Laneway Housing: A New Way of Living in the City

Cities are characterized by high populations. With a population of people comes the need for housing. One way Vancouver city residents are dealing with it is by laneway housing. This means putting up another home in the pre-existing lot. Mostly, the house is built in the backyard and opens to the back lane. As such, laneway housing has become a new way of living in the city. If you want to construct one in Vancouver and North Vancouver, then Goldcon Construction is your answer.

Here is why laneway housing is becoming popular.

A Second Home

Prices of homes in the city are high to the extent that young families cannot afford. A laneway house has become the solution. It is way cheaper to build a laneway house than to buy an apartment. Most young families are using it as a solution to homeownership in the city.

Also, it is making it easy for multi-generational living. For example, it can be costly for the young generation to buy a home in the city. A laneway house can solve the problem because it will only incur the cost of construction. With that, they have a home in the city close to all the amenities.

Besides, a laneway house is detached and has all facilities, including parking.  Based on the size of the lot, you can build a 2 or 3 bedroom laneway house since their size ranges from 600 to 900 sq ft.

Source of Income

A laneway home can bring in rental income. With the rising population in the city, it is easy to find tenants. The home can bring in rent of approximately $3,000 per month while the construction costs about $400,000. With a mortgage of $1,500, you can pay back and remain with extra cash. Some financial institutions have joined in since they have noted the demand for these homes. They are now offering mortgage packages for construction.

Increases the Value of Property

A laneway house can increase the value of the property with more than the cost of construction. This has made it an incentive to homeowners who want the value of their home to go up or those looking to sell. Some homes built in new lots are including a laneway house. This is raising the value of the property, and most buyers are attracted to it.

Municipalities Make It Easy

To build a laneway house, you are required to apply for approval from the local authorities. Luckily, there are bylaws in place to make the process easier. For example, Vancouver has an online guide that homeowners can use to understand the process of application and construction of the laneway houses.

Municipalities are encouraging homeowners to build these coach houses, or secondary suites as they are also referred. This is by amending the by-laws and simplifying rules. However, there are conditions that the lot must meet. For example, the lot must back or front on a laneway. Also, it should have enough space to fit another home. As the laneway homes hype catches on, some municipalities are still creating guidelines and by-laws to guide the homeowners.