Alan and Sue have been married for 52 years. They love their home which is situated on a medium sized block.

They have three adult children; one lives nearby and the other two are interstate.

As retirees, they have four retirement living goals. They:

1.   Don't want to be a burden on their adult children.

2.   Want to access government subsidised services in their home

3.   Want to maximise the value of their estate to leave to their children / grandchildren

4.   They NEVER want to go to a nursing home

With each passing year their health is changing, so they ask Home 4Ever Community Services to do a Retirement Living Plan.

Their plan includes:

• Maximising Centrelink support (which will also help them obtain more subsidized home care services)
• A visit with their financial planner to ensure their assets working well and income is secure.
• A visit to their solicitor to put in place estate planning documents (including enduring guardian and advanced care directive)
• Check of their home for ageing hazards, resulting in handrails in bathrooms, a ramp, nonslip surfaces in wet areas, railings on all stair areas, bathroom, garden and kitchen layouts. 
• Modifying lawn and garden to ensure they are low maintenance.
• Family meeting to discuss long term retirement in home 
• As they never want to leave their lovely home, Alan and Sue give a lot of thought to the time when their health changes significantly. They decide to build a granny flat in their yard. This will provide accommodation for a live in carer and add value to their home and future inheritance for their children / grandchildren.

What is the granny flat option?

None of us know what our future health will be like. If your health changes to a point where you need full time care, a granny flat built on your home block can allow carers to provide you with 24/7 care. You will of course, be adding to the value of your home and inheritance.

What will a granny flat cost?

Our research shows that in your local area, a granny flat may cost between $70k ~ $150k.

How does a granny flat cost compare to a nursing bond (part refundable accommodation payment)?

This deposit is currently capped at $550,000 but is proposed to increase to $750,000 with a percentage exit fee of up to 10%. The payment receives no interest and part of it is kept by the nursing home.

 “A granny flat is cheaper than going to a nursing home and it adds value to our home and future inheritance”