Laneway House benefits
Category : Uncategorized
Benefits of having a Laneway Home
- For a home buyer who wants to live in the subject property a Laneway home is a good mortgage helper as well as source of income
- For a home buyer who is a passive investor and wants to rent out the house, there would be more income on investment which results better ROI
- For a home seller, it is an added value which can result to increase the selling value
- For a home seller, this feature will sell the house sooner
Is it financially suitable to build a Laneway home?
The cost of building a Laneway home is $200K + permit fees. The mortgage payment on $200k is about $900 a month for a 25 year term.
A Laneway home can be rented around $1,800 to $2,200 which will bring positive cash flow to a family.
In some cases the home owners move to the new built Laneway home and rent the main house for over $3,500 which is a source of income for the family.
How long does it take to have a Laneway home built?
After initial conversation and agreement, it will take about 45 days to have the documents ready, 6 months for the city issue the permit and 4 months of construction all together just under a year.
Which lot qualifies?
Laneway homes can be built on any standard lots in any RS single family zone.
What do we offer?
- Preliminary meeting with the agent and the client to discuss the potentials (at no charge)
- Discuss the details about the shape and look of the building, design concept and materials and finally signing the agreement
- Providing survey, architectural, structural drawings as well as energy adviser report
- Submitting the permit application and all necessary followups
- Starting the construction, supplying labour and material
- Communicating with city and utility official for finalizing the project
- Occupancy permit
All above costs $200K – (city permit fee, utility’s connection fees)
Our team has 28 years experience in the construction industry, insured and bounded, HPO licensed builder, member of ASTTBC and associate member of AIBC