So you have found your dream home – adequate room for you and your family, great curb appeal, and a spacious backyard, maybe too spacious. To facilitate all of that additional unneeded space, you could build a new pool or addition to your home, or you could make some passive income while providing a place to stay for one of the many Torontonians’ struggling to find a place of their own within the city. If this sounds like a great idea, then consider building a laneway suite on your Toronto property and help someone else while helping yourself!
Why Build a Laneway Suite?
As mentioned previously, laneway suites are a great way to make some passive income and provide a place to stay for someone. While renting out one of the rooms of your home seems like a good idea, you and your tenant are deprived of privacy and forced to share a specific portion of your home. With a laneway suite, you can incorporate all of the basic amenities when making the home renovations to your garage or entirely new structure. With brand new bathroom renovations and kitchen renovations, not only are you providing someone with privacy, but you are also making it a beautiful place to live. At Milman Design Build we create elegant laneway suites that are as functional as they are aesthetically pleasing.
What is better than making income passively? – making income passively while also providing a home to someone! Laneway suites will pay for themselves before long and will provide a lot of additional income, and all you have to do is ensure that the suite is kept up and running. If you happen to have a driveway on your property already, you can get a laneway suite up on a budget and will be making money from it before long!
Create Additional Real Estate
Toronto’s population has nearly doubled in the past 30 years, causing homes and apartments to be in short supply. Laneway suites are a great way to increase the number of roofs available across Toronto. While it may seem like laneway suites would be an inadequate housing solution, the space and affordability provided by laneway suites is a fantastic solution for the more minimalist lifestyle. This relatively new form of housing allows for additional housing opportunities without purchasing and building on entirely new stretches of land.
On top of the return on investment, you’ll get from having a laneway suite on your property, you will also increase the price of your home dramatically. Buyers will see the laneway suite as an additional revenue source, causing the appeal of the house to increase dramatically. This alone could be a deciding factor behind a buyer pulling the trigger on purchasing your property. At Milman, we ensure that the construction and design of your laneway suite will be subjected to our top-of-the-line quality control standards so you can enjoy the absolute optimal return of investment, whether due to the potential renter of your suite, or the future buyer of your property.
Providing Our Services to All of the Greater Toronto Area
Many believe that the best way to rent out their property is to rent out a room or floor of their homes. However, laneway suites retain both the homeowner and the tenant’s privacy while also providing a luxurious space for potential renters. Creating a laneway suite on your property increases your home’s value, makes new real estate for those in need of a place to stay, and creates passive income for the homeowner. If you’re looking to create a laneway suite on your property, whether, within your current garage or a brand new structure, the pros at Milman Design Build offer all of the services you need to make it happen today! We will ensure that your new laneway suite follows all building regulations, is elegant, and provides optimal ROI. View some of our recent home renovation projects in our project gallery and find inspiration for your upcoming project. From bathroom and kitchen remodels to basement renovations in Toronto, we can transform any space in your house. For more information on Home Renovation Contact Us at 647-471-5326