Laneway Homes – What You Need To Know About The Latest Housing Trends
In Vancouver, Canada, small houses are increasingly in demand or are becoming a trend in the housing industry. Laneway houses are built in many pre-existing, separate secondary suites located in the back lane or in the backyard.
In this post, you will learn more about today's latest housing trends – laneway housing.
Laneway Homes Introduction to Vancouver
With the initiative of former Mayor Sam Sullivan's council, EcoDensity, street houses were introduced in Vancouver due to increased city density. The average lane home in Vancouver is 550 square feet, usually with one to two bedrooms.
Laneway houses are built in the back half of the land or in spaces normally reserved for parking or garage areas. Many cities actively encourage building hallways, or training houses, as additional income or incentives for homeowners.
So, if you also plan to build your own lane home, be sure to hire a trusted, reliable and experienced road lane maker, like Goldcon Construction. With proper planning and collaboration with a good lane home builder, you can design a very functional lane home to increase the value of your property.
That way, you will also have a large income for your family.
How Much does a Laneway House Cost?
Building a Laneway house usually costs between 350,000 CAD and 400,000 CAD. The size ranges from 600 to 900 square feet. You can rent it out for 3,000 CAD every month.
Return on investment in owning lane homes is promising, and many residents in Vancouver want to take this opportunity. No wonder why other cities and countries want to adapt to this housing trend.
Due to rising real estate prices, road houses are now becoming mainstream in the housing industry. Now, it's possible for young families and extended families to stay together on one property. Investing in a roadside house costs less than buying a one-bedroom apartment. Also, you get a separate house with a laneway housing with parking and all the facilities you need.
The overall resale value of your property with lane homes is higher than the construction of lane homes. Also, rental income is more than enough to cover the mortgage or loan needed to pay for the construction of a lane home.
Rent Laneway House
In Vancouver, Canada, rental homes for rent are big income earners. For urban planners, building track houses is a great way to overcome housing shortages. In fact, the suburbs that surround Vancouver have begun to build laneway houses. Even high-class neighborhoods in West Vancouver are adapting to this latest housing trend, offering rental homes to the working class suburbs.
Rental income from laneway housing helps build equity for homeowners, which is very helpful in paying mortgages. Special lane houses can be rented between 1,300 CAD and 3,500 CAD, which are equipped with facilities, such as access to the yard and the nearest parking lot. Of course, rental fees depend on size and location.
People Who Rent or Live in Laneway Houses
"Baby boomers," or generations who will reach retirement age, prefer to build small road houses into their property to bring their families close to them. This living arrangement is called multi-generation.
According to a survey, people find it more affordable to live in laneway houses with small and separate houses in many existing ones. In addition, lane's house is close to schools, workplaces, transit, entertainment, and other facilities.
While there are challenges in designing a road house that is livable and highly functional, many homeowners and residents have expressed their satisfaction in owning and living in road houses.
The following is a detailed pathway survey:
62% of residents report moving to lane houses because of their desire to live in separate units.
Around 44% of respondents said that living in a roadside house was a more affordable housing option.
A small number of respondents said that they wanted to save money. Also, one third of the respondents cited living in the new unit are another reason why they moved to a roadside house.
Laneway Homes is the latest housing trend that began with the need to address housing shortages in Vancouver. Due to increasing population and real estate prices, more people find building roadside houses as more affordable housing options.
This is also one way to generate income for homeowners and help families live in separate and new units, which are close to community facilities.