A new company that specialises in building luxury modular houses is urging first-home buyers who cannot afford a house to use the $20,000 Queensland Government grant to build a granny flat.
Last year the government announced it would give first-home buyers an extra $5000 towards the cost of their new home, taking the total of the grant to $20,000.
That extra boost is set to expire on June 30 and Nano Homes, a NSW-based building and finance company said first home buyers should consider a granny flat as a real property investment strategy before the grant drops to $15,000.
Managing director George Nori said buyers need to “think outside the square”.
“This is a fantastic opportunity. If first home buyers are unable to afford the cost of their own home, they can put property on a relative’s land,” he said.
“It gives excellent, flexible, long-term opportunities for families at all stages of life … parents can buy equity, they can downsize into the granny flat as their children’s families grow, it can be rented out, used for other siblings … the opportunities are endless.”
“The immediate fix is that it gets young people independent, it teaches them how to save, it creates that stepping stone and it also allows them to stay in the suburbs they know and love,”
However, the solution only works if parents have enough free land space to build a granny flat.