With benefits such as earning passive income, elevating your property value, and having a space to host guests or family, there are several advantages to adding a basement suite to your home. That being said, if you’ve been considering the addition of one to your home, there’s a lot to know about before you can build.
Adding a basement suite is far from an overnight project. There are plenty of considerations ranging from legal and regulatory elements to design and profit potential.
In this blog post, we’ll highlight some of the baseline information that you should know to determine if this type of investment suits your long-term goals.
Adding a basement suite to your home can be a unique way to supplement your mortgage costs. Click here to learn more about house hacking and how it works.
Why Add A Basement Suite?
Truth be told, there are a number of reasons why adding a basement suite to your home may work for you. It can help you pay off your mortgage, boost your long-term property value, or serve as a separate, comfortable living space for family, friends, or guests.
If your home has a basement and you feel that you aren’t using it to its full potential, adding a secondary dwelling unit could be a win-win solution. That said, there are a handful of factors to consider before you can get started.
Thinking about buying a home and adding a basement suite? You may find useful tips in these related blog posts.
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Before You Build
Talk to a Real Estate Agent
Regardless of how you intend to use your basement suite, it’s a good idea to speak with a real estate agent before you build. Like any major household project, renovating your basement to include a secondary dwelling unit will directly impact your property’s resale value. Therefore, you’ll want to get an expert opinion before you get started.
Adding a basement suite to your home is a significant process – one that shouldn’t be taken on without professional guidance. To ensure the suite is safe, sound, and legal, a real estate agent can also connect you to local contractors, suppliers, and other professionals who can help with the project.
Want to know more about value-adding home renovations? Click here to read our post about renovating before you sell.
Understand Property Requirements
Another important detail to verify before you build is whether or not your property is eligible for this kind of project. In Ontario, most homeowners may build a basement suite – however, properties that are less than five years old will need to follow a special set of rules.
You’ll also want to be aware of the standard size and space requirements for basement apartments. While the complete list is quite long, some major must-haves include:
- A ceiling height of at least 1.95 meters or 6 feet and 4 and three-quarters inches
- Windows in sleeping areas must be <5% of the floor area, and <2.5% in living areas
- An open bachelor unit must be a minimum of 145 square feet
Expect Red Tape
One of the most important factors to consider before adding a basement suite to your property is the red tape. Given the scale of this kind of project, there will be a lot of logistics to navigate. With that in mind, adding a basement suite to your home won’t happen overnight and delays can happen.
In Ontario, secondary suites of any kind are regulated by the Ontario Building Code. As part of this, there will be a number of legal processes to fulfill as you get building. Mainly, adding a basement suite to your home will require getting the necessary permits. While this can take time, it’s essential to ensure your suite is safe.
Despite how hands-on the process can be, adding a basement suite to your property can still be a worthy endeavour given the numerous advantages. If you’re considering this kind of investment, reach out to our team, we’ll be happy to provide advice and guidance to get your project started on the right foot.
Searching for professional home guidance? Look no further than Bosley Real Estate. Get in touch to find out how our expert agents can help you accomplish your goals.
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