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 email@example.com.
Free On-Site Assessment at Your Property
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Planning to build a Granny Flat is an exciting time, not only due to providing flexible additional accommodation for your family, but also as an investment that is likely to increase the value of your existing property and bring in a constant, passive revenue stream to your overall income.
As any family grows, they often find their existing home is no longer suitable for their needs. It can be an onerous situation for many families, who are yearning for added functional space yet plagued by the prospect of leaving the home they know and love. If you are considering whether to renovate your own home or commence the search for a different home entirely, here are some questions you may want to consider in advance.
It’s all too easy to identify homes that have taken shortcuts during the build process. Crumbling or flaking concrete, flimsy door latches, electrical switches which don’t work – small details that all paint a bigger picture.
There is no denying the impact of the COVID-19 pandemic (coronavirus) on our society, and it will likely change the way we live for a long time yet. Could Granny Flats be a way to protect our most vulnerable loved ones?
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 can help recession-proof your family.
In recent years, strong housing price growth and the need for affordable housing has driven a rise in the popularity of Granny Flats across NSW and the ACT. A Granny Flat is a positive investment, whether you’re looking to increase the value of your property or need a separate living space for family members.
A breakdown on Granny Flats and the Age Pension Will I lose my pension? While Granny Flats are no longer just for grannies, some of our clients do come to us at a stage of their life when they are receiving a part or full age pension.