Owning a home in Canberra makes sense
Canberra is not just a bush capital, it epitomises the best of Australia and offers a fantastic lifestyle, amazing art galleries, modern entertainment, amenities and family-friendly safe communities. In fact, there’s something for all age groups which makes it the ideal location for all generations and hence, also an ideal place to put up your granny flat.
Some folks might wonder why buy a home when you could easily rent one. Sure you can rent a home. But considering that amount you pay as rent could instead be paid as instalments on your home loan and at the end of term, you end up owning the place, it makes financial sense to own your place don’t you think? There are also some other advantages to owning your studio, granny flat or a self-contained unit in Canberra.
Owning your place removes the risk of rent increases.
A simple fact is that rents always increase and if the area you reside in develops quickly, the rent can go up faster than is comfortable and pretty soon you either end up curtailing other expenditure or regretfully moving to a new place that is less developed. When you own the home that you’re living in, you’ve removed this risk from your finances.
Home owners get a better deal from social security benefits
Owning your own home is still treated quite favourably when it comes to social security benefits such as the age pension, or costs of aged care services. When working out the cost of your aged care, the home is included but only up to a cap which is currently $154,179. Given the price of property in many Australian markets it’s likely that this cap will be well under the value of the home. If you choose to rent out your home when moving into aged care, the income will also be exempt from age pension calculations.
Best way to own a granny flat, studio or self-contained unit in Canberra
You could either buy a pre-owned studio, granny flat or a self-contained unit in Canberra or you could opt to buy the land and build your own granny flat. While the former seems attractive, research indicates that in a short period of time, the new owners begin to wonder if they did the right thing. After all, you are living in a home that was designed to someone else’s specification and catering to their needs – not yours.
In the long term, building your own your studio, granny flat or a self-contained unit in Canberra is a far better option. Of course, most folks would balk at the very idea of having to run around to obtain various approvals and most in cases; they wouldn’t know where to begin.
Enter Canberra Granny Flat Builders – a business committed to designing and building world class secondary residences in the Australian Capital Territory for our customers who are residential private home owners. The owners Frank Walmsley and Nick Constable have over 20 years’ experience in construction and property businesses in the ACT.
Canberra Granny Flat Builders specializes in constructing on site custom-made homes under the new laws and regulations. They manage the entire system on your behalf and custom design and build onsite always complying and exceed Australian Standards and laws. Their fixed priced HIA contract means that there are no hidden costs after the project commences. So go right ahead and own a custom built home in Canberra.