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Granny flats become Aussie families' cost-effective solution to soaring living costs
Invest
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to family without the hefty price tag of retirement living.
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to family without the hefty price tag of retirement living.
Responding to the country's financial squeeze, granny flats in backyards are allowing generations to coexist and mutually benefit from closer bonds.
VanHomes, a company specializing in relocatable expanding granny flats, has seen a surge in interest. Highlighting the practicality and financial sensibility of the arrangement, CEO Vito Russo explains, “Living in a granny flat gives older parents the best of both worlds. They can maintain their independence, but they are still in close proximity to the rest of the family." This balanced approach to living is changing the dynamic of Australian households, especially when facing the prohibitive costs associated with retirement villages.
These costs can soar up to a million dollars, alongside monthly fees, triggering families to seek alternative solutions. Russo comments on the financial benefits, “For many older Australians, the cost of entry into a retirement village is too high and even if it is possible, it leaves nothing in the back pocket for ongoing living expenses, travel or anything else.”
The recent pandemic has also raised concerns over communal living spaces. For families wary about health safety, granny flats offer a peace of mind. “The other issue is that the risks of COVID and other airborne diseases in retirement villages have been amplified over the last few years. This is concerning for many families and too big a risk,” Russo remarks.
Beyond providing a safe haven for the elderly, granny flats present a sound investment opportunity. Owners find that these structures not only reduce living costs but also boost property value. "Not only will a granny flat provide your loved ones with somewhere comfortable to live that is close by for a fraction of the price of other options, it can also add significant value to your property through its ability to generate revenue and expand your family’s living space," said Russo.
VanHomes leads the charge with their unique line of fully relocatable expanding granny flats. These innovative dwellings require minimal red tape and set up in hours, unlike traditional home extensions. Catering to diverse needs and budgets, Russo illustrates the accessible pricing: “From as little as $65,000 plus delivery, they can get a studio or for just over $100,000, they can get a two-bedroom single relocatable expanding granny flat.”
This practical approach from VanHomes addresses not only the financial concerns but also the desire for maintaining healthy, supportive multi-generational family environments. Granny flats are carving a niche as a savvy economic and emotional investment, nurturing familial ties while easing the financial burden of elder care. With careful communication and respect for privacy, Russo believes that families can create a harmonious living space that benefits all.
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