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Coach House In Vancouver

Coach Houses: The New Mortgage Helpers?

Coach Houses Vancouver

Having a coach house on your property not only increases the value of your property, but it offers affordable solutions in a very tight housing market.  Let’s take a closer look.

What is a Coach House?

A coach house is a small independent house (normally between 550 and 1,000 square feet) that is usually located at the back of a property, and commonly over a garage.  Compact, but with all the amenities of an apartment or condo, a coach house is like a miniature house all on its own.

What Types of Renters Do a Coach Houses Appeal To?

Well, the beauty of having a coach house on your property, is that you will attract renters who enjoy having the privacy of a separate home in a desired neighborhood where they may not otherwise be able to afford a home.  Typically, these tenants fall within a certain income bracket (30 – 80K), and will mostly be comprised of young people and families, and often older single people who simply enjoy living in a cozy space that offers a whole lot of privacy.  And these tenants tend to take pride in their little homes, often treating them as they would their very own property, yet with the ease of access of the landlord often living just steps away should anything need repair.

What are the Benefits of Coach Houses to Vancouver Home Owners?

The benefits of having a coach house on your property are plenty.

Easy Maintenance and Upkeep

Almost all of the services and utilities of a coach house will be connected to the main house.  Water plumbing and sewage, as well as electricity and other ‘perks’ like Wi-Fi and cable, can all be managed and maintained from the primary residence which makes it easy if something needs work.

Attract the Right Types of Tenants

Because coach houses are becoming so desirable, you will most likely attract young professionals who are seeking a comfortable cozy home to call their own.  Most less than desirable tenants will not likely be interested in a coach house due to the close proximity to the main home and in most cases, the home owner.

Help With the Mortgage

This is one of the most obvious reasons to have a coach house on your property.  With Vancouver mortgage rates high and the housing market tight all around, having reliable tenants in your coach house will generate supplemental income that most home owners put directly towards their mortgage.  Not only are they helping to pay for their home faster, but they already have so much extra value that properties without coach homes simply don’t have.

Increased Property Values

This is a no brainer for most people.  Having a second separate home on the lot can greatly increase the overall value of the property, as it adds additional appeal to new home buyers looking to get the most bang for their real estate buck.

How to Have a Coach House on Your Property

Purchase

There are two ways to own a property with a coach house.  The simplest way, is to purchase a home that already has the coach house built on the property.  There are many newer Vancouver neighborhoods popping up these days that by default, have a coach house on the property.

Build

Already own property and think you have room to build a coach house?  Here are some things to keep  in mind:

  • An application must be filed with the city to get permission to build a coach house on your property
  • Coach houses can be built on any residential lot that is at least 32 feet wide
  • The size of the coach house will be dictated by the size of the lot you plan to build on
  • The location of the coach house will be dictated by the size of the lot you plan to build on (some coach houses are located at the back of the lot, some to the side of the main house)
  • Typically, a coach house is one or two stories, with the most popular option being ‘one floor’ over top of a garage
  • The coach house must be accessible from either a front driveway at the main house, or through a laneway in the back, and must include at least one parking space for dedicated use by the coach house tenant(s)

Ready to Purchase Your New Vancouver Home with a Coach House?

If you’re ready to find your perfect home that includes a coach house, look no further than Lorne Goldman and his team.  As highly experienced realtors in Vancouver for over 30 years, they can find you just the right property that will include a coach house, or help you to find a property that has an ample amount of space on the lot to build a coach or laneway house to your specifications.

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