Having your own granny annexe sounds like a really nice idea, initially. Then we start looking into all the individual costs – gathering materials, the construction work, plumbing and electricity costs, furnishing… Not to mention the time and stress of obtaining planning permission. And all of that can be quite off-putting.
But! There are ways to finance your granny annexe construction and you can find them here!
How To Finance Granny Annexe Construction
Many homeowners look into or at least consider adding an annexe to their property. Perhaps they’re a multi-generational living family or they have elderly relatives that they want to keep close by. No matter the reason, granny annexes can benefit multiple people – providing you with the space you need or peace of mind that your relatives are close if they need your support.
It’s only natural to have wondered about the related costs and any cost-effective ways of adding an annexe to your home property. These are some of the ways you might consider to finance your granny annexe construction.
Using An Existing Outbuilding
If you can avoid building a new structure from scratch, you’ve already managed to save yourself some pennies. If you have pre-existing structures, like a detached garage or some sort of shed, providing it’s big enough, you can convert them.
So the most expensive parts of construction, like actually acquiring the materials and then digging the foundations, can be skipped over. All you have to do is focus on converting the space to make it both habitable and up to appropriate and regular standards.
The money you save by using existing buildings on your property like barns, garden rooms, or other disused outbuildings, can instead be used on the furnishings of your home.
Preparing in Advance
Even if you don’t actually have the need for a granny annexe right this moment in time, it’s still worth laying the groundwork. Particularly for those who are definite in their decision to add one in the future out of want or a need for one.
Laying the foundations in advance can help you get a head start and allows you to space out payments you set aside. If you pay for this now, it doesn’t have to be paid for in the future, basically.
It’s important to know about the planning application process though. If you don’t plan to use an annexe for living in and it’s just for recreational use, it can be created under your permitted development rights. However, if you want your annexe to include a bedroom, you need to complete a full planning application.
And if you decide to change your recreational annexe into a residential one… all you have to do is apply for a change in use class. Though it’s not always a guarantee, it is often a more reliable way of securing your future granny annexe.
Write Off Investments First
When you create your residential space, you could offer it out as a rented space, such as on Airbnb, for instance. The area you live in will have an affect on this, though, as will other things that you should keep in mind. Things like your location, the amount of tourism, how much time you have to clean and manage the annexe, how the rest of your family feels about it.
Because ideas like this often sound easy enough until you put them into practice and realise how much time needs to be set aside just to clean up after guests. Or to manage the rental admin. But if this is an idea you’re quite set-in-stone on, you can get help from your family or from services that can manage these things for you. (But the latter option certainly comes with more expenses.)
There are some things you should be aware of, though, about letting out your granny annexe.
Creating a private space for yourself, somewhere for extra family space, or for an elderly relative doesn’t always necessarily equate to building a granny annexe. Converting your loft space or adding an extension onto the rear or side of your house are equally as efficient at acting as an accommodating space.
These specific developments will be easier to get through the planning stage because they’re already under your permitted development rights.
Consider Using A Property Broker
Specialist property brokers know the ins and out, have studied and qualified to be specialised in property investment. And even if we know a lot about the topic, we don’t know it all. So going to someone who does for guidance and advice on the routes you can explore and how you can get the most out of the finances you have is a pretty smart idea.
Additionally, many specialist property brokers can tell you more than just the current value of your property – they can even factor in the worth of your home once you get your project finished. May it be a loft conversion, a home extension, an annexe or otherwise.
Get in Touch with Family Annexe
Family Annexe’s homes in the garden start from just £61,950 so why not get closer to your loved ones today?
And the Family Annexe team will take care of everything! From planning permission to constructing to handing over the keys. The only thing you need to do is move in.
We have six uniquely designed annexe models. You can book a free, no-obligation chat with one of our annexe experts to learn everything you need to know about our annexes. There are many builders you can choose, but Family Annexe guarantees you both knowledge and experience. Over 60 years of it.
We provide solutions for families up and down England and Wales – built by our family to provide for yours. Learn a bit more about us.