In the past, a ‘granny annexe’ has been known to be used mainly by elderly people so that they could maintain their independence and stay close by. In recent years, though, a more adaptive bunch of homeowners has given the annexe a second life. It’s now been transformed into an answer for economical and emotional problems.
But are they a good investment? Especially considering some granny annexes are over £100,000.
What is a Granny Annexe?
Annexes are additional dwelling units built in garden spaces on a property and are used as a separate living accommodation. Mostly for other family members and relatives.
Annexes are different to, say, garden rooms because they’re intended to be inhabited and frequently. They are built with their own kitchens, bathrooms, bedrooms, with a separate entrance from the main home, and sometimes even laundry facilities.
In order to create the greatest environment for your loved ones to age in, Family Annexe designs each of its granny annexes to be simple to move around in and manage as you become older.
Depending on your family’s needs, each of our family annexes includes a fully equipped, simple-to-use kitchen, a secure bathroom or wet room, and a choice of one or two bedrooms.
A granny annexe is a means to bring your loved one closer to you without removing their independence. In particular if they are unable to live alone any longer but do not require daily care or to reside in your home.
Investing in A Granny Annexe
Even among the most seasoned investors, buying anything but necessities during a crisis appears counter-intuitive and dangerous.
However, investing in real estate is recommended, both in general and particularly during a recession, too. A more valuable thing to do would be to create usable, extra space on your property that you can benefit from.
A granny annexe is a great investment for you to consider if:
- Your plans are to own your home long-term and will occupy it for many years.
- The rent to cost ratio is in your favour so you already own the land.
- There isn’t a stipulation requiring you to remain on the property.
- You have access to building money or home equity.
- A granny annexe will be a good fit for your lifestyle, or the lifestyle of your family members.
Cost of Living in a Care Home
Of course, needing a granny annexe doesn’t automatically equate to your loved one needing care. But sometimes, this is an option. Especially if you are the one taking on the responsibility of care.
In the UK, the average cost of living in a residential care facility is £704. And that’s per week. For nursing homes, it’s £888.
Receiving nursing care at a care facility costs, on average, £3552 per month and residential care comes in at an average of £2816. Compared to residential care, nursing care is much more expensive in a care facility.
Care facilities that offer specialised care typically charge a premium rate as well. And you might have to cover all of the care home charges yourself, depending on your savings and other assets.
By investing in a granny annexe, these average monthly costs can be avoided. All you pay for is the build and customisation of your annexe. Then that’s it. Once it’s done, it’s done. So in the long run, a granny annexe would really help you to save money. Not to mention that it would contribute to a positive mental wellbeing for your loved one.
Is A Granny Annexe Worth It?
There are various options for caring for a loved one as they age, some of which can initially appear more affordable than adding a granny annexe. However, if your loved one needs care for a prolonged period of time, a granny annexe could wind up saving you money.
You may ensure your loved one has all they need with a granny annexe and be unconstrained by availability and amenities. In order to ensure to kids, for instance, have all they need as they age, you can change your annexe or have it amended to your specifications.
The best part is that a granny annexe is an excellent way to stay nearby to your loved ones and make them feel like they still have a pivotal familial role. An elderly person may find it difficult and alienating to be placed in a home or have caregivers caring after them.
With a granny annexe, you can assure that your relative is receiving all the care they require without isolating them from the family.
The best and most economical option for keeping your loved ones close and secure is a granny annexe, really. If you wish to support your loved ones while preserving their freedom, an annexe is definitely a consideration to make.
Get in Touch
Reach out to Family Annexe if you want to learn more about our annexes. Each of our six distinctive annexe layouts offers a secure and affordable option for elderly care.
Feel free to send us a direct message at firstname.lastname@example.org if you’d prefer to communicate via email. Or call us on 0330 1332 668 to speak with one of our advisers sooner.