In Part 1 of this series, Canadian real estate investor Darren Voros walks through how to LEGALLY convert a single family dwelling into a 2 unit building. In most municipalities this is not considered a duplex. In most cases the types of properties that would fit the system for this kind of conversion will still be considered a single family dwelling with a secondary suite. And secondary suite is different from a duplex.
Creating secondary suites in properties such as basement apartments, laneway housing, coach houses or garden suites, can be a great way to add additional revenue to an existing property at a reduced cost to creating another legal unit as most municipalities will have different provisions for secondary suites than they will have for duplexes and triplexes.
Converting properties to 2 unit dwellings with secondary suites can be a great way to generate multiple revenues on one property and it's also a great way to start with house hacking. If you haven’t checked out Darren's house hacking video, check it out here.
• HOUSE HACKING CANADA! ...
A secondary suite is a self-contained living accommodation for an additional person or persons living together as a separate single housekeeping unit, in which both food preparation and sanitary facilities are provided for the exclusive use of the occupants of the suite, located in and subordinate to a dwelling unit.
Converting a property to a legal two unit dwelling can be complex so it's important you understand the benefits of doing a legal conversion, what could happen if your suite is not legalized, zoning rules and regulations, the application process, and the ins and outs of dealing with your local building department and inspectors.
DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE BEFORE INVESTING ANY OF YOUR OWN MONEY.
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Darren Voros
Darren’s diverse skillset has taken him to many stages around the world. He has been featured as an on-air renovation expert on “The Goods” (CBC) and “CityLine” (CityTV). Darren was also the behind the scenes contractor on “Save My Reno” (HGTV) and “Game of Homes (W Network).
Darren is an accomplished real estate investor, trainer and coach. He controls a portfolio of properties worth just over $10,000,000 and has travelled across North America educating, inspiring and motivating audiences on the subject of real estate investing, financial independence and financial literacy. Darren’s willingness to give back prompted him to launch his RU-vid channel in 2020 in order to have a wider reach in educating investors.
5 окт 2024
