Comments on: Costs piling up for laneway houses in Vancouver http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/ News, analysis and commentary on Vancouver Fri, 20 Apr 2012 18:43:38 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Craig http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/comment-page-1/#comment-149765 Craig Wed, 09 Mar 2011 18:03:58 +0000 http://thethunderbird.ca/?p=9642#comment-149765 I love how all this gets spun as making things 'more affordable'. Do you really think, as Michael Lyons above points out, that once a land owner has sunk an additional 230k-290k into a property that it makes the property more affordable to buy? It makes a prospective buyer have to borrow more from the bank and service a larger debt. So only people with even higher incomes can actually own their property. I love how all this gets spun as making things ‘more affordable’. Do you really think, as Michael Lyons above points out, that once a land owner has sunk an additional 230k-290k into a property that it makes the property more affordable to buy? It makes a prospective buyer have to borrow more from the bank and service a larger debt. So only people with even higher incomes can actually own their property.

]]> By: Michael Lyons http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/comment-page-1/#comment-145935 Michael Lyons Wed, 02 Mar 2011 00:38:06 +0000 http://thethunderbird.ca/?p=9642#comment-145935 Smallworks builds beautiful and well appointed laneway homes in Vancouver for between $230-290K all in. If you have the land, there's no better way to keep family close, build equity and save money. At, say, $250K your mortgage would be about $1170 p/mo to borrow the whole thing on a 5 yr term. Vancity's early research indicates that value is increased by this addition in excess of the cost (eg: $1m property, now worth $1.25m+), so there's the equity, and that increased equity value rises with the market over time (a bonus $25K when the market rises 10%). When you sell it later (with the house), unlike an alternative investment property, it's capital gains tax free as part of your principal residence! Alternatively, rent it out for $1800 p/mo and you're into great positive cash flow. Unheard of in Vancouver these days. What better little detached house could you buy in Vancouver for $250K ($1170 p/mo)?? Michael@smallworks.ca Smallworks builds beautiful and well appointed laneway homes in Vancouver for between $230-290K all in. If you have the land, there’s no better way to keep family close, build equity and save money. At, say, $250K your mortgage would be about $1170 p/mo to borrow the whole thing on a 5 yr term. Vancity’s early research indicates that value is increased by this addition in excess of the cost (eg: $1m property, now worth $1.25m+), so there’s the equity, and that increased equity value rises with the market over time (a bonus $25K when the market rises 10%). When you sell it later (with the house), unlike an alternative investment property, it’s capital gains tax free as part of your principal residence! Alternatively, rent it out for $1800 p/mo and you’re into great positive cash flow. Unheard of in Vancouver these days. What better little detached house could you buy in Vancouver for $250K ($1170 p/mo)?? Michael@smallworks.ca

]]> By: Taj Bansi http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/comment-page-1/#comment-122390 Taj Bansi Fri, 21 Jan 2011 05:26:55 +0000 http://thethunderbird.ca/?p=9642#comment-122390 We have four laneway homes under construction in Vancouver - 2 on the west side being built in conjuction with new single family homes and 2 on the east side where the existing homes remain. The factors that raise costs substantially are most related to utility costs and design. Trenching gas lines, electrical services, sanitary and storm lines, along with water services is quite costly to do; depending on the location of these services in relation to the site. A well planned and though out design can also alleviate substantial cost as well as making an attractive laneway home. Also, contacting a BC Hydro designer in the initial stages of the project can save a great deal of time; provided you can contact them and get a straight answer upfront. We have four laneway homes under construction in Vancouver – 2 on the west side being built in conjuction with new single family homes and 2 on the east side where the existing homes remain. The factors that raise costs substantially are most related to utility costs and design. Trenching gas lines, electrical services, sanitary and storm lines, along with water services is quite costly to do; depending on the location of these services in relation to the site. A well planned and though out design can also alleviate substantial cost as well as making an attractive laneway home. Also, contacting a BC Hydro designer in the initial stages of the project can save a great deal of time; provided you can contact them and get a straight answer upfront.

]]> By: Photo gallery: Laneway housing in Vancouver | TheThunderbird.ca http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/comment-page-1/#comment-35764 Photo gallery: Laneway housing in Vancouver | TheThunderbird.ca Thu, 15 Apr 2010 18:23:22 +0000 http://thethunderbird.ca/?p=9642#comment-35764 [...] Related: Costs piling up for laneway houses in Vancouver [...] [...] Related: Costs piling up for laneway houses in Vancouver [...]

]]> By: Josh D http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/comment-page-1/#comment-35762 Josh D Thu, 15 Apr 2010 17:59:34 +0000 http://thethunderbird.ca/?p=9642#comment-35762 I've been dying to know how much laneway houses would really cost. and you beat the local papers too it. The $150k estimate seemed had always seemed too good to be true. However, I do agree with Fry. $250k is a pretty good deal. True, you can't build equity in it like a condo, but that's not the point. The whole idea is to have granny move out there so she can afford to stay in the community or rent it out to students as a mortgage helper, making things more affordable for everyone. Laneway houses will not solve Vancouver's affordable housing crisis, but they are making our city a little more liveable, so all the power too them. I’ve been dying to know how much laneway houses would really cost. and you beat the local papers too it. The $150k estimate seemed had always seemed too good to be true.

However, I do agree with Fry. $250k is a pretty good deal.

True, you can’t build equity in it like a condo, but that’s not the point. The whole idea is to have granny move out there so she can afford to stay in the community or rent it out to students as a mortgage helper, making things more affordable for everyone.

Laneway houses will not solve Vancouver’s affordable housing crisis, but they are making our city a little more liveable, so all the power too them.

]]> By: The cost of building a laneway house | TheThunderbird.ca http://thethunderbird.ca/2010/04/08/costs-piling-up-for-laneway-houses-in-vancouver/comment-page-1/#comment-35710 The cost of building a laneway house | TheThunderbird.ca Wed, 14 Apr 2010 21:19:07 +0000 http://thethunderbird.ca/?p=9642#comment-35710 [...] Related: Costs piling up for laneway houses in Vancouver [...] [...] Related: Costs piling up for laneway houses in Vancouver [...]

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