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Why Laneway Houses might be a good investment
I recently participated in a panel of experts in the discussion of laneway houses. It is a presentation that is put forward twice a year and is intended to answer as many questions about planning, financing and building laneway houses. Every time, I learn a little more about laneway houses and the ever increasing importance they take in the growth of our inner city. Looking at the motivation for a laneway house, it seems that it fulfills a wide range of needs. We identified 4 needs main motivation that laneway house generally fulfill.
Here they are:
Aging in place: This is one of the most common motivation. The ability to develop a smaller residential unit in the back yard and then rent the principal house is a great way to downsize, stay in the neighborhood where you lived in for many years.
Rental revenues: Generating revenues from rental income is the second most common motivation to develop a laneway house. A laneway house can become a good long term revenue strategy. Keep in mind that the construction cost is not cheap. Our research as shown that you will most-likely spend $200,000 or more for a 750 square feet laneway house above a garage.
Boomerang generation: Yes it ok for your kids to move back in while getting their life on track but it is certainly nice for them to be out of your way… This social trend is more common today and laneway houses are a great solution.
Small business: Having a studio for your business is a great way to separate work and living. A laneway house allows to create separation and improve productivity.
Whatever the reason, laneway houses can be a great solution for your expending needs. Not all properties are eligible. The criteria are identified in the zoning bylaw affecting your property. You can call us or email and we will assist you in identifying if your property is eligible.