As Toronto housing prices continue to rise and urban areas become more densely populated, many Toronto homeowners are looking for ways to add living space and income potential to their property.
In Toronto, the city has made it legal to build a laneway suite since 2017. This helps to increase gentle density in low-rise neighbourhoods that are experiencing a declining population and also have many other benefits.
5 Reasons Why Building A Laneway Suite Is A Smart Move In Toronto:
- Additional income and cash flows: One of the biggest benefits of building a laneway suite is the potential for additional rental income. A laneway suite can provide a steady stream of income for homeowners, whether it’s rented out to long-term tenants or used as a short-term vacation rental.
- Multi-generational living: Laneway suites are a perfect solution for multi-generational living. They provide a separate and private living space for aging parents or adult children while still allowing them to be close to the family. Not only do they provide additional living space, but they also offer flexibility in terms of design and functionality.
- Affordable housing: Laneway suites can also be a great solution for addressing the affordable housing crisis in many urban areas. They can provide additional living options for people looking for a living space in a low-rise neighbourhood for an affordable price.
- Increased property value: Building a laneway suite can also increase the value of your property. Not only does it add living space, but it can also make your property more attractive to potential buyers, especially in areas where housing is in high demand.
- Sustainable living: Laneway suites are often designed to be energy-efficient and sustainable, which can help reduce homeowners’ utility bills and reduce their carbon footprint.
- Flexibility: Laneway suites can be designed to suit a variety of other needs, such as a home office or a guest suite.
How We Can Help
Building a laneway suite can be a complex and expensive process, but for many homeowners, the benefits can outweigh the costs. If you’re considering building a laneway suite, it’s important to do your research and work with professionals to ensure that your plans comply with local zoning laws and building codes.
At Urban Lanes, we specialize in designing and building custom laneway suites in Toronto for rental purposes. Our team of experts will guide you through the entire process and are committed to providing high-quality solutions that will maximize your return on investment.
Contact us today to schedule a consultation and let us help you make your laneway suite dream a reality!