Impact of Property Value by Granny Annexes
Self-contained living spaces or granny annexe additions to a property weren’t always as popular as they are now. Typically, a self-contained living space was added to a home when it was completely necessary, like a relative becoming ill or needing to care for your elderly parents. Granny annexes have in fact impacted property value – but how? This blog aims to explore the impact of property value by granny annexes.
The Increasing Popularity of Granny Annexes
Primarily being used for housing elderly parents or other relatives that just need a bit of extra care and support is how granny annexes got their name. But with rising care costs over the years, people working longer shift hours or having irregular shift patterns, one of the main concerns was for the safety and security of their elderly family members.
Granny annexes provided the perfect solution to such anxieties as they ensured that they were not only secure but were able to live independently and privately. Rather than sleeping in the spare bedroom, they got a whole self-contained flat that gave them their own space whilst keeping them in close proximity to the rest of the family.
Of course nowadays, it’s not only the elderly you’ll find living in a granny annexe. In fact, some first-time buyers would use a granny annexe as a solution to being locked out of housing markets.
The Impact of Property Value by Granny Annexes
Overall, the impact of property value by granny annexes is quite substantial, for the better. In most cases, having a granny annexe built on your property does add quite a hefty lump sum to your overall property value. Holiday rentals and Airbnb stays are very popular these days, too, and a granny annexe can become quite a good source of income for a household.
Properties that have self-contained living spaces built on-site also appeal more to buyers because it offers a multi-functional living space that can be advertised as several things: a home office, extra living space, a home gym, or a holiday rental.
How Much Value Do Granny Annexes Add?
The exact amount of value that a granny annexe adds to a property is estimated, but the general bracket remains somewhere between 20% to 30%. The actual amount that ends up being added to your property can be determined by multiple factors, too. Such as the size of the annexe, your current property, the location you live in, and its construction.
And when we say construction, we’re talking about the self-contained units and their connection to essential utilities, plus the overall quality of the finish on the annexe.
Finding a home available on the market can actually be quite challenging now as many with the granny annexe additions have found a great family living solution out of them. So many homeowners don’t sell up as frequently.
What’s The Cost of A Granny Annexe?
The cost of a granny annexe varies from business to business, and it varies even more if you decide to build it yourself. Cost mainly comes down to two things, though. Size and specification.
Average granny annexe prices do tend to start around the £90,000 mark but Family Annexe’s The Bluebell annexe starts from just £61,950. Ideal for those smaller garden plots, this is the smallest annexe in our range. That doesn’t mean, however, that it feels small – it certainly feels the opposite of that with its spacious single bedroom and open plan kitchen-living area.
The Willow is our most expensive annexe to offer, being £106,950. This is also our largest annexe, best suited for those bigger gardens considering it is almost 85m2. But this annexe features two spacious bedrooms, one which is a double bed and has an en-suite. Sticking with the open plan kitchen-living plan maximises all possible floor and living space, giving the residents space and comfort.
Are There Benefits to Adding A Granny Annexe?
Aside from knowing your elderly family members are close by in case they need help or support, yes. There are so many other benefits that a granny annexe addition can bring to your home.
Extra Living Space
Who could say no?!
Multi-generational is quite a popular and common thing among many. It can be to keep the family close together, because there are new parents in the family adding another generation, or even young adult children who are trying to save for their own place. But when your house is becoming crowded, perhaps cross-generational living is a better approach than multi-living.
Cross-generational living arrangements work better for many people, too, because each person has their own dedicated living space. So they’re guaranteed to have time to themselves, privacy, and a space that feels like theirs.
Personal Affairs
Whether you want a home office space that will be uninterrupted and undisturbed or you want your own gym space to work out on your own time, granny annexes are perfect.
If more space is needed or you have children (which is a job in and of itself), sometimes you just need a place to come to that is quiet. Where you know that once you’ve settled in, you can crack down and get stuck in to it. That may be work or it may some cardio reps on a exercise bike you bought just for your new home gym.
Family Annexe: Get in Touch
Do you want to stay close to home and your family? Do you want to maintain your self-sufficiency and privacy? One of our annexes may be the solution for you. They provide extra space and additional income to your property.
Family Annexe will meet your requirements, it’s not the other way around. If you tell us what you’re after, we can help you as much as possible. We’ll adapt to what you need from us to build for you exactly what you want.
Reach out to us to get more information about our annexes, process and the timescales. If you want to reach us, please call 0330 1332 668. Or send us an email! info@familyannexe.com.
