There was a time when adding self-contained living spaces onto a property was viewed as a sticking plaster solution. Perhaps a relative had suddenly become ill or elderly parents needed caring for. Now, it couldn’t be more different; properties with self-contained units are highly saleable and, in some cases, worth more.
Commonly referred to as ‘granny annexes’, the popularity of self-contained living quarters has risen for a few reasons. Read on for more information.
What is A Granny Annexe?
Self-contained living spaces that are ancillary to a main property are referred to by many different names; granny flats, garden rooms, and most commonly, granny annexes.
Whatever you call them, they are essentially the same thing and have the same uses. Usually fast to build/install and providing a space that can be used as a full-time residence, granny annexes are an easy solution for homeowners that need more space.
Many modern annexes are constructed off-site, then erected and finished in their final position, meaning there is minimal disruption to property owners. Some granny annexe providers offer a full turnkey service; sorting out planning permission and completing ground works.
The Rise of The Granny Annexe
So why have granny annexes become so popular in recent years?
The primary use for granny annexes is to house an elderly parent or relative – hence the name granny annexe or granny flat. With rising care costs and people working longer hours, ensuring elderly relatives are safe and happy is a concern for many families. The granny annexe provides a place for a parent or grandparent to live in their later years, safe and close to their family. Rather than staying in a spare room, a self-contained home offers the relative privacy and their own space.
It isn’t just the elderly who live in granny annexes though; there has been a rise in recent years of first-time buyers using them as a solution to being locked out of the housing market.
Annexes can also provide a practical solution for families with complex needs; grown children with disabilities can benefit from living in an annexe, gaining independence whilst still being close to parents.
How Can They Add Value?
Exactly how much value a granny annexe can add to a property is debated, but some estimates reckon as much as 20-30% can be added onto the value of a property.
Added value depends entirely on the size and construction of the annexe though; here we are taking about fully self-contained units, connected to utilities and suitable for living in year-round.
It can be difficult to find property on the market that already has a modern, quality annexe as most homeowners aren’t selling up thanks to their annex being a great family living solution. If you do come across a property for sale, it’s bound to be a sound investment due to the demand for these types of property.
Which brings us on to saleability; having a property with separate living space on your hands is a great marketing opportunity so don’t waste it.
The multi-functional use of granny annexes makes them an attractive property feature for many prospective buyers so ensure that when you’re turning a property around, you really emphasis the unique opportunity presented by a well-constructed annexe.