Granny annexes have become extremely popular over the past decade with many families adding annexes to their homes for elderly relatives to live in or grown children.
Alongside the granny annexe, garden annexes, in general, have become very popular – these aren’t normally used as a permanent home but rather add additional living space to the main home. Sometimes used as a games room or a home office.
We’re sure if you have recently added an annexe to your property, you are too busy enjoying the extra living space or spending time with loved ones to consider selling. But all homeowners are always curious about the value of their home, and whether any works carried out will likely increase value when it comes to selling.
Will a granny annexe add value to your property? Read on to find out.
Can A Granny Annexe Add Value To My Property?
Just from a kerbside appeal point of view, yes, a granny annexe is likely to add value to your home AND attract buyers who may not have been interested in your property otherwise.
There are buyers out there actively looking for homes that come with attached annexes or granny flats.
This is likely due to the rise in multigenerational homes. More and more people are choosing to care for elderly parents at home as the cost of building an annexe can often offset the costs of private care or a care home. There are also younger people struggling to get on the property ladder and see annexes as a cheaper alternative.
An annexe offers the inhabitant a private space of their own, much like living in their own bungalow but the only difference is the annexe is situated in a relative’s garden. Lots of people enjoy this closeness and the comfort it brings knowing loved ones are nearby.
Families may choose to pool money together and look to buy a property that already comes with an annexe or granny flat – if you have a granny annexe in your garden it automatically becomes more attractive to this type of buyer.
Even if a potential buyer was interested in your home but didn’t need the annexe for a relative, the prospect of a separate self-contained home in the garden is still appealing to a wide range of people. Any additional space is good news when it comes to selling your home!
How Much Value Would A Granny Annexe Add To My Home?
Just how much monetary value a granny annexe can add to your home is much debated.
There are quite a few variables, and prices range depending on where in the country you are.
The type of annexe you have is also important.
For example, if the annexe is, in reality, a poorly constructed shed, it isn’t going to be appealing to buyers or add any value. The type of annexes that add value are the type that is built to last.
An annexe is more than a garden room or a shed – they are built to be permanent and are self-contained units with sleeping space, a full kitchen, a bathroom and a connection to services such as water and electricity.
Modular annexes or brick-built annexes are in high demand with home buyers as the people who have these types of annexes are usually enjoying them and not willing to sell their homes. This commands a premium if the owner should decide to sell.
As mentioned, estimates vary but Property Investor Today reported that many experts believe one of these high-quality annexes could add 20-30% to the value of your property.
Can I Sell My Annexe and Property Separately?
Owning an annexe adds to the saleability of your property and as advised in Property Investor Today, present you with a unique marketing opportunity when you sell your home, but you also need to be clear on what the annexe can and cannot be used for.
For example, if you were thinking about selling your annexe and home separately, that would be impossible in most cases as at the planning stage, annexes are really extensions to the main property that is to be used for members of the household or dependant relatives. Annexes and the main home are essential one property in terms of planning.
It is also important to be clear to prospective buyers who look at the annexe as a business opportunity that they would need to speak to your Local Authority regarding this as again, granny annexe planning permission is often conditional on a defendant relative living in the space. That means you can’t, for example, let the annexe out as a holiday let or cottage.
Thinking About Adding Value With An Annexe?
As demonstrated, a granny annexe can add considerable value and appeal to your home but that isn’t the reason families choose to buy them.
A granny annexe is often installed to meet a specific need, maximise space, care for relatives or just bring the family closer together.
If building an annexe is something your family is thinking about please get in touch, or feel free to download our brochure.