Financial

Unlike traditional homebuilding, laneway housing in Saskatoon is still relatively new. Therefore, those wanting to build a garage or garden suite first need to determine if it is financially feasible. Laneway Suites strives to provide the simplest and most affordable services to help you build your suite. Please feel free to get in touch to find out the typical cost to compile and submit an application package. Once the building and utility designs are in place, Laneway Suites can provide an estimated build cost. 

One must keep in mind that there are certain fixed costs associated with this type of building since they need to meet the requirements of the National Building Code of Canada. It may help to think about what it would take to build a small house on an unserviced city lot. It is not quite as simple as a garage package with a kitchen and bathroom. So no matter what type of building you have in mind, there will be some relatively fixed costs which include permit fees and utility servicing (water, sewer, electricity, natural gas). Other necessary elements include an engineered foundation, mechanical systems, kitchen, bath, and laundry to name a few. Additional elements may include demolition, tree removal, tree planting, concrete walkways/driveways, and landscaping. That being said, there are some smart ways to keep costs to a minimum and we would be happy to explore and discuss these with you. 

Potential Funding Sources and Supplements:

BANKs & Brokers

  • Line of credit
  • Home equity line of credit (HELOC)
  • Home equity loan
  • Bank loan
  • Progress draw mortgage
  • Mortgage

Utilizing your home equity is a fantastic way to fund the design and construction of your suite. Ask your bank which option will be viable for your scenario.

Government

  • Grants/Forgivable loans
  • GST rebate for laneway housing
  • Permit fee rebate

Ask Laneway Suites which of these may apply to your situation.

Other Sources

  • Rental income
  • Home business tax deduction

Rental Suite - Return on Investment Calculator

Coming soon.