In 2018, Vancouver rezoned the city's low-density, single-family neighbourhoods to allow for duplexes, making 99 percent of single-family properties potential locations for duplexes. A single-family zoning site may include a principal dwelling, a secondary suite, and a laneway house under the former system.
Each duplex unit can now have its own secondary legal suite thanks to the bylaw changes.
There are many great advantages to building a duplex unit.
Keep Family Close
Sell a unit for profit.
Rent one out for income.
Sell the both and upgrade your lifestyle
Learn How You Can Make Money With A Duplex
Keep Family Close
As families grow and change, duplexes are one of the housing solutions to keep families together, while offering private spaces.
Elderly family members can be easier to care for and visit, while still having self reliance and sense of personal ownership. Even something as individual as how the inside of the home is designed will be personalized. For example chair lift options or an elevator. Every home will feel like ‘yours’, without giving up the security of knowing your family is close at hand.
Children eventually become adults and need to leave the nest. With a duplex, this process does not have to feel like the support and comfort of family is lost or hard to maintain. Starting out young adults can find finances and paying rent very challenging.
Instead of struggling by themselves with issues like mortgage debt, the whole family can feel more secure that you are all working together for each other. Keeping as much money as possible in the family allows for generational wealth creation.
Earn an income from renting to community members
You may have or create space to provide rental units that support your community.
Perhaps you don’t need to keep family close, and your property feels larger than you need. You have lived where you are for a long time. You like your neighbors, are comfortable where you are and don’t want to move. You are however interested in increasing your net worth, or earning some extra money.
Renting the one duplex unit or a lock off suite in a duplex where you live is a great way to make sure your valuable asset is properly maintained all while earning income.
Selling a unit for profit.
You have paid your mortgage for years, but now your home could use some modernization. Perhaps the properties in your area are modernizing, and your neighborhood is starting to look much different. Rather than moving from where you are comfortable, one of your options might be to build a duplex on your property.
You may not think you can’t afford it, as constructing a duplex is more expensive than a single family home. Talk to BDC Homes so we can connect you to financial professionals who can show you how you can sell one unit, and come out with a new home, and make money.
Developers who flip houses make a profit. Keep that profit for yourself.
The only thing different between you and a professional home flipper, is knowledge and experience. Do not be intimidated by what you don’t know, contact BDC Homes, and we will make sure you understand how you can get the most from your property when you want to make a change.
It is also important to remember, we will find the best solution for maximizing the potential of your property, be that a duplex or laneway home. Even if you are not zoned for a duplex, there are other options that can be explored.