Space in Toronto comes at a premium, and as a homeowner, this means making the most out of what’s available. Garden suites, also known as laneway homes, present a unique opportunity to unlock the untapped potential of your property.
These auxiliary housing units, often found in the back of a property, offer a vast range of advantages – and not just for homeowners. As a result, the City of Toronto has also recognized the numerous benefits of garden suites and introduced new policies to encourage their construction.
In this blog, we’ll cover some of the primary benefits that come from building a garden suite. We’ll also mention some of the important considerations that anyone who is serious about building one should know before getting started.
We recently interviewed a professional expert who helped us answer some of the burning questions Torontonians have about building garden and laneway suites. Click here to read it.
Why Garden Suites Work
Although garden suites and laneway homes are a relatively new addition to Toronto’s housing profile, one of the main reasons for their early success is that they benefit everyone. For homeowners, they provide a unique range of advantages (which we’ll dive into shortly), but they also positively impact Toronto’s growing pool of renters.
In a rental market that’s known for being competitive, garden suites offer a comfortable and stable housing option for renters. It’s no surprise that as garden suites have become more prominent across the city, they’ve become a hot commodity among renters.
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Earn Rental Income
One of the foremost perks of owning a garden suite is the opportunity to earn reliable rental income. Toronto’s real estate market has seen steadily rising rental averages and property values, making it an attractive destination for real estate investments.
With the construction of a garden suite, homeowners can tap into this lucrative market with ease, earning impressive returns in a hurry. Further, in Toronto’s hot rental landscape, this type of investment can ultimately pay for itself as the rental income earned by the garden suite can directly offset the costs of construction and maintenance.
A New Pathway to Investing
Investing in Toronto real estate can be incredibly lucrative. That said, the sheer demand for real estate in the city, coupled with other economic factors can make purchasing a dedicated income property a more challenging endeavour – especially in today’s market.
Garden suites offer you the opportunity to side-step the local real estate market by constructing an investment property yourself. Rather than paying a premium for property somewhere else in the city, building a garden suite in your own backyard can be a relatively economical solution.
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Boosting Your Property Value
Adding a garden suite to your Toronto property can also significantly enhance its overall value. A well-designed and functional garden suite not only provides extra living space but also increases the property’s overall appeal. Down the line, potential buyers will be willing to pay a premium for the convenience, income potential, and flexibility that a garden suite offers. As a result, the addition of a garden suite can substantially boost your home’s resale value in the long term.
Total Flexibility
Finally, one of the best perks of building a garden suite on your Toronto property is flexibility. While most garden suite owners may choose to use it as a dedicated rental suite, that’s far from the only option.
For instance, Toronto’s fast-paced growth has led to an uptick in multigenerational living. Families are increasingly looking for ways to accommodate multiple generations under one roof while maintaining privacy and independence. A garden suite can be a perfect solution for this, allowing elderly parents or adult children to live separately while remaining close to the main family home.
Alternatively, you could use a garden suite as your primary living space while utilizing your main home as an income property. This could help you achieve even greater monthly returns while simultaneously curbing your personal living expenses.
Considering adding a Garden Suite to your property? As seasoned experts in Toronto real estate, our team would be happy to assist you. Call 416-587-3300 to get in touch or email office@torontoism.com.
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