Discover the top 5 reasons homeowners are choosing to build a laneway house in Toronto.
Laneway housing in Toronto is becoming a hot trend in real estate right now. If you’re looking to add space to your home or expand your living space, building a laneway house is an excellent option for both renters and homeowners. But what is a laneway house? Why should you build a custom laneway house? Read on to learn more about the many advantages of a laneway house. You may find that this is the best option for your needs.
Why Build a Laneway House?
What makes the laneway house unique is the way that it can maximize the space inside while utilizing little space outside. The goal is to be able to make more housing without much density in the area. The house is created with split level construction, making each space a few steps higher than the other to maximize the interior of the home. These are often custom homes that are made specifically for the needs of the person buying them. Plus, in Toronto, laneway houses are now easier than ever to be approved and built in the city.
The Top 5 Advantages of Building a Laneway House in Toronto
There are many advantages to building laneway housing; however, this section will highlight some of the best reasons to build a laneway house in Toronto.
1. Helps Toronto’s Housing Crisis
Toronto is considered to be one of the most expensive housing markets in the entire world. Why is that the case? This fact all comes down to supply and demand. Renters are having trouble finding apartments within their budget. Many are just having problems finding housing period to rent. Affordable housing can be made possible, thanks to the laneway houses. These are houses that can be made to fit in higher density areas, really utilizing every bit of space that they can get into the city so people can get the housing they need in Toronto.
2. Earn Extra Income as a Homeowner
With rising costs in the city, it’s no wonder people are trying to find ways to earn additional income. If you own enough space on your property, you can have a laneway house built on your property. This feature allows you to rent out space on your property, such as a basement, without having to worry about people walking around your home. You like having your privacy within your house, but you also want extra income to keep up with high utility and mortgage costs. A laneway house is the best solution for people in this situation. You can even make a custom laneway house that you’ll love and get more money renting out your main house.
3. A Custom Home Made Just for You
When searching around for a home, one of the most significant difficulties is finding the perfect home in your budget. If you find a house that you like, you’ll end up having to spend a fortune to make it the perfect home. This issue can be a complicated process, especially when you have the affordable option of building a home for you and your needs. From the layout of the house to the custom finishes, this can be a completely custom option that allows you to get what you want on a budget you can better afford than with a traditional house. Want a garage? Need a patio for outdoor entertaining? You can work with the builder to get as close to your dream space as possible.
4. Safer Neighbourhoods
Places that have fewer inhabitants and alleyways tend to have higher crime rates because criminals like easy targets. Since the entire property has people living on it, there will be a reduction in the crime rate in the area. By eliminating extra space, you are reducing crime rates in the area. This fact has been seen in areas that have added laneway houses to their neighbourhoods, such as in Vancouver.
5. Add Character to Neighbourhoods
Whether you want to retain the character of the neighborhood or you want to add character to the neighborhood, laneway houses can be a great option. In many cases, these types of houses are built as a way to compliment the primary property to keep the curb appeal of the property, but these can add the character as new builds in other neighborhoods as well.
Laneway houses are usually built on a property as a secondary home that faces a public lane while also sharing the utilities with the main building on the property. These can be used for a rental property or as places where extended family can stay while they are visiting or even live. But these are also properties that can be built in high-density areas, without being too intrusive. This solution can be perfect for the housing issues that are plaguing Toronto.
Toronto passed a by-law to allow laneway housing throughout the city, giving renters the housing they are looking for while giving homeowners the extra income that can help them out. These are affordable housing options for renters who want to live in this city. For homeowners, some programs are offering incentives to build a laneway house, such as allowing for deferral of development charges for about 20 years. Another incentive program offers a forgivable loan to homeowners who agree to rent out their laneway house at a reasonable price for 15 years.
With all of the benefits and incentives being offered, it makes sense as a homeowner and property owner to consider building a laneway house on your property. From earning additional income or just adding extra space to your home, laneway houses are the solutions necessary for high-density areas of Toronto. If you want to learn more about laneway houses, contact our team. We can answer any questions that you may have and help you plan out the perfect laneway house for your property based on what your needs and budget are.