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More and more Canadians are recognizing the value of renovating key areas of their home, such as bathrooms and kitchens, which can yield as much as 100% or more as a return on investment. One of the many popular home renovations is creating an income suite. Unlike an in-law suite, income suites are primarily made to create extra rental income.
For an income suite to be legally constructed, the property and income suite must meet all Ontario Building Code requirements, residential zoning laws, property standards, and fire and electrical codes. You will most likely be required to obtain a permit before starting your renovations.
- the house must be detached or semi-detached
- no significant alterations can be made to the exterior of the home for the sole purpose of the suite
- the secondary suite must be smaller than the rest of the house with a separate entrance
- it must include proper kitchen and bathroom facilities
- it must meet property parking requirements
PLEASE NOTE: Every city/town and/or municipality/region has rules and regulations that homeowners must follow before they build and rent out their suite.
A reverse mortgage could help your home renovation dreams come true! Call me today and let’s discuss how a reverse mortgage could work for you.