CARRIAGE HOUSES
A carriage house or coach house is a residential building designed initially to house horse-drawn carriages. They were typically located in the rear of larger homes or estates, providing a convenient place to store carriages and other equipment.
As a resident of Royal Bay, why is this important to me?
A recent bylaw change now allows residents of the area to build a secondary suite or Accessory Dwelling Unit (ADU) to help with the housing shortage. This may be of great help to you and our family. Usages to consider:
- Guest houses: A separate dwelling on the property that can accommodate guests or family members.
- Home offices: A private and quiet space for working from home.
- Rental units: A source of additional income for homeowners.
Do carriage houses have to be detached?
Carriage houses can be attached to the main house or detached, and they come in various sizes and styles. They are often characterized by their unique architectural features, such as exposed beams, vaulted ceilings, and large windows.
Case Study 1
This project’s success was a result of exceptional design, a granted variance, and top-notch construction. The accessory building truly shines with its functional layout and smart design. The split-level configuration seamlessly connects the kitchenette and full bath to the porch and pool. Upstairs, a versatile multipurpose room caters to every family’s needs, while downstairs, a spacious two-car garage offers protection and storage.
Attention to detail elevated this project. Outside, beautiful woodwork, copper gutters, mitered corners, and exquisite stonework create a stunning exterior. Inside, a striking wall of custom millwork combines storage, sleeping space, and lounging areas. To top it off, a functional kitchenette and a beautiful full bathroom complete this impressive space. 800 square feet, Completed in six months.
Project Courtesy of Alair Arlington.
What would building a Carriage Home cost?
The cost of a carriage house can vary significantly depending on several factors:
- Size and Design: Larger carriage houses with more complex designs will naturally cost more.
- Materials: The choice of materials, such as siding, roofing, and flooring, will impact the overall cost.
- Location: The carriage house’s location on your property can influence costs, especially if it requires excavation or site preparation.
- Permits and Regulations: Obtaining necessary permits and complying with local regulations can add to the cost.
Please contact me directly to discuss your unique needs, get a general idea of feasibility and consider a few pre-planned options for construction. Victor Reynolds, Owner Alair Homes Victoria & Royal Bay Resident.
Case Study 2
To accommodate the irregular lot shape and topography, the carriage house was strategically placed to the side and front of the primary residence. As a client-occupied building, every detail was meticulously planned. Careful consideration was given to window placement and sizing to maximize views while maintaining privacy and natural light. The air barrier and insulation were designed for exceptional energy efficiency. 1,500 square feet (750 square feet living space + 750 square feet garage). Completed in seven months.
Project Courtesy of Alair Squamish
How could I pay for a Carriage House?
Building a carriage house can be a fantastic investment, but it’s natural to wonder about the financial side of things. Here are a couple of ways to approach financing your project:
Home Equity Loan or Line of Credit:
If you’ve built equity in your existing home, you may qualify for a home equity loan or line of credit. This allows you to borrow against the value of your home, offering competitive interest rates and potentially lower monthly payments compared to traditional loans.
New Insured Mortgage Rules:
Exciting news! Recent changes announced on October 8th, 2024, and taking effect January 15th, 2025, allow homeowners to access newly insured mortgages for constructing secondary suites, including carriage houses. This can significantly impact your financing options by potentially lowering the down payment required.
What kind of resale value will this add to my property?
Great question! Adding a carriage house can significantly increase the value of your property. To get a precise estimate for your specific situation, I recommend consulting with our real estate partner, Mitch McMichael, from Engel & Völkers Westshore, who is also a Royal Bay Resident
Some factors that can influence the value increase:
- Location: Carriage houses in desirable neighbourhoods with high demand tend to add more value.
- Design and Quality: A well-designed, high-quality carriage house can enhance your property’s appeal significantly.
- Market Conditions: Local real estate market trends and demand for carriage houses can impact the value increase.
As a local real estate expert, Mitch can provide a detailed property evaluation and offer insights into the potential return on investment for a carriage house in your neighbourhood.
Explore Your Options with a Lending Partner:
We recommend contacting our preferred lending partner, Damian Sowa, at Great Pacific Mortgage & Investments. Damian is a trusted professional who can analyze your financial situation and suggest the best financing options. This might be leveraging your home equity or exploring the new insured mortgage rules.
Remember:
This linked article from the Department of Finance Canada offers valuable information about the new insured mortgage rules for secondary suites: Mortgage insurance rule changes to enable homeowners to add secondary suites
Consulting a qualified mortgage professional like Damian Sowa ensures you understand all your financing possibilities and make the best financial decision for your carriage house project.
Start Building Your Carriage House
Welcome to the neighbourhood. Contact Victor to start planning your future.