If you’ve been browsing home for sale listings recently, you may have noticed that an increasing number of properties are advertising second suites. But what is a secondary suite and why would you want one?
In this post, we’re taking a closer look at everything you need to know about secondary suites and carriage homes.
First of All, What is a Carriage Home?
Carriage homes and secondary suites are terms that are often used interchangeably. Although they are similar, there are a few differences between the two. When we refer to a secondary suite or a carriage home, we’re talking about a second dwelling on your property with its own entrance, bathroom, and kitchen.
From there, we can drill down to the differences between the two:
A secondary suite is typically attached to the main home. In most cases, secondary suites are usually basement units. However, we also sometimes see them located above the garage, in a loft space upstairs, or built out as an extension to the home.
A carriage home is different in that it is usually a self-contained structure on your property. The name comes from back in the day when homeowners would have a building on their property for their horses and carriages, kind of like the original garage. Today’s carriage homes are renovated self-contained structures with their own bathrooms and kitchens.
Why Would You Want One?
Carriage homes and secondary suites have almost always been around. Sometimes you may hear them called “garden homes” or “in-law suites.” There are many reasons why a homeowner would want to include one of these suites on their property. Some of the most common reasons include:
- Maybe they have older family members they want to live close but still retain independence.
- They may be empty nesters who want to do something useful with the extra space.
- As a way to generate income for renters.
- To use as an Airbnb short-term vacation rental.
What are the Benefits of a Secondary Suite or Carriage Home?
There are a number of practical benefits to having a secondary suite on your property. For example, collecting rent from occupants can help you pay down your mortgage faster or fund renovations to help add more value to your home. It’s an excellent way for first-time buyers to be able to afford their home, and it can also serve as backup income in case someone in your household loses a job or needs extra income.
Curious about some other ways to add value to your home? Read our other blogs on the topic here:
- 5 Home Renovations that Offer a High Return
- 4 Things You Need to Consider When Completing a Cottage Renovation
Building a secondary suite or carriage home on your property is an excellent first step in building real estate wealth while giving extremely valuable property management experience. The Canadian Mortgage and Housing Corporation (CMCH) also allows for 100% of rental income from legal secondary suites to count towards qualifying for a mortgage.
Ok, I’m Ready to Build–What Now?
Planning to build a secondary unit in your home might sound like a great idea that’s easily executed for maximum return on investment. However, there’s actually quite a lot you need to consider before getting started.
Before building, you need to consider factors like zoning laws, building inspections, and permits. Other factors such as the unit’s location, floorplan, ceiling height, windows, plumbing, and more all need to meet certain criteria. And the process for getting started could change depending on the municipality you live in. To learn more about the rules in Ontario, you can check out this guide here.
Check out some of our other great blogs about things you need to know before planning to build:
- A Quick Guide to Road Shore Allowances
- A Few Things You Need to Know About Buying Vacant Land
- Buying a Property with a Septic Tank? Here’s What You Need to Know
Other Carriage Home Considerations
Building and maintaining a carriage home or secondary suite on your property has many benefits, especially in lovely rural areas like Peterborough County. However, there are a few considerations you have to think about before you decide whether or not to include one in your home.
Are you open to having renters or family members living in such close proximity? Are you prepared to handle the responsibilities that come with being a landlord? Is your property desirable enough to attract renters? These are all questions you should ask yourself before making the decision to build a secondary suite.
Interested in finding a property with a secondary suite or carriage home? Contact us today or take a look at our listings to see what’s available.
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Curious about your real estate options? Relocating to the Peterborough area? Our experts are ready to help.
