Land in Metro Vancouver is a valuable commodity and if you're lucky enough to own a block of it, perhaps there's more you could be doing
to get the most out of your investment. Enter the Laneway Home. Making a come back as savvy home owners look for ways to increase property value, they were seen as early as the 1890's. Built along the laneway as temporary housing while the main house was built, or for extended family or staff members, these housing options are now popping up all over the city. Renting for upwards of $2,000 a month, these homes make a great rental earner for an initial investment of around $250,000. They're proving to be a nice little return on investment as compared to buying a 1 bedroom condo in downtown which requires a $400,000 investment for a return of about $1,500 a month.
These homes have their own address and are a separate entity in terms of utilities. They are also a much more attractive option for potential renters, who can now have a free standing house to call home instead of living in the basement. New finishings, high ceilings, outdoor space and plenty of light make this a wonderful place to call home.
To the home owner, the investment required not only adds over and above the cost of building in added value on the home, but also a brand new potential income stream. It's no wonder Vancouverites all across the city are jumping on the band wagon. Contact me for more information on how this kind of investment could work for you too.
This seemingly normal white suburban home has a surprising addition around the back, a brand new lovely one bedroom 600+sqft laneway home!
There are many upgrade options available and your new tenants can enjoy this lovely second floor patio.