Financial Benefits of Building a Laneway House
Being a homeowner might be challenging these days as many Canadian cities are seeing real estate prices increase rapidly. Because of this several people are looking at how they can get the maximum value from their homes.
With the high demand to increase density in desirable cities in the Lower Mainland, building a laneway house can help you financially to benefit in multiple ways.
Increase your Property Value
When you add additional square footage to your lot for livable space this increases the property value of your home. Building a laneway home, basement suite or a third level helps in various amounts to have a higher value in your property. How to determine just how much the increase in value will depend on the housing market in your area.
Earn Rental Income
Another benefit to building a laneway home is creating an additional source of rental income.
On average the laneway suite can be rented between $1,200-$1,800 a month. With recent statistics shown over 40% of people says it's more affordable to live in a laneway rather then the option of buying a home. Moreover, they are also a desirable rental house options for people living in the city for their jobs, single families, and neighbors.
Resale Value
Houses have a significant valuable resale amount when people can earn monthly revenue from them. Investors also look at purchasing a rented house in turn earning them more profit from their investment.
If you have any question on the above leave a comment. Would like to know how to get started on building your own laneway home? Contact us today.
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