Building an annex could add up to 20 to 30% value to your property and increase its appeal on the rental market, with minimal investment needed. They have been nicknamed ‘granny annexes’ on the basis grandparents tend to use the room if living with their children. This allows for a 50% council tax reduction. They can also be used as a warm area of work or relaxation as an alternative to the main home. Either way, the possibilities when building an annex are vast.
The average annex costs around £90k to build, £65k at the low end and £140k at the high end. While this may seem steep, it can attract up to £400 a month more (given the average rental pcm) than a house without one and up to £200k more if on the market for sale.
Planning permission is required if a relative intends to live in the annex. However for leisure and the use of immediate family, it is deemed incidental outbuilding an would not require permission. When searching for a builder, make sure you use a contractor you trust, with a solid track record and good customer rapport.
Reddbox is also launching new insurance products later this month. You will be able to take out insurance, manage your plans, and streamline your property management all in one app.
Our offer: Download the app and start saving time managing your properties. Follow the screens to provide your details, and that’s it. Some of the key features why you should consider Reddbox are –
- A completely app-based, super simple service booking process.
- Options to pay for the service over a few months without any additional interest or fee. See our rates here. Be quick, we are running promotional rates at the moment.
- You can book the service seven days a week, which means no need to disrupt your busy day.
- A very transparent cancellation and refund policy.
- And the best one – Reddbox will automatically organise all the relevant documents such as invoices and certificates.