When it comes to downsizing, there are plenty of options available. Do you sell the family home and buy a smaller property? Do you move into a retirement village with an array of amenities? Or do you invest in a luxurious granny annexe and stay close to your family? The possibilities are endless. And each option has its pros and cons.
In this blog, we’re going to look into the benefits of granny annexes vs retirement villages!
Value For Money: Granny Annexes vs Retirement Villages
There’s no denying it, granny annexes are great value for money! Not only do they add value to the overall property, but they can also be a source of added income in the future.
If you have a luxury granny annexe built in the garden of the family home, it will increase the value of the house when yourself or your children come to sell the property. Also, when you are no longer using the annexe, it can be used as a holiday letting (on a website such as Airbnb) to bring in extra cash.
Retirement villages seem to offer value for money with their wide range of amenities and on-site services such as swimming pools, transportation and housekeeping etc. However, these on-site services and amenities that make retirement villages so special are often costly added extras.
When downsizing and moving into a smaller property, you expect to pay less. That way you can spend your retirement fund on the more important things, like holidays! However, one of the biggest downsides of moving into a retirement village is the high costs.
A property within a retirement village tends to be very expensive. Not only are you paying for your property, but you’re also paying additional service charges. These services charges are usually quite significant. So, if you want a home that isn’t going to empty your retirement pot before you even get started, you might be best with a granny annexe!
Due to the niche market, properties within retirement villages can also be difficult to sell when the time comes. Granny annexes, on the other hand, are incredibly cost-effective and you will have far fewer monthly costs, even if you purchase your annexe on finance.
Lifestyle: Granny Annexes vs Retirement Villages
One of the best things about retirement villages is the sense of community they provide. Residents have the opportunity to make new friends and spend time with like-minded people. However, some people prefer multi-generation living and would rather live in an environment with young families and children.
Living in a retirement village can also lead to less independence. Many do not like having their schedule and activities planned out for them. Whereas, if you live in a granny annexe, you wake up in your very own property every day and have the freedom and independence to do as you please.
Location: Granny Annexes vs Retirement Villages
The location of a granny annexe is usually what makes them so special. Living near your children and grandchildren means that you can spend time with them regularly and help out if they need it. It also means you can live independently, and your children will have peace of mind that they’re nearby if you need anything. Granny annexes give both yourself and your family the space you all need.
Also, your new home will be in a familiar area, and you won’t have to travel far to visit friends or go to your local salon etc.
Alternatively, if you were to opt for a retirement village, you may have to move to a different area that you are not familiar with. And you will no longer be close to your family.
Make A House A Home
If you were to buy a property within a retirement village, it’s likely that it will be a leasehold. This means, you only have the right to live in the property for a fixed period of time, and you don’t own the property outright. This also means you can’t modify your home the way you want it.
With granny annexes, you can choose from a range of one and two bedroomed annexes and you can choose from a selection of finishes, floors, kitchens etc. So, your home is built to your taste. Or, you can have a granny annexe completely custom made to your requirements!
Get In Touch
Here at iHus, we specialise in the design and build of luxury granny annexes.
If you’re thinking about investing in your very own dream annexe with a beautiful bathroom, spacious living area, fully-fitted kitchen and bedroom, we can help! We even offer affordable financing options. We take care of planning permission, provide complete project management on-site and ensure that every detail of your garden annexe is finished to an exceptional standard. All you have to do is move in.
Or if you’re still unsure, check out our blog… it has a range of advice regarding granny annexes, including the boring stuff like planning permission and granny annexe tax.
If you have any questions about our range of granny annexes or you would like to book a free consultation, simply get in touch. A member of our team will be happy to answer any questions you may have.