Granny flat could be an­swer to ex­tend­ing in­de­pen­dence

Townsville Bulletin - - LIFESTYLE -

MOST of us want to live in our own home for as long as we can, while we are able to live in­de­pen­dently.

Re­tire­ment vil­lage and nurs­ing home care is usu­ally very ba­sic or very ex­pen­sive, and of­ten both. Liv­ing at home close to fam­ily and where you know your neigh­bours, is usu­ally a much bet­ter op­tion.

As health and mo­bil­ity be­gins to fal­ter, home care providers can help pro­long the time you can live at home. The cost of liv­ing at home with is the prin­ci­pal at Con­rad Law in Townsville, spe­cial­is­ing in busi­ness and suc­ces­sion law pri­vate care is still far cheaper than re­tire­ment or nurs­ing home costs.

When home is no longer a vi­able op­tion, liv­ing with off­spring may be con­sid­ered, ex­cept liv­ing “un­der their feet” may be too much.

Build­ing un­der the house or a granny flat out the back could pro­vide a de­gree of in­de­pen­dence and sep­a­ra­tion, while still liv­ing close to you.

Pri­vate home care can also re­duce the bur­den on off­spring.

Within cer­tain lim­its, gifts to­wards the cost of set­ting up the granny flat are ex­empt from pen­sion gifting rules.

This can sig­nif­i­cantly re­duce nurs­ing home bonds when that time comes. The ar­range­ment must be doc­u­mented to lock in the right to re­side in the flat. There should also be agree­ment on what hap­pens if the prop­erty has to be sold ( with the granny flat) due to un­fore­seen cir­cum­stances.

A granny flat ar­range­ment can pro­vide a bet­ter qual­ity of life, save a great deal of money and when no longer needed can be used for a uni- aged grand­child or rented through AirBnB.

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