You’re dreaming of that extra space you’ve always wanted. But the building supplies aren’t cheap. The real estate market is taking a bit of a dip, so you can’t sell your home and turn the profit into your new dream home.
Whether you live in the country or the heart of the city, a carriage house is what you need. You’ll use it as an artist’s studio, guest, fitness room, or even an extra recreational wing – the endless possibilities! View the current carriage house plans and decide on the best design. Read to learn if building a carriage house is a good investment.
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Help Build Equity by Adding Value to Your Property
Investing in a carriage house can be a great way to build equity in the value of your property. Adding a detached structure can boost your home’s value by 25%-44%.
Carriage houses are used as rental properties because they provide a lot of space at an affordable price while increasing the size of your home, making it more appealing to prospective buyers.
However, adding a carriage house may also increase your property taxes depending on where you live and what type of structure it is. It is essential to contact your county tax assessor before deciding whether building a carriage house is right.
Adds Space
Building a carriage house is a good investment if you want to add space to your property without a large cash outlay. The main advantage of building a carriage house is that it can be customized to fit your needs. It’s also an affordable way to add space without making a large investment in land.
A carriage house is for different purposes, including living quarters, office space, and storage space. Adding a carriage house can be a good solution if you have a lot of tools or other things that need storage out of the elements but don’t want to invest in building an actual garage or shed.
Retain Privacy
As people move to urban areas, the value of privacy increases. Without a carriage house, you’ll have to share your backyard with the neighbors in your apartment building or condo.
A carriage house allows you to retain the privacy of your home without compromising its appearance. It can be built with a separate entrance and connected to the main house by a walkway or an attached garage. You can also opt for a detached carriage house, which will give you more privacy.
It Brings Densification and Diversification
Building a carriage house is a good investment because it brings in densification, increases the number of people within the area, and then diversification.
You can achieve densification by building more housing units, increasing the size of existing housing units, or both. The more people live in an area, the more businesses come up.
When more businesses open up in an area, they bring more jobs for people to work at. It increases employment opportunities in that area and helps keep unemployment rates low.
Diversification arises when existing businesses start selling new things or offering new services. For example, if there was only one grocery store in town before, but now three different ones are selling other cereal brands, this is diversification.
Cost of a Carriage House
Depending on the available property, the price to construct a carriage house might range from $225,000 to $375,000 for a 1500 sq foot. Get a realistic price tag; it’s vital to plan and figure out what it will cost for everything from supplies and labor to licenses and permits.
Many variables determine this figure, such as the cost of supplies and labor in your area. You can estimate the price of building your own carriage home by comparing the costs of doing so in an urban and a rural setting.
Do a detailed budget for all necessary building supplies and labor. Now that you have the essential data, it’s time to get out the calculator!
A carriage house is an excellent investment. They have remained a valuable investment to this day. The reason behind this is the versatility these buildings possess. Ultimately, decide whether building a carriage house (or loft apartment) is a good investment. If you need the extra square footage, it may be worth converting the space into a legal rental unit and remodeling it to offer additional functionality. Or you can add an extra building to your property that can serve as an office, studio, or even a guest home. Either way, with the proper planning and execution, it’s possible to realize financial and personal benefits from the decision.
