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 

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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.