The housing market in Australia currently has been described, as “tight”, “booming”, “competitive” and as even being in “crisis”. Post-pandemic, many investors who were forced to battle through various state government moratoriums on evictions are selling up and there are new home buyers everywhere desperately searching for their dream home. Then there is the rental market, which thanks to the increase in Airbnb or vacation style rentals, are also struggling to meet market demand, leaving many without a home and on the brink of homelessness.
With the New South Wales-Central Coast region experiencing unprecedented amounts of up to 74% of people living in overcrowded housing, there has never been a better time to consider the potential in your own backyard. A granny flat brings so many financial opportunities, along with providing your family with financial security into the future.
Here, we take a look at why Granny Flats are the perfect solution to Australia’s current housing crisis, and how building one at your home can not only increase the value of your home but can set your family up with long term housing both now and into the future.
Granny Flats – The perfect Investment for the Future!
The difference between a Granny Flay and a regular home is that a Granny Flat is a secondary dwelling to a main home or residence, named fittingly, as many people completed such additions to their homes to house their ageing relatives, their grannies”.
A granny flat is basically just a smaller version of a house. In order to be a compliant dwelling, it must have its own kitchen facilities and an operational bathroom, and it can be both a permanent and a temporary housing solution.
Regulations on the Central Coast include that a granny flat construction must be no larger than 60 square metres. So, think of your standard 3-metre x 3-metre garden shed for comparison’s sake a granny flat is 20 times as large… that’s one HUGE addition to your home.
A solution to an increasing problem
With so many people trying to enter the housing market in either a rental or buying capacity, there are simply not enough homes to go around and together with the Central Coasts staggering median house price increase, which up until September 2021 had increased more than 3 times that of Sydney, at 15.9%, building a Granny flat maybe your families best solution to combat the market surge.
Building a granny flat at your home is the perfect solution for your entire family, including young adults, and also the older “grannies” in your life. With young adults tending to spend more and more time at home particularly due to the lack of rentals on the Central Coast, a granny flat enables you to still experience the empty nest feelings, with your adult children also having a space of their own.
Additionally, with the increasing age of Australia’s population and the large costs associated the elderly family members entering aged care facilities, a more affordable option is to house them close by, at home, in their own space where they are still able to maintain a certain level of independence.
Other than the pure joy of providing housing solutions for your family members, a granny flat can also add to the resale value of your central coat property. So long as your granny flat is designed and constructed of the highest quality, it should positively increase the value of your property, making it a win for everyone.
Another positive benefit to a granny flat addition to your home is that you are creating a potential income stream for yourself. Should the addition no longer be required by your family, you always have the option to lease it as either a long term rental or holiday rental, with holiday rentals on the Central Coast, also becoming increasingly popular.
How Coastal Granny Flats can help
With over 36 years in the building and construction industry, 9 of those being especially constructing customised granny flats right here on the Central Coast, the team at Coastal Granny Flats are the regions premier choice when it comes to a granny flat addition to your home. With a customer-centric focus and our ability to work collaboratively with our clients, our granny flats add value and space to any home. Built using aesthetically pleasing designs, and completely customised to suit your property, our no one size fits all approach means your granny flat will be exactly what you need for your family.
Whatever your plans, get in touch today, and chat with a member of our friendly team about your options.