Adding a secondary suite or basement apartment is an excellent way to supplement your income, provide additional living space for grandparents, and increase the resale value of your home.
A Second Line of Income
The vacancy rate in Peterborough hovers around 1%, one of the lowest in Ontario. So, why not renovate your basement to include a legally conforming apartment to provide income to you and your family. The City of Peterborough has established a building site and building code requirements to assist homeowners to create a safe living space for a tenant.
Based on the information provided by RentBoard.ca, the average rent for a one-bedroom apartment in Peterborough is $1,185 and $1,284 for a two-bedroom apartment. Imagine the impact that added income would have on your monthly budget.
Space For Your Entire Family
There is a growing trend toward multi-generational homes across the Country. Families want to be together and to save money on housing for elderly members. By building a legally conforming secondary suite, senior parents can maintain their independence. This post-pones the need for assisted-living facilities and builds a strong, healthy family bond.
Invest In Your Home
According to various real estate market studies, having a legally conforming secondary suite increases the resale value of your home. Homes with “in-law apartments” “granny suites” “basement apartments” or whatever you choose to call them are attractive to homebuyers either looking to supplement their household income or have added space for parents/grandparents within the home.
Now is the Time
With interest rates as low as they are these days, it may also be profitable to borrow to create a basement apartment. Once again, our design team will help by providing a renovation estimate that you can take to your financial institution to determine the best course of action for you.
Doyle Plumbing Heating and Air Conditioning offers a one-stop-shop for all your renovation needs. We have a designer on staff to design and create the building plans to acquire the necessary building permits. Our interior designer will also assist with choices in cabinetry, fixtures, paint and flooring. We will help you create an apartment that feels warm, comfortable and inviting. And making it highly desirable and attracting quality tenants.
Licensed carpenters, electricians, plumbers and HVAC tradespeople will create a safe basement apartment that meets all the building code requirements and is attractively finished. Our designer will co-ordinate, communicate and ensure your vision becomes your reality. During the process, we manage all aspects of your renovation, saving you time, money and stress.