With the ever-rising costs of senior care facilities, people are looking for viable and affordable alternatives. That is what made Granny Flats the talk of the town these days.

In this article, we will explain why granny flats are a better option than senior care facilities. But before we begin, let us first explain what granny flats and senior care facilities are and how they differ from each other.

Granny Flats Vs. Senior Care Facility

Granny flats and senior care facilities (also referred to as assisted living facilities) are two options for housing our aging loved ones. However, they have distinct differences in living arrangements, care services, independence, and overall experiences.

Granny Flats:

A granny flat, also known as an accessory dwelling unit, is a living space on the property as the primary residence. It is a detached living space from the main house and can be a garage, basement apartment, or standalone structure. Their fundamental strength is that they provide closeness for your family, so you can keep an eye on your elder relatives and have peace of mind.  

Increasingly, granny flats are being used for older relatives who want to live near their loved ones while keeping their independence. It is mainly defined as a self-contained living space usually attached to the main house. (You may have also heard them referred to as longterm care services or continuing care retirement communities). This setup allows elderly occupants to have independence by providing their own living space. With this independence comes the ability to maintain control over their routines and privacy.

Senior Care Facilities:

On the other hand, senior care facilities are designed specifically to meet individuals’ care and assistance needs. These facilities include assisted living residences and nursing homes that offer levels of care. Residents in these facilities live in shared spaces with individuals. They often have access to communal dining areas, shared spaces, and organized activities that promote social interaction among residents.

 

5 Reasons Why Granny Flats Are a Better Option

Here are 5 reasons why we believe a granny flat is a much better option than some senior care facility.

1.    The Financial Responsibility of Senior Care Facilities

Senior care facilities often come with a price tag frequently exceeding $10,000 a month. This financial burden can be quite challenging for families to sustain. They often lack tax incentives. On the contrary, granny flats present tax and financial advantages, including;

• Tax Deductions: Depending on tax regulations, homeowners may qualify for deductions or reductions in property taxes if they have a granny flat on their property. Do Consult your local tax professional to get some relief from the property tax burden.
• Access to State Grants: In regions, grants or financial assistance are available for constructing or renovating a granny, especially when it’s intended to accommodate elderly family members. These grants can help offset construction costs and make it more financially feasible.
• Increase in Property Value: The addition of a granny flat can enhance the value of the residence. This arrangement can have advantages if the family chooses to sell the property down the line or utilize it as an asset.
• Earning Rental Income: In case the family member or loved one eventually moves out of the granny flat, it can be rented out to generate income. This additional income can assist in covering maintenance expenses. Add to the stability of the family.

2.    Multigenerational living, which is more appealing

The most important mission of a granny flat is to bring the loved ones, both young and old, closer to home. Most people are used to living independently and do not like any assistance. The idea of living with unknown people is strange to them, which makes living in a senior care facility a big challenge for them.

Whereas the idea of granny flats is much more appealing than that. Your relatives of all ages will feel that they are being welcomed into their house, which will make them feel loved and comfortable at the same time.

3.    Long Term Investment

Another reason most people are interested in granny flats nowadays is because they are an excellent long-term investment opportunity. Browse over communities across the U.S., and you’ll see that the fees of senior care facilities typically yields no return on investment or any financial advantages. Essentially, families are paying solely for the care services without the potential for any gain.

But adding a granny flat to your house does. It increases the value of your house. It also gives you an opportunity to rent out your granny flat for some extra cash. Moreover, it can also be used as a primary residence, secondary residence, or investment property, making it a premium investment opportunity.

4.    Availability of Extra Space

Granny flats are an excellent choice for people looking for extra space. They provide a designated space with some privacy for your home office.

It can be used as a gym with some exercise equipment such as weight or treadmills or as a playroom for your children. Lastly, you can redesign it as a storage space or energy-efficient heating and air conditioning systems to make it more comfortable.

5.    Keep Your Loved Ones Safe

Last but not least, older people are always at risk of falling or facing other health problems. If they live away from you in a care facility, constantly worrying about them will make you anxious.

A granny flat will let you stay close to your loved ones. Thus, you can check on them more often and efficiently, keeping them safe. This will also help you deal with your anxieties and catch up to them in case of any emergencies.

Final Thoughts

A granny flat gives your elder relative much more than a place to stay. It provides the comfort of their own space while staying on the property. It gives them independence and a feeling that they control their environment.

In this article, we have explained the key advantages that a granny flat has over senior care facilities. While these facilities might have some professional approach, granny flats let your loved ones stay close to you and cherish every moment with them.

Contact us to learn more about adding a granny flat to your property, today!