There was a Vancouver fever, and now there is a Toronto fever as well. Laneway houses are in high demand, whether you are building, buying, or renting them. The benefits far outweigh any disadvantages, despite a few naysayers and pessimists.
The greater Toronto community benefits from laneway homes as well as homeowners. Learn why the newly enacted laneway home law is a positive step in the right direction in this post.
The Benefits to Toronto
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homesofsilvercrest.com homes will not only benefit homeowners, but the entire community as well. The rest of the world will benefit as well.
Less crime, safer lanes
We see a decrease in crime rate because the entire property will be inhabited, and both lanes will be inhabited. There is a high crime rate in alleyways. Creating habitable or recreational spaces in these areas immediately improves the safety of the area.Vancouver was one of the first cities to approve laneway homes earlier this year.
Maintains or adds character to the neighbourhood
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Laneway houses can add character to a neighbourhood or area, depending on its location. A laneway home complements a main house on a property traditionally. Rather than reducing curb appeal, this increases it.
Laneways can sometimes be used for recreational purposes. In either case, the property looks and feels better overall.
A solution to affordable housing
The price of rentals rises as housing demand increases. In single-family neighbourhoods, laneway homes allow the community to rent a home. A laneway home is a great housing solution for Toronto, which is facing a housing crisis.
In addition to being close to public transportation, schools, and other places of interest, these homes are also conveniently located.
Provides for population growth
Toronto’s population is growing rapidly each year. As a result, the city is facing a massive housing problem. Incorporating laneway homes will be an excellent solution to increase the density of single-family neighbourhoods in a practical and humane way.
The laneway home is a great solution to housing shortages. Their benefits will also extend to homeowners.
Environmentally friendly
Since laneway homes are smaller than houses, they are more energy efficient. There is a reduction in energy and resource consumption as a result. Additionally, laneway homes have green construction requirements that are non-invasive. A quick and off-site construction process is used.
Solar panels and energy efficient appliances are also included in Laneway homes. Every aspect of their business is green.
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Toronto Benefit from Laneway Homes
You probably want to find out how laneway homes can benefit you as a homeowner now that you know your community will benefit from them.
Make your property more valuable
You will increase the value of your property when you build a laneway home. The value of your property could increase by $100,000 if you build a laneway house. Building a laneway home has this advantage.
Allows for ageing-in-place
A laneway home is the perfect solution for those who do not want to downsize but want to stay in their current neighbourhood. Despite living on the same property, you can move to a smaller space.It would also be possible to earn additional income by renting out the main house. There are endless possibilities!
Provide an additional source of income
Laneway homes also provide homeowners with an opportunity to earn additional income. Building and renting out your laneway house is a viable option for paying your mortgage or saving for retirement.The extra cash you’ll receive at the end of the day whether you rent your laneway home long- or short-term can really help you out.
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Provides close proximity to extended family
Laneway houses can also be used as a living space for extended family members. When their children start working, some people build laneway homes for them. Many people build it for their elderly parents to reduce the costs of nursing homes and to keep them close to them in case of an emergency.The advantages of laneway homes include privacy both ways and the ability to bring family members closer together.
Boost Your Selling Chances
Your chances of selling your main home will increase if you add a laneway house to the property. You will be able to increase the value of your property by having a laneway house on your property. There are many benefits to adding a laneway house to your property. Your family, the environment, and your pocket will all benefit! Toronto has now legalised it and adopted it as a preferred housing option.