Owning property can be about more than owning a home. It can also be about the greater potential of the land the home is built on. In places like Vancouver, where affordability is a significant issue in the home ownership and rental markets, laneway housing offers an opportunity to maximise the livable space and the earning potential of a property, ultimately building its value.
What is Laneway Housing?
Laneway housing is a type of secondary suite. It is a self-contained living space, on the same property as a single detached home, that can usually be accessed from the alley or back lane. Laneway homes are sometimes referred to as garage suites, in-law suites, granny suites or backyard suites.
- Potential rental income – Building an additional living space on your property provides an opportunity for you to make money from the space by renting it out. This is particularly advantageous in places where there is a great demand for housing. It promotes density in an existing area instead of sprawl, while maintaining a single-family feel.
- Being close to relatives – Laneway homes provide an easy way to maintain proximity to relatives while also giving them their own space. It is optimal for keeping aging relatives or young adults close. As parents age, a younger, growing family can move into the larger property, while parents move into the laneway home. This supports a multigenerational home environment, and keeps money in the family that may have been spent renting or buying another property.
- Seniors stay in their communities – For seniors who have grown comfortable with their neighborhood but no longer require the amount of space available in their detached home, a laneway home is a way to stay in place and earn additional income by renting out the main home.
Why Modular Laneway Housing?
Modular construction is a building process that is new to most people. It involves building modules in a temperature-controlled environment and hoisting them by crane onto an already laid foundation. This innovative method provides several advantages over conventional site-built construction:
- Time efficiency – With manufacturing occurring in a controlled environment at the same time as foundational work on the eventual site, your laneway home can be move-in ready up to 50 per cent faster than a site build.
- Less onsite disturbance – With 90 per cent of modular construction being completed offsite, there is less site and noise disturbance on your existing lot during the building process.
- High quality materials – Modular construction uses the same durable and high-quality materials as conventional building. They are protected from outdoor elements like rain and snow that can cause damage and reduce the integrity of the structure, and are subjected to rigorous quality control.
- Cost certainty – Costs remain on track as time delays due to weather, minimal trade availability, accident damage or theft are virtually eliminated.
- Sustainability – The lean modular construction process cuts down significantly on waste and improves efficiencies.
Read more about Horizon North’s Modular Construction division and our process.