Millennials Buying Granny Flats Rather than Apartments

Who wants to live in a secondary residence?

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 Millennials?

A millennial is born between 1981-1996. They are known and have been talked about for spending their money going out for breakfast and coffee more than any other generation before them. This also can make it difficult to save.

The property market seems out of reach for some of these individuals and many would rather rent where they want to live to live the best lifestyle they can, rather than the traditional road of purchasing a property. 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. It’s 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 or secondary residence to anyone who is willing to pay for it. There is a nightly cost where people are renting out their secondary residences for anywhere from $80-$560 per night. Yes $560 per night! If you have the right location, luxury secondary residence and the right decor, it could be possible. If you don’t want to manage a listing, a secondary residence that has been DA approved can be rented out with an agency. Therefore it gets taken care of for you.

These two option gives Millennials the option to do what they want when they want and get an income from it. If they own the secondary residence, they can rent it out while travelling and remote working, or if they live in it, it has the luxury and style they like without the huge price tag of a new apartment rental.You can also organise cleaners and maintenance companies to look after it while you’re gone. 

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 drop-shipped 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?

Start your investment portfolio with a secondary residence.

All information is general in nature and The Pod Canberra cannot take responsibility for information posted in this and all blog posts.