What are laneway houses?
Laneway houses are known by several names, including “Fonzie suites”, “carriage houses”, “granny flats” and “coach houses”. Unlike home additions, but similar to garden suites laneway houses are fairly small, separated, individual houses that are constructed on pre-existing properties. They are normally built in a backyard or laneway of single-family properties.
Laneway houses greatly help in contributing to the total sustainability of a city. They offer people more chances of living close to work and entertainment. They also help in making the urban lanes of the city greener, cozy and safe. Moreover, laneway houses help in providing affordable rental housing for people who are just starting.
There are a lot of reasons why building a laneway house is beneficial. Below are just five of these reasons:
- Additional income
Everyone wants to have more income. Having more income helps in paying the bills, putting kids to school, getting a new car and investing for retirement. Having a laneway home is a great source of additional income by having it rented out.
- Increases property value
In a harsh economy where property values are persistently increasing, a laneway house will help you to be ahead. Building something worthwhile in your property and making it a rental income opportunity will provide added value for your property.
- Provides housing solution for family members and guests
Whenever your in-laws, relatives, and friends come to visit you, you may face the dilemma of not knowing where they will stay. Having a custom laneway home will help you with such predicament.
- Gives opportunity for homeowners to downsize without leaving their community
If you are searching for an extra rental income without having to leave your area, a lot of people are building laneway homes and moving into it.
- Support sustainability
By having a laneway home inside your property, you are giving someone else a chance to live near where he/she works, shops and plays.
If you haven’t already, go ahead and check out our article on the Pros and Cons of Living in a Laneway House.