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.

Adding a ramp to your Granny Flat

If you are considering adding a ramp to a Granny Flat, there are a few things you should keep in mind. In this blog post, we’ll discuss the benefits of adding a ramp, the different types of ramps available, and some important factors to consider.

Read More about Adding a ramp to your Granny Flat

Care Customer Specialists

Building a Granny Flat is not just about creating a space for your loved ones, but also ensuring that it is designed to cater to their specific needs. That’s why we have a dedicated Care Customer Specialist, Shayoni Shah, who’s trained to provide exceptional support for clients who require extra care in their Granny Flat build

Read More about Care Customer Specialists

Sensory customisations to consider when a Granny Flat is for care

From lighting, temperature control, sight smell and touch, to safety and smart technology. We take a closer look at the various customisations that help sensory adaptation and processing in a new home.

Read More about Sensory customisations to consider when a Granny Flat is for care

How could a Granny Flat work in a Specialist Disability Trust?

Families of children with disabilities often face a range of challenges when it comes to planning for their future, including financial planning. A specialist disability trust (SDT) is a legal arrangement that can provide peace of mind and financial security for families of children with disabilities.

Read More about How could a Granny Flat work in a Specialist Disability Trust?

Building a Granny Flat and moving in with family? A family agreement protects your intentions

Need a family agreement, or a ‘granny flat agreement’? Following a few key tips can help ensure your ‘legal interest’ in the property can be protected if the arrangement unexpectedly doesn’t work out as planned. Additionally, they could help you avoid expensive and stressful legal action down the road.

Read More about Building a Granny Flat and moving in with family? A family agreement protects your intentions

Space and independence when choosing to care at home for a loved one

Caring for family members, whether they are elderly or have disabilities, can be emotionally and physically draining. Your own physical space away from family can provide a respite from these responsibilities, allowing caregivers to focus on their own needs and well-being.

Read More about Space and independence when choosing to care at home for a loved one

How a Granny Flat helps exceptional families with self-care

Being a parent is a challenging role in and of itself, but when you have children with disabilities, it can be emotionally and physically exhausting. As a caregiver, it’s essential to recognise the importance of self-care to maintain your well-being and provide the best care possible for your children.

Read More about How a Granny Flat helps exceptional families with self-care

Cubitt’s Carpenter Apprentice Wins Scholarship

Ellie is a shining example of the success that can be achieved by female carpenters. She has just won a scholarship through her TAFE studies, which includes a mentorship program, on-site mentoring, and a cash prize.

Read More about Cubitt’s Carpenter Apprentice Wins Scholarship

Customisations to consider for a disability Granny Flat

From flooring to storage, bathroom to kitchen, and electrical features, we take a closer look at the various customisations that can be made to improve accessibility, safety, and comfort within a disability granny flat.

Read More about Customisations to consider for a disability Granny Flat

The Best Granny Flat Builder on the NSW South Coast

Dedicated to building the highest quality Granny Flats on the South Coast. You MUST get a quote from Cubitt’s to be sure about your Granny Flat or Home Extension building project. With 100s of positive reviews and completed builds property owners in Jarvis Bay, Huskisson, The Basin, Culburra, Vincentia, and all through Culburra are lining up to have Scott and his team get the job done. Your journey starts with a FREE site consultation so book today.

Read More about The Best Granny Flat Builder on the NSW South Coast

Building a Granny Flat means to insulate against rate rise

An article published in the Australian Financial Review (AFR) on Sunday 5 March identified a number of ways Australian households are softening the impact of more expensive rates, including building a Granny Flat.

Read More about Building a Granny Flat means to insulate against rate rise

Generation of Women Careers Built on Cubitt’s Apprenticeship

Breaking the mold in the Construction industry, Cubitt’s is leading from front when it comes to women in trades – now announcing the Cubitt’s Female Carpenter Apprenticeship programme

Read More about Generation of Women Careers Built on Cubitt’s Apprenticeship

What’s included in a Cubitt’s Home Extension Design Pack?

A concept design for a house is an essential first step in the design process. It helps to ensure that the final product is functional, aesthetically pleasing, and meets your needs and expectations.

Read More about What’s included in a Cubitt’s Home Extension Design Pack?

Home Extensions: What factors affects how long a home renovation may take?

Find out what factors can affect the timeline of a home extension or home renovation project, and what are the common considerations that need to be taken into account to save time overall.

Read More about Home Extensions: What factors affects how long a home renovation may take?

How much could you save moving back in with Mum and Dad?

Families looking at the possibility of interest rates remaining higher longer term, are examining their resources to ensure they can maintain their standard of living.

Read More about How much could you save moving back in with Mum and Dad?

Ninth consecutive interest rate rise driving creative property solutions

The impact of an interest rate rise can be different for individuals, businesses and the overall economy, with some potentially benefiting while others may be negatively affected. No matter the situation, with rates continuing to rise – and more expected, individuals and families are considering their options.

Read More about Ninth consecutive interest rate rise driving creative property solutions

Blue Mountains Beauty – The Banksia II like you have never seen it before

The Banksia II, on display in the showroom is specifically inspired by spaces in the NSW Blue Mountains, and combines the beauty of the natural landscape with contemporary design elements to create a unique and functional space. With its deep earthy palette, sleek black appliances, and gold and black accents throughout, the design is sure to impress. Lets take a look in detail.

Read More about Blue Mountains Beauty – The Banksia II like you have never seen it before

Ten Home Goals for 2023

There’s nothing more important than family. Our foundation of emotional support, security, belonging, identity and values. At Cubitt’s, we know your home is what is supporting, surrounding and nurturing your family – in so many different ways, and we’re here to support you finding the best way to family for you.

Read More about Ten Home Goals for 2023

How Much Does a Home Extension Cost in 2023? Here are 7 Important Factors

As your family grows, you may find yourself requiring more usable space. Planning to renovate the home you love is one of the most exciting and most personal projects a person can undertake.

Read More about How Much Does a Home Extension Cost in 2023? Here are 7 Important Factors

Five top tips for surviving Christmas with the Rellies

Every family is unique, and differences become clearer during the holidays. We’ve got five hot tips to make this Christmas one of peace and family unity and help you get your holiday off to a good start.

Read More about Five top tips for surviving Christmas with the Rellies

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.