Coach houses (sometimes referred to ask “Granny Flats” or ADUs, accessory dwelling units) have been legal in Ottawa Canada since November 2016 and this trend (adding an ADU to your existing lot/home) is spreading across North America. Why?
Well, for one, cities are worried about providing more affordable housing and more rental units. Secondly, parents are taking care of adult children returning to the nest (sometimes with children of their own) or they are looking for options for their parents or grandparents to keep them out of retirement homes and in their existing communities close to family. Thirdly, many folks are worried about not having enough money to retire with.
What better way to solve these problems than using your backyard to build a coach house to provide an extra income stream?
Think about these questions for a minute:
Would you like some additional income?
Do you have an adult child returning home?
Do you want to provide a safe place for your parents or grandparents to live?
Did you know that the average CPP (Canada Pension Plan) payout is just $555 a month and Social Security in the US is only around $1,200 a month?
If any of these questions raise concerns for you, consider adding a coach house in your backyard.
What are some of the advantages of building & owning a coach house?
-it’s a relatively simple way for many families to monetize their main asset–their principal residence
-it provides extra income not only now, but after you retire as well
-it turns your house from being what Rich Dad Poor Dad Robert Kiyosaki calls a liability (something that takes cash out of your jeans when you don’t have a job) into an asset
-it provides more options for your family to help with adult children returning home or it allows your parents or grandparents to stay in their community, close to family rather than having to move to an expensive retirement home
What are your next steps?
Contact Bruce M Firestone, PhD, a coach house pioneer and expert development manager, for assistance with:
-design selection–get access to innovative designs that’ll blow your mind
-site plan development
-architect and builder selection–team building the right way, people and companies you can trust
-HABU, highest and best use planning
-spreadsheet analysis and understanding your ROI–both your costs and revenue streams as well as cap (capitalization) rate and IRR (internal rate of return)
-servicing options for your new coach house (water, sewer, drainage, access, parking, electrical and more)
-acquiring your building permit
-leasing–how to rent properly/how to attract topflight tenants and screen them correctly
-property management–how to manage your property properly
-how to put your coach house on Airbnb–profiting from Airbnb (if you decide to go that way)
–green your building for real–learn how to implement green solutions that really work and contribute to your ROI, find out how to grow a 100-year forest in just 10-years [did you know that homes in neighborhoods with mature treescapes sell for 6 to 8% more?]
-backyard games–how to turn your yard into a wonderland for all to enjoy
-adding smart technology to your coach house
-coaching for 3-months after completion included to make sure you are optimizing your returns
Learn how to take care of yourself and your family for 3-generations. Find out why 61 out of the 100 richest families in Canada (and many other nations are similar) have all or substantially all their wealth invested in real estate [so why not you?]
For more information, email or text:
Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD
Real Estate Investment and Business coach
ROYAL LePAGE Performance Realty broker
Ottawa Senators founder
-MAKING IMPOSSIBLE POSSIBLE
-FREEDOM VIA REAL ESTATE INVESTMENT AND PB4L, PERSONAL BUSINESS FOR LIFE
-FEHAJ, FOR EVERY HOME A JOB
-MAKE YOUR HOME WORK FOR YOU, INSTEAD OF YOU WORKING FOR IT
-HIGHER ROI NOT JUST FOR OWNERS AND INVESTORS, BUT FOR TENANTS, GUESTS, VISITORS, NEIGHBORHOODS, COMMUNITIES, TOWNS, VILLAGES, AND CITIES TOO
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