With nearly two-thirds of millennials still living at home, granny flats are being touted as the best solution for enabling them to become homeowners. Find out how Lifestyle Granny Flats can help frustrated first-time Brisbane home buyers get a foot up on the property ladder.
The Millennial Housing Crisis
According to a recent survey, one fifth of young people currently living at home are expecting to stay there until they’re at least 30 years old. Millennials, low-income earners and young families with children are particularly affected; finding it difficult to save for the 20% deposit currently needed.
Adding pressure to the situation is the fact that “a typical dwelling now costs 7.2 times the annual household income…. and servicing an 80% loan now takes 38.8 per cent of household income”.
This rise in housing affordability has led to an increased number of first-time buyers deciding to stay at home with their parents because they simply can’t afford to pay rent and save for a home deposit.
The same survey showed that one third of young home buyers said they were relying on inheritance or parental assistance to get around this problem.
Introducing Granny Flats!
Parents can help their children without throwing a casual million bucks their way – if they have a bit of spare land at their disposal. Adding a second dwelling or ‘granny flat’ to a pre-existing property, that can be bought by the children, is the best solution to a tricky situation.
Our Lifestyle Granny Flats are architecturally designed tiny homes, not just prefabricated buildings. They’re customised to each individual homeowner’s needs and they don’t cost the earth to build. That makes them perfect for first-time buyers who can only afford a small deposit and a small mortgage.
Choice of interior design
Rather than being stuck with whatever interior design is given to you, with Lifestyle Granny Flats, you get to choose from quality standard or luxury finishes depending on your personal style and budget.
Future proofing for parents
A Lifestyle Granny Flat is a win-win for the whole family! Once the child/children have gained equity by paying off their granny flat, then they’re in a stronger financial position. It can then be sold back to you for use as retirement income by renting it out, as extra living space for visitors or family members, as a hobby room; the list of possibilities is endless… If you want to downsize later on, a granny flat is a well sought after addition to a property. Plus, with the right inclusions, can add thousands to your selling price!
Find out more about why granny flats are the future.
Kids still at home and interested in a granny flat as a viable solution? Give us a call – we’ll be more than happy to have a chat about your situation.