Move over granny annexes…’graddy’ annexes are on the rise
Granny is not yet being confined to the shed, but she’s having to move over, as young adults are moving back into the family home in droves.
According to those in the know, the trend towards the granny annex – extra space in the home for an elderly parent, so they can retain their independence while still being close enough to be cared for when necessary – is giving way to the ‘graddy’ (graduate) annexe.
The phenomenon appears to be a global one. According to American news website NPR, more American young adults live with their parents than with partners for the first time in 130 years.
Why is it happening?
The increasing number of graduates, coupled with the fact property is now comparatively more expensive and saving up for a deposit, even on a good wage, can take years, has fuelled a rise in homeowners building spaces for their young adult children.
Members of the millennial generation, encouraged to attend university and gain a degree, are finding themselves leaving said institutions not only with large student debts hanging around their necks but also with little hope of saving up for a home of their own.
And so the young adults, often called the boomerang generation, for obvious reasons, do the only thing possible, and return home to mum and dad.
Although many graduates will have to make do with their old bedroom, single bed and all, those lucky enough to have wealthier parents are persuading them to build self-contained annexes just for them.
The graddy annexe
A self-contained annexe can cost anything from £20,000 upwards. Less if it’s a converted garage.
For about £50,000 you can construct a bedroom, kitchenette and bathroom which is an adaptable space which could be used as a guest annexe or gym when the kids finally leave home.
Demand for this type of annexe is increasing throughout the country, but particularly in the South East, where households generally have more cash to spare and buying a house is out of the reach of most young adults.
There are many options for those looking to give their offspring their independence. For more information on annexes and their costs, see a website such as http://www.annexespaces.co.uk/.
But don’t forget granny may well be wanting some space, too.