Why granny flats and dual-key properties make financial sense

Helping your adult children with housing could be the best thing about a granny flat!

My daughter has lived in Sydney with her boyfriend’s family for a few years due to high rental prices…buying their own home in Sydney seems like a lotto-winning dream.

A granny flat has come to the rescue. My daughter’s future in-laws had enough space in their backyard and soon my daughter and her boyfriend will have their own space, at a great rental price, while not having to leave the area and the neighbours they love.

Whilst we often view granny flats as a potential investment idea, the personal contribution of a granny flat cannot be overlooked. Whether it be for adult children who need a helping hand to enter the property market, or for older parents who wish to downsize and need extra care, the granny flat is becoming an essential part of Aussie life. Their flexibility means they can be of use throughout many different life stages – perhaps for teens to live in, or as office space where you can run your business efficiently without having to leave your street and tackle the traffic.

Same too, with a dual key design. There are some great plans available with a 3 bed or 4 bed on one side and a 2 bed or 1 bed on the other. Granted these are great investments - investors can receive two lots of rental income and they are also ideal for the Airbnb market, or for those that cannot afford to rent a large house. But they can also help families. Adult children can live in one side while the older parents live in the other and everyone is looked after. Or an older couple may live in the 3 bedroom side and rent out the other side to give them some added extra income heading into retirement – kind of like a side hustle.

Granny flats and dual-keys are cheaper than subdividing and are usually quicker to gain development approval. They’re also not what people may think – they’re modern, functional and have all the finishes you’d expect from a normal home. Most importantly, they have the potential to be part of the solution for the housing affordability problem.

We have some fantastic granny flat dual-key plans available. Or one of my builders can customise a plan to suit your needs. Contact me for more information.