PUBLISHED: 15:32 09 January 2009 | UPDATED: 15:42 20 February 2013
The benefits of ancillary accommodation. Michael de Pelet, FRICS reports.
If the property market is increasingly testing, buyers can start to look for further benefits when investing in their next property as well as the usual important factors of location and price. With an ageing population, the cost of nursing homes on the rise, and in the current economic climate, the opportunity of making a house pay its way can often sway prospective buyers.
When considering buying a property, purchasers should give consideration to the benefits of a property with ancillary accommodation, either in the form of a separate self-contained wing, cottage or ancillary barn conversion attached to the house they are buying.
Typically, a room in a retirement home costs around £25,000-30,000 a year. Local Area Health Authorities are currently diverting funds away from places in care and nursing homes, favouring instead greater facilities to support the elderly at home. With the benefit of this support, combined with significant cost savings, the provision of ancillary accommodation could prove a very attractive investment.
Further, if not required for dependant relatives immediately, or indeed at all, such ancillary accommodation can provide a valuable income as holiday let accommodation to help with the running costs of the property, which can be particularly important in a time of rising fuel costs and economic uncertainty.
Knight Frank in Sherborne currently has three properties offering to 'pay their way' on the market.
8 Grange Park in Thornford, near Sherborne, has a huge amount of accommodation and scope for an excellent price. The main dwelling is a large, detached, family property with three reception rooms and five bedrooms. There is a self-contained one-bedroom annexe with its own entrance, as well as access via the main house, and a two-bed cottage within the grounds.
Broad Oak Farm near Sturminster Newton has recently undergone a complete renovation and provides spacious accommodation set within 30 acres of excellent amenity land. There is also a two-bedroom self-contained annexe which could easily be incorporated back into the main dwelling if so desired.
Last but by no means least, Swineham Farm in Wareham, located on an idyllic isthmus, has a two-bedroom detached bungalow with planning permission and the main house consists of six bedrooms and three reception rooms.
And we have just sold Munden House in Alweston, which was used as a 5* B&B with the main house having seven bedroom suites and three self-contained letting annexes within the grounds. This beautifully located property offered the best of both worlds, set in a lovely rural position with stunning views from the attractive gardens, whilst being just a short drive to the Abbey town of Sherborne.
For advice on selling or buying, please contact Knight Frank in Sherborne (01935) 812236.