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What you need to know if your thinking about buying a home with a  basement apartments or inlay suite


In 2011, the Province of Ontario passed the Strong Communities Through Affordable Housing Act. This legislation requires all municipalities in Ontario to update their Official Plans and Zoning By-laws to authorize second units within single-detached dwellings, semi-detached dwellings and townhouses as well as ancillary structures. However, municipalities were allowed to establish regulations (e.g. minimum lot size, minimum number of parking spaces, maximum size of accessory apartment) for accessory apartments or review their existing policies and provisions, if they already allow second units:   Things to look for while searching for the right property are ceiling height, lot frontage, parking, window sizes and exits.  Once you have found a property that your interested in purchasing it is important that you speak with your municipalities building department as well as permits and licensing to ensure you will be able to meet your city standards.  Below are some great links to help get you familiar with the process and can be a great resource to start with. If you have any questions, don’t hesitate to give us a call. We are always here to help. 905-434-2022

 
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Take advantage of a Purchase Plus Improvements Mortgage

 

You’ve found the house with an affordable price in the perfect neighbourhood with the right number of bedrooms, bathrooms and parking is exactly what your looking for. Then you walk in and it’s completely original. Fortunately you don’t have to walk away from this home.
 

With the Purchase Plus Improvements Mortgage you can update the home at the time of purchase. Here are some of the benefits.

- You can roll the cost of the improvements into your mortgage
- You don’t have to have money for a down payment and renovations
- The renovations will increase the value of your home
- You will be less tempted to go overboard with costs as you will have a budget

Some of the renovations that are allowed are new flooring, new paint, bathroom or kitchen upgrade. You can even develop your basement or build a garage.
 

Negotiating a Purchase Plus Improvements Mortgage can be a little tricky. Give me a call or send me an email to discuss this further. After all getting the location and the style of home you want may be just a phone call away.

 

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