While building a Granny Annexe at your property is the perfect solution now and for future planning, what happens next if you choose to move – will a granny annexe for sale alongside your home add value to your property? We’d certainly suggest so, but as well as considering the monetary value to your home, there are hidden values to be considered that you may not have thought of…
Who Needs a Granny Annexe?
Granny annexes are in demand – we recently featured a post on a Daily Telegraph article that shows the rise in the number of multi-generational families in the UK and the numerous benefits an annexe can add to these.
The article also states that only 1 in 600 properties in the UK features an annexe and by virtue of this fact, they are considered rare.
Family By Your Side
Families are remaining closer – whether that is a younger generation that can’t financially afford to move away or simply do not want to or an older generation that is in need of support.
The last 12 months alone have seen figures rise further due to the Covid-19 pandemic. Yet while families being closer together is happening more and more, the practicalities of it can be an issue.
Space is just one factor that can cause problems. However, it is also a problem that is solved easily with the likes of an annexe. Here you have the luxury of your loved ones close by and the space to keep independence.
As these properties are so in demand, having a granny annexe for sale as part of your main dwelling should be considered a real asset and can add real value to the price of your property.
Annexe Properties In Demand
While it is difficult to put an actual figure together as each property will have it’s own unique selling points, property investor today estimates say an annexe build can put an increase of 20-30% on to the value of your home.
It is also worth considering why it is increasingly difficult to find properties with granny annexes for sale – families are wanting to keep these assets in their family and understand the added value they could bring for generations to come. Longevity here will only add to that demand.
The property investor today article agrees that it is the practical solutions that are making them even more in demand with solutions for families with complex needs, be it childcare, children who are old enough to ‘fly the nest’ but may have disability needs or simply a need to keep your elderly family close by if they need you without cause for full-time support.
So the rarity of annexe builds and the solutions they provide makes these properties in demand and can add value to your main property, but what other values can a granny annexe bring?
Money Saved Is Money Earned
Consider the costs of your property (or two if the alternative is an additional home with family members in).
In the majority of cases, you will not need to pay council tax on your newly built granny annexe as well as the council tax on your main property. We’ve written about this previously in more detail but in short, your annexe will be exempt from council tax if it is separately banded for council tax but forms part of another property and a dependant relative is living in it as their main or only home.
It’s not just your Council Tax bill that you can save on. With additional family members at your property, depending on the build of your annexe, you could save on other bills too including your Gas, Electricity and Wifi.
Household utilities are certainly a saving of note, but the real value comes when care is brought into the equation.
We have found the majority of our customers have been families looking for a home for their elderly relatives. This itself is a huge money saver. Having a parent living in a Granny Annexe on your property is going to prevent – or at least delay for a good number of years – the need for them to go into care.
The cost of care is an average of £3,000 per month, savings here could cover the cost of an Annexe in under 2 years.
Support For the Family
It is not just your elderly relatives that are on the receiving end of support. They too can provide support for a busy younger family while being so close by and on hand.
Childcare is another expensive care. With both parents working full-time roles, if a fulltime childcare solution is needed, the average cost across the UK is around £1,200 a month.
While you may not want to be putting on to a grandparent full time – they often will relish the opportunity of looking after a grandchild for a day or two – significantly reducing the need for hefty nursery bills.
A Solution For All
We know that a granny annexe for sale alongside a property is likely to increase the value of your property. Include the demand it will create due to the lesser availability of properties with these incredible assets and you have a winning formula when it comes to selling your home down the line.
Couple this with the knowledge of how many life expenses can be saved with a Granny Annexe on-site and the initial cost of a build weighs insignificant.
Is it time that you consider developing your dream build for multiple generations?