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However, there are times when it doesn’t work out how everyone had hoped it would.
Planning and preparation that will protect your investment can help your peace of mind.
Some issues to consider in the event the future unfolds in a way you didn’t expect:
if you pay for the granny flat, will your name be on the title eg. as tenants in common?
what would happen if your child separated from their spouse and the residence, including the granny flat, had to be sold for a property settlement?
what would happen if you needed to go into a residential nursing facility - would you be able to recoup the money invested in the granny flat?
what would happen if relationships deteriorated with your family and you no longer wished to live there?
when you die, will the granny flat be part of the inheritance for your children? How will your estate be divided given that separating your assets in this case may be difficult?
Getting legal advice about how the law operates or what steps you can take in these situations can help clarify your options.
It’s important to have a conversation at an early stage with your family to help plan in advance. This may save a lot of distress at a later time and a mediator may be able to help.
Alternatively, you may already be living in a granny flat and have some concerns about your situation.
Relationships Australia Queensland’s Elder Mediation Support Service (EMSS) is a free service which provides family meetings facilitated by an elder mediator who can assist you in discussing such issues with your family in a safe and supported way.
The mediator can help you to reach agreements that recognise the rights of the older person, build relationships, and enhance the quality of life for all participants. You can speak confidentially to the mediator about your situation before deciding what to do next.
If you are a concerned family member or over 65 years old (or over 50 years old Aboriginal and Torres Strait Islander), please call Relationships Australia Queensland on 1300 364 277.