Looking after ageing parents is on the rise and with MP David Mowat warning of social care crisis, families need cost effective ways to care for their ageing parents.
Could a granny annex in your garden be a good way?
The UK population is ageing. By 2040, nearly one in seven people will be over 75.(https://www.gov.uk/government/publications/future-of-an-ageing-population)
Many families choose to care for elderly parents themselves rather than placing them in a care home. This can be for a number of reasons from wanting to keep them close by, to not being able to afford expensive private care. According to Money Advisory Service the average cost of a residential care home is £234k (based on an average 8 years stay), a luxury few can afford. (https://www.moneyadviceservice.org.uk/en/articles/care-home-or-home-care)
If you have the space in your garden, building a granny annex could be the perfect solution. A granny annex decorated with kitchen, bathroom and living room costs around £55k. This is only a quarter of the price of a care home - even less if your parents live there longer than eight years and in addition would most likely add to the value of your property. It can provide the security of having your parents close by whilst allowing them to maintain their independence.
The government encourages building granny annexes, which save the NHS and social care system money, and in 2014 the Department for Communities and Local Government removed council tax on annexes making them even more cost effective for families. Furthermore, as long as your annex is less a third the value of the property as a whole, you are exempt from the extra 3% stamp duty on second homes.
There are many factors to consider when looking at the future care of loved ones and everyone needs to find a good solution for them. Money Advisory Service have some great advice on care home VS home care to help you make the right decision. https://www.moneyadviceservice.org.uk/en/articles/care-home-or-home-care
Photography courtesy of www.grannyannex.com