Carriage homes are a great addition to any Kelowna property. The City of Kelowna has recently adopted several new bylaws that might see your property qualify for a new basement suite, multi-unit housing solution, or carriage home. Carriage homes are flexible additional dwelling units (ADUs). They are an excellent way to create more liveable space, add value to your existing home, and contribute to the number of available residences in your Kelowna neighbourhood. If you need a new addition to your property, a carriage house might just be what you’re looking for. Whether you want a quiet place to work, somewhere to house family members, or simply want to make some extra rental income, a carriage house can be of benefit.
In this article, we will go into detail about the advantages of owning a carriage home and some of the incentives out there to help you make this dream a reality.
Follow along below to learn more!
What’s a Carriage Home?
A carriage home, while traditionally used to store horse-drawn carriages, is most commonly used today as a single-family home. Property owners with these sorts of ADUs typically offer their extra space as rental units to long-term tenants, family members, or friends. However, a carriage home does not have to be rented out. Several carriage homeowners use their space as an extension of their main house. For instance, as a home office, yoga studio, workshop, or extra hangout spot. Carriage homes can be attached or detached to the main house. But, they are most often detached. Attached carriage homes are typically located above the garage.
Now that we are clear about what a carriage house is, let’s take a look at some of the advantages that come with building one!
The Advantages of Building a Carriage House
- More Flexibility
The greatest advantage of having a carriage house is the flexibility that it offers. Having additional space to live provides you with all sorts of advantages that you wouldn’t otherwise have. For instance, if you like to host family or friends over the holidays, a carriage house can be used to accommodate your guests. Or, if you work from home, it can be used as a home office that is separate from your main living space. Since a carriage house typically has its own separate entrance and living amenities, it can easily be customized to suit your needs. No matter what that may look like.
- Add Value to Your Property
Besides flexibility, a carriage home is a great way to reinvest in your property. Demand tends to remain steady when it comes to homes with ADUs since they offer buyers more opportunities. Whether that be an income helper, room to grow, or simply extra storage space. The added value of having a carriage house will also help your home stand out in competitive housing markets. This is especially valuable for Kelowna residents, as properties in this city see a constant influx of enthusiastic buyers. From increased square footage to greater possibilities, a carriage house is a no-brainer for those looking to get a higher ROI on their property.
- Opportunity for Extra Income
In today’s housing climate, the opportunity to make extra income carries weight. With a carriage home, you can rent out your property while still maintaining your privacy from your tenants. This can help you pay off your mortgage sooner and/or generate greater income. Offering your carriage home as a rental space also helps give back to the community by creating more housing options for those who aren’t ready/able to own yet.
Carriage House Builders Kelowna Discuss Government Incentives for ADUs
If you want to build an ADU in 2024, but it feels slightly out-of-reach, there are programs to help you! In British Columbia, the provincial government wants to encourage the development of secondary suites to help improve housing security. One way in which they are doing this is by incentivizing homeowners to build an ADU on their property.
Starting in April of 2024, anyone who wants to build a legal ADU can consider applying for the Secondary Suite Incentive Program (SSIP). This program is designed to help homeowners create more affordable housing within their communities. The program will provide money to homeowners to build a new secondary suite on their property, which is to be rented out below market value.
Those who receive approval for their application will get up to 50% of the cost of renovations, up to a maximum of $40,000. Additionally, if the homeowner follows the terms of the program the loan will not need to be repaid. This means the new unit has to be located on the same property on which the homeowner lives and the unit needs to be rented out below the market rates set by BC Housing for at minimum 5 years.
The SSIP is a three-year pilot project that supports ADUs regardless of whether they are attached or detached from the main residence. Learn more about the SSIP on the BC Housing Website.
Contact Carriage House Builders Kelowna Today!
Building an ADU is a great long-term investment. If you’d like to work with our team of carriage house builders Kelowna in 2024, contact us today. We’d be happy to help you get started on building the perfect carriage home for you. Be sure to check out our social media page for current and past projects we’ve worked on. We look forward to working with you soon!
