Even before the appearance of COVID, there was an increasing number of families living together in multigenerational households. A survey from thisismoney.com states that a third of all households in the UK (over nine million) are now multigenerational. The reasons can be many - the so called “Boomerang” children returning to live in the family home in their 20s or 30s (or more recently their 40s) or, at the other end of the family unit, moving parents into your home to provide childcare. It’s also an important consideration when parents become too frail and elderly to live wholly alone, or when they begin to struggle with the loneliness of living alone as they become less mobile.
Living in family homes and away from the city
Research undertaken by the Guardian back in 2018 showed that, even at that point, nearly 2/3rds of childless single adults aged 20-34 in the UK have either never left home or have returned after significant life changes. This has obviously now been exacerbated in 2020 where many young people have lost their jobs, have needed to reduce outgoings, or relocated back out of cities to their family homes in more rural areas.
Whatever the reasons for this increase in the numbers of families embracing multigenerational living, the combining of households has led to families looking to extend their existing house, or searching for a new home for sale in Surrey which includes an annexe or separate living space of some kind. Whether you’re looking to house children or elderly parents, they are likely to want their own space to enable them to retain their independence, whilst still showing their face for evening meals or the odd game of Monopoly. There are a growing number of properties for sale in Surrey, coming on to the market with annexes, and with this in mind, we thought we would profile a few of those properties that we currently have for sale, ideal for families to live together whilst still being able to enjoy their independence.
Homes in Surrey with an annexe mean additional income
The benefits of having a house such as these with an annexe, doesn’t just stop at keeping your loved ones near, and it can provide an income stream when rented out, either permanently or using a website such as Airbnb. Please note that there may be taxation implications on either of these options, both on income tax and Capital Gains Tax payable on the sale of your home, so please seek professional advice.
Should your involvement of a family member extend past allowing them to share part of your house, and include their provision of financial investment into the house, please be aware that there will be tax implications on any future sale of the property. Ownership issues may also arise should something happen to a member of the family with part financial ownership of the property. Please ensure that you gain legal or tax advice before entering into any financial or contractual agreement.
Should you have any questions about any of the properties listed above, or need advice on how adding an annexe to your existing house may affect the potential Surrey home valuation in the future, please feel free to call 01932 588288.
The Grosvenor Billinghurst team have many years of experience in the Cobham, Oxshott, Claygate, Hinchley Wood and wider Surrey housing market. Our team is passionate about properties and the people that live in them. We can advise on house sales in Surrey or help you rent out one or more of your properties. Our expert knowledge of the local area enables us to value your house correctly, ensuring that your move progresses in a timely manner.