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Why You Should Build A Laneway Home

Rental Income

You’ll be able to rent your laneway house for roughly $2,000-4,000/month

Low Interest Rates

With low interest rates right now you’ll be able to easily pay off your monthly payments with rental income and make a profit!

Rental Shortage in Vancouver

With the population rising in Vancouver and a limited supply of apartments the vacancy rate is only 1.1% in Vancouver.

Raise Property Value

Laneway homes will raise your property value when you eventually want to sell your home.

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WHAT IS A LANEWAY HOME?

A laneway house is a detached, smaller home that is built on the same lot as your existing single family home. They can be one or two levels and will usually contain 1-3 bedrooms, 1-2 bathrooms, a kitchen and living room.

Vancouver’s average laneway house is 550 square feet (51 m2), one and a half stories, with one or two bedrooms. Typical regulations require that the laneway home is built in the back half of a traditional lot in the space that is normally reserved for a garage.

WHY YOU SHOULD BUILD A LANEWAY HOME?

Some of the main reasons to build a laneway homes include

  • Income from renting it out
  • Having a guest suite for family and friends
  • Increasing your property value

HOW MUCH DOES IT COST TO BUILD A LANEWAY HOUSE IN VANCOUVER?

The cost of building a laneway home can vary greatly depending on the size, customization and finishings. The purpose of building the laneway home is usually the driving factor for the cost. Typically people who build the house for family members or a guest house tend to spend a little more on finishings than people who are looking for additional income from a rental property.

If you are building for additional income, you might be more inclined to use less expensive, more durable finishings and possibly a more generic layout to optimize square footage to stretch for that optimal rent.

With a typical 33′ lot in Vancouver our cost to build a laneway home ranges from $250,000-350,000 including permits.

CAN YOU BUILD A LANEWAY HOUSE ON YOUR LOT?

For the compete guide to Laneway Housing in Vancouver click here.

Here are some of the main regulations for laneway homes:

  • Your lot must be at least 33 feet wide
  • There must be a minimum of 16 feet of separation between the main house and laneway house
  • Your property must have an open lane on a double fronting street or on a corner with lane dedication

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