The real estate market is bringing along a new entry into the residential options available to locals.
This comes in the form of a laneway home Vancouver citizens can reside in. These homes are uniquely shaped, modern, and offer a fascinating take on the merits of maximizing space.
Here is a breakdown of what these homes are all about and why they work so well in the region.
What is a Laneway Home?
Laneway homes are designed to be small-sized homes that replace garages or car ports. They are positioned along the back of the lot with a special parking spot and dwelling unit attached to it.
The average size of a laneway house comes out to be approximately 550 square feet but it can go all the way up to 940 square feet depending on the design.
Importance of Building Laneway Homes
1. Rental Income
It is common to wonder what the advantages are of a laneway home Vancouver has to offer.
Laneway homes are advantageous for several reasons and it starts with the rise in rental units within low-density neighborhoods.
It becomes easier to have new housing options that extend past the average house. It allows for an increase in rental opportunities and that is good for all types of housing in the region.
In a lot of cases, people will mention the idea of being able to generate additional rental income from a laneway home Vancouver has to offer. This is great for those who want to go with a high-grade solution that will be well-priced and is going to age gracefully.
It is also an exceptional option when it comes to helping those who want to downsize. This creates an additional housing spot that will be well-equipped and perfect for those who want to live independently. This can include seniors, adult children, and/or students that are in the area.
A laneway home is a good option for those who don’t want to stay in the main house and would rather rent it out. You make additional money from there and still live close by in a laneway home.
It is also a great way for those who want to stay close to the area whether it has to do with work, school, or just transportation.
3. Investment Opportunity
It is not easy to invest in properties that are well-sized in Vancouver. This is why a lot of people end up renting without ever getting to retain value from a property. This is not the case when you set up a laneway home that is legally designed.
You end up having all of the facilities you would want without having to share a wall or a parking spot. Everything is designed to be private and that does go a long way for those who are staying in the laneway home.
It is also common for a lot of people to lean towards the increase their lot’s resale value. This is essential as the real estate market is trending in the right direction and this only adds to the portfolio with time. Just having something as advantageous as this on the property goes a long way.
4. Additional Spacing
It is also a good option for those who want to have additional space for anyone that is spending time in the area including guests. It is just a way to have more space on the lot.
It’s important to understand the legalities associated with a laneway home in Vancouver. There are strict regulations in place that need to be kept in mind every step of the way.
These requirements will start with the underlying measurements. You will be expected to have at least 16 feet in distance between the laneway and the house. For the average setup, it is not going to be difficult to make it happen as long as you are aware of the measurements beforehand.
You should take the time to reach out to a qualified service to learn more about the eligibility requirements.
Process of Building Laneway Home
1. Site Inspection and Assessment
It starts with a detailed assessment of the lot including the underlying dimensions. It is also important to determine where the home is going to be built and whether or not there’s enough space for it.
2. Pre-Application Review
There will be a pre-application review to survey the site and come up with the engineering design. This has to be ironclad to make sure it passes all of the additional checks that will be done before it is approved.
3. Application Process
The last step is applying and having it meet all of the local regulations.
Once this is done, you will have the ability to build the laneway home and get it to look the way you want it to.
It’s best way to reach out to a specialized builder for your laneway home and make sure it is done the right way.