Smallworks clients know that laneway houses are not only a solution to affordable housing in Vancouver, but can also be rented out for a profitable source of extra income.
Many laneway homes start out as rental properties, and homeowners typically make $1,400 to $1,900 a month for one bedroom, and $1,600 to $2,400 for two bedrooms.
And it’s not just the money-making potential that makes renting out these small houses so attractive – there’s also the safety that comes with being in such close proximity to your tenants.
Here are four factors that make laneway houses one of the safest real estate properties you can rent out:
1. Attracting “good” tenants
Laneway house tenants know from the start that you will have easy access to check in with them, so this close living arrangement will minimize your risk of attracting anything but the best of tenants.
2. Problem prevention
With your tenants and rental unit literally in your own backyard, you won’t have to rely on your neighbours to check in with them or go out of your way to make visits. You’ll be able to catch warning signs early on and address them before they have the potential to escalate.
2. Relationship-building with your tenants
In difficult financial periods, it is in your best interest to get loyal tenants and keep them as long as possible in order to maximise your profits. Building meaningful relationships with your leasers could mean lower vacancy rates and more money in your pocket, and you will be in a much better position to create these kinds of quality relationships when your tenants are your backyard-neighbours.
3. Less short-term and long-term spending on upgrades and repairs
If you buy an old, previously-owned home through a foreclosure or some other kind of sale, you may need to spend thousands of dollars to repair the damage to the home and make the house fit to rent – in addition to the price you pay for the house itself.
When you contract Smallworks to build a laneway house to rent out, you won’t have to worry about finding any damage to the building’s foundation, plumbing, or wiring. These homes are brand new, and every small house we make at Smallworks is built to last.
As well, because you are in close contact with your tenant, you can find out early on if any maintenance needs to be carried out, so that it can be done in good time before it turns into a big, costly problem.
4. Built-in house-sitting
Both you and your tenants will be much safer from burglary, since you will be close by and have a visible presence while the tenants are away or out of town, while your tenants can keep an eye on your home when you are away.
Investing in rental property can be a great way to supplement your income and even replace your current one, and having Smallworks build you a small house to rent out is one of the safest ways you can do it. As Vancouver’s first and most established laneway house builder, we have built more laneway homes for Metro Vancouverites than any other company. You can trust us to stay on budget and deliver what we promise.
If you want to invest in the safest of rental property choices, why not hire the most experienced and knowledgeable company in the laneway house industry to build one for you?
Contact Smallworks today to discuss how we can build you a tiny home that meets your needs.