The laneway craze first started in Vancouver and is now taking over Toronto too. Many people want to build, buy or rent a laneway house. There may be a few people that aren’t for the laneway house movement, however, there are so many benefits that outweigh the downfalls.
Not only are homeowners excited about laneway houses, but it’s an opportunity for renters to find extra housing in the city. In this post, we break down the many advantages of laneway houses and you can benefit from them in Toronto.
What are the benefits of laneway houses in Toronto?
There are a variety of reasons why laneway houses are beneficial. They provide extra housing for those living in the downtown core, owners can earn extra income and much more.
Affordable housing solution
Throughout Toronto and the GTA, there’s been a growing need for affordable housing. Due to the growing population in the Toronto area and decreased homeownership affordability from the interest rate spike, there’s a supply issue with housing availability. That’s where laneway houses come into play: Toronto homeowners can build an additional unit behind their property that attaches to an alleyway. This can help alleviate the pressure of the housing crisis without adding another condominium in the city.
More environmentally friendly
Because laneway houses are naturally smaller structures compared to traditional homes, they’re generally more energy efficient. They need less heating and cooling resources and are spatially less invasive. Many laneway houses aim to use green energy appliance alternatives or solar panels.
Increased property value
When you build a laneway house, you increase the value of your current property. Depending on the design and how much you invest into the structure, you can potentially increase your value up to $100,000.
Additional income
Another great benefit of building a laneway house is the extra income homeowners can earn. If you need to pay off your mortgage or want to put money aside for retirement, building a laneway is a great option. Even if you decide not to rent out your laneway house, having the extra space for friends and family is an added bonus.
Improved chances of selling your home
If you want to sell your house at some point in the future, adding a laneway unit to your property will help increase your chances of selling. Some potential buyers may find a laneway house more appealing as they can rent it out to their own tenants.
Reduced car dependence
When laneway houses are built in residential areas downtown, it allows renters to move in and potentially live without needing a vehicle. Walkable housing options that are close to public transit and existing amenities help decrease the amount of traffic within a city. Although parking supply has been seen as an issue with renters and homeowners, the city cna regulate the street parking permits, which promotes carshare and other forms of transportation.
Maintains or adds character to your home
Another one of the many benefits of laneway houses is they don’t take away from the character of your current neighbourhood or home. Oftentimes, building a new condo or tearing down your current home to modernize it can take away from the surrounding environment.
Extra space for friends and family
If you’re someone that loves hosting friends and family but you’ve never had the space to do so, then laneway houses are a good option for you. Some people build an additional structure so their older kids have a place to stay while others will have their elderly parents stay with them (which can cut the costs of nursing homes).
Added office space
According to Statista, roughly 30% of Canadians are working from home. Although working remotely works well for some, others may need additional space to get their work done. Having a laneway house or a garden-shed-turned-office-space can help professionals limit distractions and complete their tasks in the comfort of their own home.
Key takeaways
Explore a variety of laneway house design ideas with Summerwood. Whether you’re building a garden shed, office space or additional housing on your property, we can help. Contact us today and learn all about our services today!
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