How Installing a Granny Annexe Could Help With the Cost of Living

A granny annexe has long been considered a perfect solution when it comes to the decision to bring an older relative closer to home, which would save on the often hefty cost of providing assisted living and allow for shared utilities and bills. However, homeowners in particular have now begun to find themselves needing to support their own grown children who may be facing higher rents and perhaps even lower wages than before.

As the cost of living crisis increases across the country, many people are considering ways in which it may be possible to further streamline their financial affairs. While it looks as though prices will be increasing across many areas of life, the ongoing requirement and needs of families and young people will continue as they must still look to provide for their futures.

While we may all be familiar with the concept of your grandparents living alongside the family in granny annexes across the country, one may not have considered that a ‘granny annexe’ could also be an excellent solution for the young adults in our families. Rather than spending their hard-earned money on increased rents, young people consider the idea of staying closer to home, yet not strictly within the family home within a granny annexe.

With 3.6 million 20-34-year-olds now living at home with their parents, an increase of 24% since 2012 many families may be feeling the squeeze of sharing a living space for such an extended period.

Building a granny annexe for those within this age group could allow them a space to live a little more independently when returning from university and give them the time needed to save for a deposit on a future home of their own.

Conservative MP Jackie Doyle-Price has said that the government may look to “incentivize granny annexes” in order to “make sure that young people have got some hope by having greater access to the wealth in their parents’ home”.

While the home is indeed an asset for the whole family and no doubt would be of huge benefit to the children in reducing their costs, a granny annexe can also add up to 20-30% to the value of your property making it a solid investment for all of the family.

Our Garden Annexe range features 4 different styles, in 24 sizes, all of which are available with a range of finishes and options.  Garden Annexe | Explore the UK’s favourite Garden Annexe range (gardenannexes.com)

Want to find out more? Book a visit to our Garden Annexes Display Area and we’ll be happy to show you the full range, and answer any questions you have about the design, style, installation and maintenance of your garden annexes.