Laneway homes are becoming really popular in many parts of the country for numerous reasons, one of which is that having a laneway home can give you an additional stable income if you have built it for the purposes of leasing it to others.
It is easy to see why many homeowners want to add a laneway home to their property, and it’s very understandable why so many tenants look for laneway homes to rent.
A laneway home has an edge over apartments and basement suite rentals. In an apartment, you share a wall with your next door neighbor, while in a basement, you have strangers living above your rented space. With a laneway home, you get the benefits of living in a totally separate but complete house without having to pay as much.
This is just one of the many reasons numerous renters prefer laneway homes over apartments. Now, if you’re considering building a laneway home on your property, here are some of the things you should expect:
Laneway homes cost at least $300,000 to build.
Keep in mind that this is not just a simple bathroom or window renovation , laneway homes are practically a complete home with its own garage. So, as you can expect, its construction will require a significant amount of money as aside from the actual building, you have to consider that it needs its own electric and water lines. A laneway home will also need its own HVAC system.
Approval of construction of laneway homes takes a lot of time.
Just because you have an extra space in your property doesn’t mean you qualify to build a laneway home on it. The local government has strict rules and regulations when it comes to laneway homes. There is a standard lot area that you need to have together with additional space around the laneway home itself, as well as enough space for the garage. You also have to comply with specific zoning regulations.