Once a home reaches around 2500 square feet (that’s a good sized four or five-bedroom house) it’s probably big enough for most families, so building an extension is not always the best way to add value. These days it could make more sense to build an annex instead.
For better-or-worse demand for annexes is on the up; An annex can provide cost-effective accommodation for boomerang kids who want some separation from their parents, or for elderly relations who find the cost of care prohibitive.
Annexes can also make for great work-from-home offices when compared to using a spare bedroom or renting commercial space or, they can be used as hobby rooms. Failing that you can rent out it to provide an income.
In most cases an annex will add more value to your home than a fifth bedroom or a third living room, but the key to doing it well is to remember that the more versatile it is the more value it adds. Try to include a shower room and a basic kitchen, and heat and insulate it so it can function all year around.
If you have a property with potential to build an annex and you would like advice on the likely uplift in value, contact one of the Bloomfield Grey team and we will provide you with our thoughts.