Millennials Buying Granny Flats Rather than Apartments

Young and hungry, passion to drive and succeed. Life is more and more travel, nomad, work remotely and more. With the cost of living going up and the cost of housing skyrocketing, what is the option for Millenials?

A millennial is born between 1981-1996. They are known and have been mocked for spending their money going out for breakfast and coffee more than any other generation before them. This also makes it more and more difficult to save. The property market seems out of reach for more individuals so many of them would rather rent where they want to live and live the best lifestyle they can, rather than the traditional road of a steady job, buying a house, settling with kids and a family. Times have changed and it will only charge more in the generations to come. With technology evolving, times will never be the same. Generations will need to differentiate the way they invest, live and dream.

One option of living differently is purchasing a Secondary Residence. Its a home in the backyard of an existing property. It’s bigger than most apartments in Canberra but at half the cost. With Separate access, high quality finished, spacious living and parking, granny flats can be built just about anywhere you can dream of, customisable so you can use them also as offices, or a fully equipped home. Financing can be challenging for such an option but nothing is impossible we say. 

Another big revelation in this generation is Airbnb, the ability to rent out your home to anyone who is willing to pay for it. There is a nightly cost and those who build a Pod in Canberra are renting out their secondary residences for around $220 per night. This option gives Millenials the option to do what they want when they want and get an income from it. You can also organize cleaners and maintenance companies to look after it while you’re gone. 

If you wanted to go the more traditional route, a secondary residence that has been DA approved can rent out with an agency. Therefore it is a complete rental that gets taken care of for you work and travel around the globe.

Everything is changing, the way we work is changing, for example, you can have a team of people working for you remotely. There is no need for big corporations to rent commercial buildings anymore, products are being dropshipped from suppliers and therefore no stock is required, Coffee is $5 and who knows in 5 years if it will all be automated as AI is looking to cut out all of the jobs that a basic AI could perform. We need to adapt and plan for the future and I think the millennial generation has been through a pinnacle time of seeing this change and understands it the most out of everyone. 

Start small and live the life you have always wanted. 

What are you waiting for? Get going, and start your investment portfolio with a secondary residence.

Written by Jacki Valk & Lira Alvarez

All information is general in nature and Jacki/ Lira or The Pod Canberra cannot take responsibility for your Airbnb rental pricing or the expressive details in this post.

Contact 1300 The Pod 1300 843763 www.thepodcanberra.com.au