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The value of adding an annexe to your home

February 2, 2022 4:16 pm
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The value of adding an annexe to your home

Selling your property can be tricky, especially as buyers more keen than ever to make the best use of their land as possible. Adding an annexe could be the persuading feature – here’s why they make such a difference:

 

  • Raised property valuation

Because they are so sought-after, annexes allow you to set a higher base price than usual. The upturn in your property’s value could reach up to 30% which, regardless of your property’s original valuation, is a lot of cash. Annexes are THE must-have feature for your home in 2022.

 

  • They create extra space begging to be converted.

Annexes create an extra room for homeowners to get stuck into, and they can be easily converted. Because of their usual shape, home gyms, game rooms, movie theatres and workspaces are the population’s go-to features right now – even home bars! What you can do with an annexe knows no bounds, so practically every buyer will be willing pay more for homes with such a feature already installed.

 

  • Annexes can serve as holiday rentals

Some people, however, treat annexes as a guest room, or even let them out to tourists if their location benefits from famous landmarks or areas. And, because the annexe is theirs, owners can transform the room(s) during tourist off-season, so their family can reap the benefits, too. Or, don’t change a thing so guests have an instant place to stay.  It’s a win-win situation.

 

  • 24% of adults live in a multi-generational household

Year on year, an increasing number of households are becoming multi-generational. Soaring rent prices mean teens and young adults are choosing – or forced – to stay at home much longer than in past years in order to save for their own home. Adults are also housing their elderly parents to take care of them.

Having an annexe on-site is therefore a very attractive feature for crowded households in need of extra space whilst keeping the whole family looked after.

 

  • They’re much cheaper in the long run

Paying the extra cash for a home which already has an annexe is much cheaper than finding the money to afford a care home for your parent(s) to stay in.

An annexe will, of course, add a sizable amount of value onto the price of a property, but care homes far outweigh that expenditure in a single year. A lot of families cannot afford care home residency at its cheapest, with adding the costs of nursing care on top of that making it simply impossible.

 

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Thornley Groves Estate Agents
Business Address:16-18 Lloyd Street,Altrincham,Cheshire,WA14 2DE,England |Tel: 0161 941 4111 |Email: [email protected].
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