Why Laneway Homes? Benefits of Laneway Houses
There are numerous reasons why more and more people are flocking to the laneway home movement in Vancouver, Maple Ridge and parts of Surrey..
- 1. Additional income.
Let’s face it: Everyone’s looking for more income. More income to pay the bills, put the kids through university, get that new car, invest for retirement and just about anything else you can dream of. A laneway home is an incredible opportunity to earn more income by renting out a laneway home.
But you’ll need to build that laneway home to get that income. Imagine all that you can buy and invest with a consistent stream of rental income!
- 2. Property Value Increase.
In a tough economy where property values on constantly rising, a laneway home provides you with an opportunity to jump ahead of the pack. Turning your extraneous land into a living opportunity – and therefore, a rental income opportunity – provides additional value for you and increases the value of your property.
- 3. Housing Solution For Family Members And Guests.
When your in-laws, relatives or old friends come over, a common problem is simply organizing where they’ll stay. With a laneway home out back, you’ll never have to worry about that again – and they won’t have to go fishing for an expensive hotel room downtown.
- 4. Opportunity For Homeowners To Downsize Without Leaving Their Community.
If you’re looking for even more rental income without leaving your area, what people are doing is building a laneway home and moving into it from their normal dwelling. That way, you’ll be able to earn more in rental income and not have to move out of the area you’ve called home. Additionally, if you’ve got older relatives who are looking to downsize, building a laneway home is an affordable option.
- 5. Support Sustainability.
We all know that housing is hard to come by in the Greater Vancouver area. More and more people are looking for affordable housing and that search often is quick. Because the Whether you’re living in Vancouver or Maple Ridge or Surrey, investing in a laneway home means that you’re investing in sustainable living. How? By building a laneway home on your property, you’re providing someone else an opportunity to live in the city near jobs, services and public transit.
Laneway houses are quickly becoming a sought after addition to any property (giving property owners another stream of income month after month). You may be surprised to know the relatively small price tag that accompanies most laneway houses in Vancouver or anywhere in the Lower Mainland; a true testament of value in the real estate market, especially considering most laneway homes can be paid off within 10 years. What’s more, not only will your home enjoy a nice increase in value when you sell, but you’ll receive a consistent stream of rental income from it. Multiple people can live comfortably in most laneway homes, and it allows you to provide stylish comfort to a tenant (maybe even a family member) while reducing your total carbon footprint. A laneway house is a strata-free property, so as the main homeowner, you can command a higher monthly rental income. These renters also receive their own mailing address!
Is A Laneway House Right For You?
You may think you don’t have the right property to build a laneway home. It’s a common concern, but the reality is that it’s more flexible than you may think! Even an old garage can be comfortably converted into an impressive laneway house, and building a whole new structure can also be easily done in many residential areas. It’s truly a smart eco-friendly move… and smart for your wallet. Please take a look at some of PHW Homes‘ laneway house projects to see what your new investment may look like! If you would like more information or are interested in receiving a 100% free, no obligation estimate for your new home, please let us know using the form on the right hand side of this page. We look forward to answering all your questions.