With families spending more time together at home, the space which once seemed good enough is slowly feeling smaller and smaller as the months go on. As a result, homeowners are looking at what it might take to improve their property.
However, this isn’t unusual. In the year 2019/20, councils in the UK sorted through almost 9,000 planning applications for garden annexes alone. Today, new data from Churchill Home Insurance has revealed that one in 18 households plan to do the same this year.
But what does this mean?
Investment wise, this can be a good option. Especially when we think about the future. Once lockdown is over and COVID is a distant memory, working from home will very much remain part of our lives. Not only that, when people are on the hunt for their dream home, having an office space will be a big factor for them, and an annexe proves to be one appealing way to achieve this.
Although the average annexe price comes in just under £7,000, property owners could see a huge return on investment as mentioned. Not only in terms of value, but space as well. According to separate research from Churchill Home Insurance, they can add up to £91,000 onto the price of a property. As well as this, around 20% to the overall square footage. Looking at the bigger picture and understanding average property prices in the UK as well as floor space, it’s thought that a garden annexe would be worth around an astonishing £2,360 per square metre.
Annexes themselves can be utilised in multiple ways and are usually popular with families. 28% of people have them as breakout spaces, 16% using them as living areas for children, 13% as leisure spaces, and 10% have them on hand for grandparents.
With more parents working from home and needing childcare, a garden annexe really could be a great and viable option. Not only is it considerably cheap for what you’re getting in return, but it has the potential to rocket the value of your home. Furthermore, for as long as home schooling continues and childcare is required, this also could be the perfect way for other family members to become official residents!
