Brampton Basement Apartments – Know Your Options
09.10.2020 | Articles For Homeowners
If my first two posts on Brampton Basement Apartments seemed a little heavy, I don’t mean for that to be the case. The potential to generate income through your home can make a real difference in where you can afford to live, or to your lifestyle from month to month. You just have to commit to doing it right, and according to the rules.
Here are some additional thoughts:
- A number of homes for sale in Brampton already have basement apartments in them. Not all of them are legal. In fact, the majority of them are not. It pays to check if the residential unit in the home you are considering is approved and registered with the City. An unregistered unit may already meet the zoning requirements or just need some minor upgrades. Knowing what’s possible and what’s necessary to turn the space into a legal source of income should factor into your house search.
- Many homes with residential units also come with tenants who are looking to continue their rental agreement with the new owner. The great thing about this is it factors very 6 easily into mortgage calculations. Finding a place with an existing apartment and/or tenant means being ready to go when it comes to income expectations.
- For homes without existing apartments, it’s pretty easy to figure what will be required to get one in place. You can see my earlier post on the regulations for new basement apartments for more on this, but for starters look for the minimum standards for separate entrances and parking, for starters. Knowing if an income unit is possible is the first step. Budgeting for the improvements is the second. Then, if it’s part of your decision-making for your house hunt, you’ll know what to look for.
I’ve said it in my previous posts, but it bears repeating: in my opinion, it is only worth it to have a basement apartment in Brampton if you stick to the rules. That being the case, the rental income can make a huge difference. Otherwise, the costs may be too high in the long run.