Secondary Suite Option
With the ever increasing cost of home ownership and the new mortgage stress test rules a secondary suite or mortgage helper as they are sometimes known may be a viable option for you. Aside from creating additional income and adding value to your home it makes an attractive option for potential future purchasers, even if they do not want to rent out the suite it is useful to give older children or in-laws some space and independence, or it could simply be used as a guest or games room.
Invest in Your Future
Another good reason to build a lane home or suite is to invest in your future and create some financial independence by adding value to your home and generating additional income that could supplement your pension in the years to come.
Some homes already have an unfinished basement, attic or other space that naturally lend themselves to the creation of an independent suite, whilst others may just need some walls or doors adding. These types of conversions are usually straight forward and very cost effective ways to generate extra income or gain additional space.
Other properties can be a little more challenging and require more thought and innovation in terms of the design and use of space to create the suite but usually where zoning permits it can be accomplished.
Maybe your home is not suitable for the addition of a suite or you simply do not want someone living so close, in this case a Lane Home could be a viable option. This could be created by renovating an existing structure such as a garage/studio or you could choose a custom designed tiny home that is full of the modern conveniences yet is very economical to live in.
Lane Home as a Home Office
Another great reason to build a lane home is to create a home office or work space that is completely separate from the house, this means a short commute to work, with the peaceful and quiet space you need to get creative and productive.
All of these options will require some initial design and planning work in order to get the best value for money and to ensure that you stay in compliance with local building, fire and zoning codes and ordinances.