means for Your Rural NSW Granny Flat Project

Are you considering adding a Granny Flat to your property in rural or regional New South Wales? The Inland Code does not permit complying development for the erection of secondary dwellings, commonly known as granny flats. This means that for the 69 Local Government Areas (LGAs) falling under the Inland Code, obtaining approval for a Granny Flat requires a Development Application (DA).

Read More about What the Inland Code Means for Your Rural NSW Granny Flat Project

Unlocking Affordable Housing: Cubitt’s Calls on Premier Minns to Take a Cue from QLD

Cubitt’s Granny Flats advocates for affordable housing solutions, drawing inspiration from Queensland’s grant incentives for smaller builds.

Read More about Unlocking Affordable Housing: Cubitt’s Calls on Premier Minns to Take a Cue from QLD

ACT Land Zone RZ1 – You Can Now Build a Dual Occupancy up to 120m and Subdivide Your Block

ACT Canberra residential zone 1 (RZ1) blocks measuring 800 square meters or more are now eligible for the construction of two homes. Here is a quick FAQ on some elements of this change to help you start planning your ACT Dual Occupancy

Read More about ACT Land Zone RZ1 – You Can Now Build a Dual Occupancy up to 120m and Subdivide Your Block

Top 50 NSW Suburbs With Granny Flat Potential

There could be a million residential properties across the nation with the potential to accommodate a Granny Flat. Is your suburb on the top 50 list?

Read More about Top 50 NSW Suburbs With Granny Flat Potential

Stickybeak – Three Bedroom Granny Flat “The Hamilton”

Take a stickybeak at this Coastal built three bedroom Granny Flat. The highlight of the home is its well-appointed kitchen with a prominent island bench, perfect for entertaining. The central open-plan living area fosters a warm and communal atmosphere, allowing for easy interaction and shared moments with loved ones.

Read More about Stickybeak – Three Bedroom Granny Flat “The Hamilton”

Beating the Rate Race: Investors with Granny Flats Have Better Return

Discover the emerging trend of homeowners utilising granny flats for rental income in Australia’s competitive real estate market. Learn how this strategy can help cover mortgage costs while addressing housing challenges.

Read More about Beating the Rate Race: Investors with Granny Flats Have Better Return

How to Determine Bush Fire Attack Level (BAL Rating)

The Bushfire Attack Level (BAL) rating is a critical assessment that categorises the potential bushfire risk for properties in Australia, spanning from LOW to FZ, representing various levels of fire intensity and potential hazards. Use this article to do your own estimation of your potential BAL rating

Read More about How to Determine Bush Fire Attack Level (BAL Rating)

Building a Granny Flat in the Blue Mountains. Q&A with Kate Cubitt.

Explore the nuances of building Granny Flats in the NSW Blue Mountains through our Q&A with Kate Cubitt, an expert in the field. Learn about size limitations, property location restrictions, approval processes, and considerations for bushfire-prone areas. Kate also discusses the option of renting out Granny Flats and provides insights into the costs and design guidelines for these unique living spaces amidst the stunning Blue Mountains landscape.

Read More about Building a Granny Flat in the Blue Mountains. Q&A with Kate Cubitt.

Embracing the Future: Cubitt’s Passively Designed Homes Ready for Faster Council Approval

Discover a new era in home construction with Cubitts’ Passively Designed Homes. Already NCC compliant, our energy-efficient designs not only help ensure we are in the best possible position to meet Basix compliance but also offer a future-focused lifestyle. We’re ready for faster council approvals while reducing your carbon footprint and energy costs. Embrace sustainability, efficiency, and comfort—all in one place.

Read More about Embracing the Future: Cubitt’s Passively Designed Homes Ready for Faster Council Approval

Can You Build a Granny Flat on Lot Sizes Less than 450m2?

Want to build a Granny Flat on a less than 450m2 block? Good news! Cubitt’s can do this for you. Regulations provide avenues for approval, debunking size myths. Whether it’s a Complying Development Certificate (CDC) or a strategic Development Application (DA), explore the possibilities of smart living with Cubitt’s, even on sub-450m² lots. Your dream space awaits!

Read More about Can You Build a Granny Flat on Lot Sizes Less than 450m2?

What ROI will a Granny Flat deliver in 2023?

Discover the untapped potential of Granny Flats as a smart investment avenue in NSW and ACT. While initial returns might seem modest, these secondary dwellings hold the promise of impressive long-term financial gains, offering a compelling proposition for those seeking to build wealth strategically. We explore real scenarios, and expert insights, illustrating how Granny Flats can be a game-changer in your investment portfolio.

Read More about What ROI will a Granny Flat deliver in 2023?

Channel Nine’s The Block Confirms: Studios and Granny Flats Desirable to Home Buyers

Immerse yourself in the captivating world of The Block 2023, where the allure of studios takes center stage. Witness the transformation of these self-contained spaces, from grand visions to ingenious designs, and discover how studios elevate both property value and utility. How does your home studio compare?

Read More about Channel Nine’s The Block Confirms: Studios and Granny Flats Desirable to Home Buyers

Navigating the 2022-23 NCC Changes: What to Expect by October 1

Navigate the upcoming NCC 2022 changes set for October 1st, impacting Australian construction in accessibility, energy efficiency, and condensation management

Read More about Navigating the 2022-23 NCC Changes: What to Expect by October 1

2023 National Construction Code Changes in Australia

Understand the transformative impact of NCC 2022 updates in Australian construction, fostering sustainability, accessibility, and energy efficiency.

Read More about 2023 National Construction Code Changes in Australia

Can I fill in a swimming pool and build a Granny Flat?

Building a granny flat over a pool site demands debris removal, VENM fill, compaction, and expert guidance for stability, safety, and compliance. Find out everything you need to know to turn a money pit into an Granny Flat income stream or comfy home.

Read More about Can I fill in a swimming pool and build a Granny Flat?

Granny Flat or Studio – What is the Difference?

Understand the difference between a Granny Flat and a studio. From self-contained havens to creative spaces, unravel the difference in amenities, value and costs and of course, the option that best suit your lifestyle and legal requirements.

Read More about Granny Flat or Studio – What is the Difference?

What is an Attached Granny Flat?

Have you always wanted to enjoy the financial benefits and lifestyle advantages of a Granny Flat on your property, but have limited backyard space? Attached Granny Flats are a popular option for those with smaller blocks of land.

Read More about What is an Attached Granny Flat?

About Kate Cubitt

Kate is Managing Director of Cubitt's. She is an experienced company director, avid investor and keen to share the financial insight she's gained being a female leader in the building industry.