There has been much talk recently about laneway housing as a way of increasing density and providing an affordable housing alternative in the city. While this is true I have yet to read anything which looks at the full picture which as a realtor, would be very important for homeowners to consider prior to building.
RESALE-laneway homes cannot be stratifed so the home runs with the land. When it's time to sell isthe Buyer with $2million+ interested in a "mortgage helper"? Not usually. Would that Buyer rather have the full use of their property? Yes. There will be a few who can use it for their grown children or a parent but that means the potential resale market has been quickly reduced by a significant number. Potential Buyers will either really like or dislike a laneway home.
RESALE IN OTHER PARTS OF VANCOUVER-makes more sense where owners need to use the income to assist in qualifying & paying for a mortgage & resale impact is again, different.
RETURN ON INVESTMENT-at a cost of approximately $250K+ any financing costs and monthly revenues of $2-3000 depending on the size, does it make sense? Maybe for some but combined with reduced resale, possibly not unless you are in location that supports it.
HOW DO THE NEIGHBOURS FEEL?-maybe you don't care but complaints I've heard are about reduced privacy, reduction in light in their yards, & outlook from their homes. Maybe you don't care but don't assume that just because you think it's a great idea, that they will too.
