Why Granny Annexes May Not Be Just For Granny In The Future

Why Granny Annexes May Not Be Just For Granny In The Future
Diane Cossie
why granny annexes may not be just for granny in the future

80-90% of our annexes are built for elderly relative care, hence the term often used to describe them “granny annexe.”

Pre-2011 you would automatically have thought about a log cabin if you were considering building a granny annexe in the back garden and they would usually have been imported from Sweden or Finland where slow grown pine from within the Arctic circle is used to build long lasting log homes, cabins and lodges.

However just as everything evolves more rapidly today, so have granny annexes and they are now typically built in the same way as a timber-frame home, plastered inside with an apartment living feel that is providing smart solutions in various sectors of the UK property ladder.

Feature Article: Why Granny Annexes May Not Be Just For Granny In The Future

1. Downsizing For Financial Security

On each of our free on site consultation appointments we typically get to meet multiple generations of family members looking to provide a solution that benefits not only their parent or parents, but also other members of the family too.

Every single annexe we build is for a totally unique set of circumstances, some obviously involving ill health, but some are simply for a lifestyle choice that typically involves selling up an existing property, releasing equity to build the annexe and have money in the bank left over.

Your Local Planning Authority will want confirmation that the annexe will be lived in by a family member and establish that there is a need to do so.

Examples of this might be:-

  1. There is a need to look after relatives and provide care either now or in the future.
  2. It is the perfect way to downsize without compromise as the annexes we build can be tailored for wheelchair access, fitted with wet rooms and grab rails etc and have built in intercoms for added peace of mind.
  3. They also provide the annexe owners with a whole new lease of life, being involved with the day to day life of their family and enjoying more time with their grandchildren.

2. The Solution To The Single Income Problem

We are also beginning to get more and more enquiries from people who had bought a house of their own with their partner or spouse, but for whatever reason suddenly find themselves single again with very few options available to them.

This problem is compounded when young children are involved and as the price of UK properties are so high in today’s economy they have very little equity if the house is sold to start over.

Added to all those battles is the ability to get a single income mortgage.

Independence is something we all enjoy, so the though of living back with Mum and Dad might fill all concerned with dread.

With annexes costing as little as £65,000 – £75,000 they can offer a huge stop gap that helps all concerned to help and support one another and provide much needed independence at the same time.

With annexes adding value to the main house, it’s a long term win / win too.

3. Annexes Also Offer The Perfect Solution For First Time “Buyers”

The modern day family with children approaching teenage years have problems no other generation has faced in the UK.

Most of them do not expect to be able to afford their own home.

With the private rental sector booming in the UK trying to save up for a deposit for your home own whilst paying rent is almost impossible.

Most of earned income is simply covering living expenses and rent so some smart young adults are looking into ways that Mum and Dad can help them out short-term by building an annexe in the garden and help them to save at a much faster rate.

Even with the Government assist to buy schemes and low interest rates, the equity in new build homes at the prices are being asked would almost always end up quite quickly in a negative equity situation or become problematic when interest rates rise again (as they always do).

With the demand for houses for sale with a granny annexe on the increase, it’s an option that can provide a win / win solution for all concerned.

Summary

  1. Granny Annexes are the perfect solution for elderly relative care.
  2. They also provide a family member the opportunity to benefit from selling an existing home and becoming financially more secure.
  3. Single income annexe owners can retain their independence.
  4. Smart first time buyers are using annexes as a way to save up for their home deposits much faster.
  5. The demand for homes with a granny annexe for sale has never been higher.

As always we look forward to your thoughts and comments below or join in the conversation on our Facebook page! 

diane cossie

by Diane Cossie

Digital Marketing & Social Media Manager