08/09/2022
When buying an owner occupied rental property the question that pops up in minds of most buyers is wether the property has a legal basement unit which they can rent out to lower their mortgage burden. It is important to determine if the basement apartment is legal or not legal as it has direct repercussions on your mortgage. Some lenders will want to just lend if the apartment is a legal unit while others may have their own offsetting rules while considering to finance such properties. I am sharing a must read for those looking to buy such properties to be able to identify if their property has a legal basement apartment or not.
https://realawstate.com/legal-basement-apartment-ontario/
Basement Apartments are growing in popularity in Ontario. For the homeowner, a basement apartment represents the opportunity to make a little extra money, pay off the mortgage quicker, or perhaps more room for extended family. Those getting started in life typically prefer basement apartments for th...