As the term suggests, granny annexes have traditionally been used to keep ageing relatives close by, while also giving them independence. In recent years – however, annexes have transformed into a practical, financial and emotional solution, for a more adaptable breed of homeowners.
As the cost of living continues to creep upwards, an annexe could be a lifeline for either a first-time buyer or an older person struggling with health and mobility. If you’re unsure as to why it’s financially beneficial to buy an annexe, you’ll find the answers you’re looking for in our comprehensive guide on the subject…
An Annexe is a Care Home Alternative
While prices vary, the average cost of a residential care home is £704 per week. Those in nursing homes, where a trained nurse is always on-site, can expect to pay more – with an average cost of £888 per week. What’s more, due to an ageing population – and an associated rise in demand, this cost only looks set to increase in years to come.
As a result, the vast majority of elderly people prefer to rely on loved ones for support when planning for retirement. In fact, 1 in 8 people in the UK, around 6.5 million in total, act as informal caregivers to older or disabled relatives. In these cases, moving into a granny annexe offers a cost-effective alternative. Not only does this ensure that loved ones are on-hand to offer help as and when it’s needed, they can also do so free-of-charge.
It’s for this reason that our brand ambassador – Tony Blackburn, originally came to iHus. He said: “My wife’s Mum is older and we didn’t want to put her into a care home. She wanted to be closer to us. Now, she’s 99 and has carers coming in to help out. From their point of view, everything in the annexe is easy to operate. All in all, it was a win-win situation and the whole process was terrific.”
Here at iHus, we tailor every granny annexe to the needs of our customers – regardless of who they are. We offer a wide range of options to assist those in the later stages of retirement with independent living. From open-layout footprints, to the installation of various aids – such as handrails and wetrooms, we’ll work with you to find a solution that puts off the need for costly care options, for as long as possible.
An Annexe is a First Step on the Property Ladder
Amid record-breaking property prices, soaring mortgage rates and an unstable job market, more and more young people are finding themselves unable to get on the property ladder. In fact, the average UK property price had risen by 10.8% in April when compared to the year prior – effectively eliminating many young people’s hopes of getting a place of their own.
As a result, annexes have become an increasingly popular choice for young people returning to the family home, as it offers them a chance to live independently while saving for a deposit. Of course, there are plenty of other financial benefits to having an annexe constructed too. Even if it was originally built to house a younger family member, it can still be used as a solid financial investment long-term.
Once the initial occupants have moved on, this space could be used to provide in home care to ageing relatives, or for other residential purposes, such as a home office, home gym or additional space for visiting family and friends.
An Annexe is a Good Investment
Aside from benefiting its inhabitants, constructing a garden home is a financially responsible thing to do long-term. Not only does the annexe’s value increase alongside – and in conjunction to, the main property, it also adds value to the property itself. This is due, in large part, to an increased demand for garden construction post-Covid. In fact, in January 2021, Rightmove – the UK’s largest property portal, reported an 89% increase in the number of buyers and renters searching for the term ‘annexe’.
It’s difficult to say how much value a garden home would add to the value of a given property, as this depends on the quality and scale of the build. It’s estimated, however, that annexes could add up to 20-30% onto its market value, making it a solid investment down the line. Furthermore, it also provides an additional selling-point for buyers, should you seek to sell your home in the future. With their rise in popularity, people are increasingly looking at properties that come with a pre-existing annexe or the room to build one.
It’s Cheaper to Run
With so much uncertainty surrounding future bill payments, those opting for annexed living benefit from the reduced physical cost of running a smaller abode. Not only does its size mean it will require less energy to heat during the winter months, those in annexes also profit by sharing bills with the main house. Through making use of the same power, water and utility lines, both those in the annexe – and those in the main property, see their financial burden reduced.
To further reduce bill payments, those looking to construct an annexe in their garden should consider renewable energy sources. Our accredited solar install partners VSL, are well-versed in installing solar panels and can add them to your custom-build annexe with ease. Providing top-tier installation, not just on solar panels – but all our fixtures and fittings, we’ll create a comfortable space that requires much less energy to burn.
With further benefits to be had – such as a reduction or exemption from paying Council Tax, investing in an annexe is, financially, a no-brainer.
Emotional aspects also have a price tag, and its no surprise that annexes are an ever growing trend with the benefits that come in hand with living closer to loved ones. A recent survey found that parents loved having grandparents around to help out with childcare. And parents also appreciated the shared financial responsibility, the help with household chores and the joy of a closer family bond that came with grandparents living nearby. 4 in 5 respondents who lived in multigenerational homes believed they were better off due to it all round.
Ultimately, the survey confirmed what we at iHus know all too well: 80% of those who responded who already enjoyed living as a wider family unit felt their lives were the richer for it.
Trust in iHus
Our expert team of annexe professionals have more than ten years of experience – and over 300 bespoke, garden home constructions, under their belt. We’re well-versed in the financial difficulties people are currently facing, which is why we’re always happy to lend some expert advice as to how an annexe could benefit you.
So, get in touch with our friendly team today and discover how we can help create an annexe space that you – or your family, can truly call home.