One of the selling features of a Laneway Home is that it adds to the resale value of the main residence but we were all extremely curious as to HOW MUCH???
Being that Laneway Housing is relatively new to Vancouver, introduced in July 2009, there are few examples of homes sold with a Laneway on the property. The Vancouver Sun reported this weekend that on February 24th 2010, a Main St. residence sold for $81,000.00 over its asking price. The Laneway home was a large contributor to this up sell, as the loft style coach house brings in a healthy rental revenue each month.
How much additional income can you expect to get from your Laneway?
Laneway Consulting Incorporated suggests that a carriage home on a 33 ‘ wide lot can be rented for approximately $1,300.00 monthly. If you had a larger lot and were able to build the maximum allowable size of 750 sqft you may see greater returns…within reason.
What are the expense for maintaining and mortgaging a Laneway?
According to Laneway Consulting Incorporated you can expect to pay just over a $1000.00 a month for maintenance, property tax and mortgage. This doesn’t leave you as the Laneway and Home owner with a huge haul at the end of the month but the total annual potential positive cash flow can bring in a few extra thousand dollars.
For more information about Klondike Contracting’s Laneway Homes visit our Laneway webpage. To request a quote on your upcoming Laneway Project fill-out our Request A Quote form. For information on Home Renovations, Residential Renovations or Commercial Renovations, visit our Renovations Homepage.