Tuesday, October 8, 2013

Laneway Houses - A Great Mortgage Helper

Do you have equity in your home? Is your property zoned for a laneway home? Find out today and make a plan to add a laneway home. 

A laneway home is a great way to help pay down your mortgage faster and once your mortgage is paid in full, the laneway home will be future rental income. "More than a thousand laneway house permits have been issued at record rate since 2009 as part of a city initiative to increase affordable housing in Vancouver. "Whether for students, aging family members, or young people looking to live close to home or new job opportunities, Vancouver's successful laneway housing program is creating more affordable and sustainable housing options in single-family neighbourhoods and contributing significant new rental housing," said Mayor Gregor Robertson in a news release. 
Laneway home built by Lanecraft in Vancouver

In 2010, David Neely and his wife were considering renting out an appartment downtown for extra income when they heard about laneway houses. "We thought it was more efficient and more manageable because it's right at our backyard," Neely said. Six months and $225,000 in construction fees after, they were immediately able to rent out the new two-storey addition for $1500 monthly."

If you are interested in building a laneway home or want to know if your property is zoned for a laneway home, please call Thomas at Lanecraft 778.998.4094.