There comes a time in our lives when we have to think about things like retirement and savings. While old age slows us down, it shouldn’t stop us from enjoying our lives long after we’ve hung up our work gloves. If anything, this should be a time when we start enjoying ourselves, including the fruits of a lifetime of hard work.
Many of those approaching retirement age first consider a place to live. These days, nursing homes or nursing homes aren’t the only alternatives an older person has when deciding to move out of their family’s home, which may have grown too large or become a bit unmanageable. Grandma flats, also known as “mother-in-law apartments,” “granny suites,” or “accessory apartments,” are fast becoming a more attractive prospect for seniors who prefer to use their hard-earned money by traveling abroad .
A granny flat is a separate dwelling unit built on property that is normally for a single dwelling unit and has its own entrance, living room, kitchen, and bathroom. It is typically built over a rear detached garage, above or below the main floor of a single-family dwelling, attached to a single-family dwelling on level, or separate from the main dwelling, much like a guest house.
For seniors and their families who have found nursing homes too impersonal and expensive, for sons and daughters who really can’t stand Mom living so far away, Grandma’s flat is the best option. Not only will she keep her family together, but her older relatives will also be able to enjoy a sense of privacy and independence that they hate to lose. They also have the assurance that they have someone close by who they can turn to in emergencies, such as driving to and from the doctor’s office for checkups or grocery shopping.
For older families, another reason granny flats are better than nursing homes is the fact that energy bills are considerably lower since they take up a smaller space. One of the main reasons seniors are forced to move out of their family homes is because they can no longer pay the bills that large houses generate.
Granny flats can also be built according to your personal preferences. With many home designs available ranging from singles to five bedrooms, you’re sure to find a granny flat to suit you and your elderly parents’ requirements. Going online will provide you with much of the information you need, as well as the laws and regulations related to building granny flats in your area. Please note that there may be some council areas that prohibit construction due to zoning laws, so again, the importance of doing your research is emphasized to avoid future complications.
But the biggest benefit of granny flats for most people is that it can also be a great investment. When you do your research and plan well, not only will you be able to keep your aging parents close, but you’ll also be able to manage your finances more effectively. Thanks to the SEPP (State Environmental Management Policy) you will be able to build apartments on your property and rent them to obtain a higher yield and good depreciation benefits. They could also help you significantly if you are having trouble making loan payments on your property.