Coach Homes - A Great Investment
Since the city of Surrey’s announcement to discontinue their development, Coach Homes (Carriage Homes) are selling quickly and becoming increasingly popular in the Clayton real estate market. A Coach home consists of detached house with a detached garage containing a legal apartment suite. Secondary suites above the garage are self sufficient and vary in sizes with the average being around 450 sq ft. Some of these homes also have a secondary basement suite; which is self sufficient and can be rented out. Other benefits in Buying A Coach Home For Sale include:
Detachment. Since the tenant’s living corridors are separate from the landlord, both parties have privacy and space.
Mortgage Helper. In today’s market conditions, you can rent out both the garage as well as the basement suite between $700 to $900 monthly.
That’s an added income that can go towards your mortgage payments!
Rental Offset. Some mortgage brokers will allow you to offset your expected rental income with a mortgage application.
“Rental offset is the percentage of rental income a borrower receives that the lender is willing to use to qualify him/her for a mortgage…This percentage of rental income is deducted from the borrower’s debts to determine his/her debt ratio.” Source: Canadian Mortgage Trends
Carriage Homes are versatile properties that can assist homeowners in numerous ways. From their convenient layout, to their high demand, you can invest in these real estate properties and receive a great return.
Looking to buy or sell a Carriage Home? Contact me today for more information on this excellent real estate opportunity. Alternatively, you can also search Clayton coach homes for sale.
Oh by the way…I’m never too busy for your referrals!!!