There was a time when this was the land of the bungalow. The single-story dwellings met the demand for affordable housing in the post-war era, and home builders in Canada were happy to deliver. If you were born and raised in the 60’s or 70’s, chances are you were among those who called a bungalow home.
How things change! Today, it seems that most home builders in Canada favour multi-story townhouses, packing more and more vertical space into ever-smaller building lots.
This raises the question: is a bungalow a good investment?
While they may seem old-fashioned, bungalows hold great value on the Canadian housing market.
To see why buying or building a bungalow is a good investment, you need only consider the benefits of living in one.
Bungalows Are Wheelchair-Accessible
Canada’s population is ageing. Seniors outnumber children for the first time in history, and the shift will accelerate as the baby boomer generation hits the better side of 65.
At the same time, the majority of seniors are choosing to stay in their homes or move in with family members instead of care facilities.
This trend has implications for the Canadian housing market. Demand for housing that accommodates the needs of people with limited mobility will increase. And when it comes to accessibility, bungalows are far more accommodating than two-story houses.
With no stairs to worry about, people who use a walker or wheelchair can access the entire home without boundaries. There is no need to install expensive equipment like a stairlift or elevator to make the house accessible.
Additionally, the layout of a bungalow is convenient for families who care for vulnerable seniors (such as those with dementia.) Having everything on the ground floor makes it easier for caregivers to keep a watchful eye on their loved ones. There’s no fear of leaving someone unaccompanied on a different floor of the home.
Buying or building a bungalow is a good investment for seniors who are downsizing, or for families bringing Mom or Dad into their home. It could also fetch a great resale value, especially in areas with a growing senior population.
Bungalows Are Flexible
Though bungalows are convenient, not everyone appreciates their mid-century charm. Is a bungalow a good investment if you don’t love the current floor plan?
It could be.
One of the benefits of bungalows is that they’re easier to renovate than two-story homes. Since there’s no need to account for the second floor, homeowners have the option of tearing down walls to create an open floor plan. It is also possible to build additions, like a garage, or convert the loft into living space.
This flexibility to would-be renovators and house flippers makes a bungalow an appealing option for an investment property.
Bungalows Can Be Beautiful
Beautiful things can come in small packages. The typical mid-century bungalow may be modest, but there are ways to make single-story homes as striking as any tall townhouse. Touches like wraparound porches, grand gables, and stellar windows can make a modest floorplan into something special.
Don’t believe us? Flip through the Royal Homes bungalow gallery.
One Image From: 123RF