Annexes have been a feature of family homes for many years. Essentially, they’re self-contained living areas that negate the need for the occupant to enter the main house.
In this post, we take a look at some of the things you learn when you put an annexe in your garden.
Your Home Is A Business Opportunity.
Back in the day, granny flat builders constructed annexes so that the parent or mother-in-law could live close to the main family, just in case she needed help. But, today, things are different. That’s no longer the case. Annexes are actually business opportunities.
This is all happening because of services, such as Airbnb. The ability to advertise your accommodation at low cost is fundamentally changing how the rental market operates. People are often making more from their annexes than they would pay in traditional rent for the full property to vacationers. It’s highly lucrative, and a worthwhile investment in many areas.
You Feel More Secure.
Knowing that elderly relatives are close by helps you feel more secure. You aren’t worrying about having to rush across town or state to assist them, if they get into trouble. They are literally right next door.
You Improve Your Finances.
The average cost of elderly care is extreme. Typically, it costs around the same as the average wage per year. So, depending on where you live, that’s easily five-figures.
When viewed from this perspective, building an annexe is considerably cheaper, particularly if your elderly relative needs long-term care – more than a couple of years. Yes, you may still need to pay for care support, but the cost will be considerably lower.
You Increase Your Property Value.
It’s unlikely that you’re the only person who will benefit from having an annexe on your property. People who buy your house in the future will as well. Even if they don’t have an elderly relative to look after, they may still be able to rent out the annexe to lodgers or holidaymakers.
How much you’ll increase your property value depends heavily on the location. But don’t be surprised if having an annexe adds 10 percent to the asking price. Ask your estate agent how much such a project will be worth in advance if you want to explore the returns in more detail.
You Can Get Something That Meets Your Family’s Needs.
Families tend to fill even the biggest houses. You just have so much stuff, and too few rooms to store it all.
In summary, when you build an annexe, you learn a lot. You discover that your home is more of a business opportunity than you thought. You also find out that it is relatively easy to accommodate granny (or grandpa for that matter), if the need arises in the future. As an added perk, it may also increase the value of your home.