Whether we like it or not, our parents get older and at some stage or another are going to have to move into accommodation which suits their changing needs. It is widely recognised that South Africa has a major shortage of retirement accommodation and even if someone is lucky enough to secure a home in a retirement complex or old age home, the cost of such a luxury is generally high.
The granny flat option has always been a popular choice in this country, and for good reason. Having your parents living in close proximity not only saves money, but ensures that their needs – and your peace of mind – are taken care of.
There are some financial benefits too as generally speaking, a granny flat adds value to a property in the long term. With all of these perks one could assume that the decision to house one’s parents on the property is a win-win situation. However, there are drawbacks and implications that need to be considered before committing to the idea.