Five Reasons People Are Building Laneway HomesJanuary 21, 2022
Laneway homes development is growing in Vancouver almost as fast as housing prices as space and cash strapped homeowners look for innovative ways to maximize the potential of their very pricey plots of land.
But what are the top reasons for building a laneway home? Read on to find out.
With soaring housing prices, many homeowners find themselves in a position where they need additional revenue to help support hefty mortgage payments. Laneway homes development offers an alternative to in-home rental suites, allowing homeowners to maximize their interior space and privacy while providing much need rental income.
Laneway houses are also more desirable from a renter’s perspective, which gives homeowners greater flexibility in securing good tenants.
Ageing in Place
Laneway homes provide the opportunity for homeowners looking to downsize to age-in-place when the time comes. Not only will they not have to leave their property but using the main housing structure as a rental can deliver a significant boost to retirement income.
Alternatively, a laneway home development can allow parents to live safely and securely near their children without sacrificing anyone’s privacy.
Supporting Adult Children
Even with help, it can be difficult for new would-be homeowners to break into BC’s hot real estate market. Laneway homes development gives parents a way to help provide their adult children secure comfortable housing for a fraction of the price of a detached home.
Increasing Property Value
Given their potential to provide rental revenue or keep family close by, it’s unsurprising that laneway homes are a popular feature for homebuyers. Whether you are planning on selling now or in the future, laneway homes development could help give your property a leg up on the competition.
The Ultimate Home Office Experience
It’s becoming more and more apparent that the shift to a full-time work-from-home or hybrid work model isn’t likely to change any time soon. In fact, according to a recent Forbes piece, as many as 74% of employees believe that remote working will become the new normal long-term, and 97% do not want to return to their offices full time. However, many people also report working from home to be difficult due to many distractions.
What better way to cut your commute and be able to focus than a laneway home office?
Laneway home construction gives homeowners a flexible space that can be used in many ways while increasing the value and saleability of their homes.
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