Generation Homeless?

 

While most parents strive to help their children in any way they can, going over and above with financial generosity can present implications for their own retirement outcome later in life. All manner of savings and retirement funds should be considered and planned for carefully throughout life, to avoid any shortfalls when needed most. Not every parent can afford such lavish monetary gifts for their children. 

 

But are there other ways parents can help? 

 

Building a granny flat in the family home backyard for your child to rent back off you, is indeed a concept to consider when thinking of ways to offer assistance. This provides four outstanding benefits;  

 

1. Increasing equity in the family home,  

2. Having the kids pay rent that isn’t dead money (i.e. paying rent to a landlord),  

3. Saving the money to help your child when they are ready to buy, or build, their own home. Finally, the granny flat can be rented out again to another person - or the next child in succession! 

4. Having an income-producing property enhances your exit strategy if and when you decide to sell. 

 

Plus, it’s never a bad thing to have someone on your property in the event of needing a babysitter for the furbaby.