Information about laneway homes is scattered all over the internet and hidden within reports from each municipality. We have compiled all the information you need to make an informed decision about building or renting a laneway home in this Market Analysis section.
How to hack into Vancouver's real estate market with a laneway house
Matt Henry of Sutton Place Realty has had the opposite experience in encountering those stalking LWH in the wild: “I’m working with a couple right now. The kicker is that most of the custom-built ones aren’t on the market. Probably 95% of any homes with laneway houses listed on MLS [had LWH that] were built at the same time as the house.” The subject brings extra intensity to Henry's voice as he talks about this mutation in the housing market, noting that prospective buyers aren’t quite feeling those specimens, since the original builders didn’t put too much love into them.
Many Vancouver lane way and street upgrades are considered part of a “local improvement process” and must be initiated by citizens and then approved by a majority of property owners who would benefit from enhancements. Typically, these are boring pieces of infrastructure such as traffic-calming speed bumps and curb extensions. The property owners are billed themselves for most street improvements.
West Vancouver is exploring whether to allow coach houses on single family lots to improve housing affordability and to increase the variety of housing available.
Stephen Mikicich, a West Vancouver community planner, said this “gentler form of densification” could add options to an area that has many single family homes and a few apartments, but very little in between.
Factory-built homes that make sense, designed by Michael Katz
The Van Special 2.0 consists of an 1,800-square-foot three-bedroom house, a slightly below-grade two-bedroom garden suite that is 800 square feet, and a two-bedroom laneway house that is 500 square feet. Now that laneway housing makes increased density possible, such a design maximizes the standard 33-foot lot even better than its predecessor, the Vancouver Special. Unlike its predecessor, however, it’s far more deluxe, with rooftop gardens, solar panels, net-zero energy use, radiant heat and Bosch and Miele appliances. And the design comes either with high-end furnishings, or unfurnished.
Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way.
Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other - sometimes unexpected - expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.
Hire the Right Agent, For the Right Reasons: 8 Questions to Ask
Finding a real estate agent who is right for you requires doing a little homework, and asking the right questions. Choosing an agent is a decision that could ultimately cost or save you thousands of dollars. Keep in mind the individual you choose will be handling almost every maneuver in the biggest financial investment of your life. Experience, interests, and expertise vary from agent to agent, so you should be asking very specific questions in order to align your own needs with the abilities of an appropriate representative
Each homebuyer has different ideas of what will constitute the ideal home for them, these notions often based on particular aesthetic preferences. But one thing that unites all potential homebuyers is the desire to find a home that is fundamentally sound - in areas beyond the immediate sweep of the eye - and that will provide a safe, comfortable, and efficient foundation for their life behind a new door.
Your home is likely your largest asset, so selling it may be the biggest financial move you've ever made, one that requires significant thought and strategy. However, once you've entered the market, the process may move very quickly: your property has the best chance to sell within its first seven weeks on the market. Studies indicate that the longer a property stays on the market, the less it will ultimately sell for. So, you need to ensure you're ahead of the game. Get your property into top selling shape before it hits the market in order to increase its chances of selling within the desired window of time and drawing top dollar.
There is no set equation to determine how you'll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You'll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you're willing to offer.
Once you've minimized the clutter in your home, clearing out excess items and furniture, you'll be ready to concentrate on repairs, cleaning, and decoration. Your goal is to get each room looking its sharpest and most fresh - the better your house looks, the greater your chances that it will sell quickly and for top dollar. Concentrate on the following areas to get your home into selling shape.
Second Time's a Charm!: Sell the House that Didn't Sell
Don't get discouraged if your property hasn't sold during its first appearance on the market. Your home may actually have been one of the most appealing listings of its kind - and the reasons it didn't sell may have nothing to do with the property itself or the market. Rather, a number of separate factors may have influenced the outcome. Take a step back, break your original selling method into parts, and allow yourself time to evaluate each one. Make a commitment. Establish a new approach. Stick to it. A reassessment of your system, and a shift in perspective, may be just what you need to realize your ultimate goals in the sale of your home.
After putting in a huge amount of time and effort to get your home looking good and ready to sell, your hard work is finally going to pay off: your home is on the market - you're ready to begin showing. Your house should always be at-the-ready for a tour, as agents may bring clients by with very little notice. If they catch you unprepared and you aren't able to show the house on the spot, you could be losing out on a sale.
The thousands of dollars in rent you've already paid to your landlord may be a staggering figure - one you don't even want to think about. Buying a house just isn't possible for you right now. And it isn't in your financial cards for the foreseeable future. Or is it? The situation is common and widespread: countless people feel trapped in home rental, pouring thousands of dollars into a place that will never be their own - yet they think they're unable to produce a down payment for a home in order to escape this rental cycle. However, putting the buying process into motion isn't nearly as impossible as it may seem. No matter how dire you believe your financial situation to be, there are several little-known facts that may be key to helping you step from a renters rut to home-owning paradise!
It's official: you've signed the papers, dotted all the i's and crossed the t's - you own a new home! You've almost reached the end of your journey. However, now, faced with the daunting task of moving, it may seem as though the journey has just begun. Moving can be a time-consuming and stressful experience if you let yourself be overwhelmed by the job. Remember, though, having a successful move means taking care of the details, one by one. If you break the process down into steps and arrange your time accordingly, you can make it manageable.
Buying or selling a property with a laneway or coach home is different than a regular real estate transaction. Matt Henry and his team of industry partners understand what these unique properties are worth and how laneway homes affect property value.