Have you ever wanted to build a secondary suite in your home? If so, this article will provide you with all the necessary information to start. Learn what a secondary suite is and tips and designs to make your project more successful.
Have you considered a renovation that would help you make a passive income? A basement suite could be a good idea. It is one of the smartest ways to invest in your future: you'll be able to pay off your mortgage faster by renting out the secondary suite. In addition, it can also boost the value of your home. A secondary suite is a "self-contained dwelling unit with a kitchen and bathroom of its own."
You can add a secondary suite to your home if you get approval from your municipality. Basement renovations are especially popular in Ottawa because they offer a great opportunity for passive income.
"Penguin Basements has been helping clients create secondary suites for years," says Guy Solomon, president of the company. "We've successfully helped people in Ottawa and all across Ontario."
It is a great way to create passive income from your home and maximize its value. Our team does the design and renovation from start to finish so that you can earn smart passive income quickly and efficiently. Provincial laws require a professional in architecture, engineering, or design to be consulted before construction. Your local municipal planning and building department are also available for guidance.
Hiring qualified professionals who can act as your agent with the municipality is important. This way, you will have all the necessary permits and know that your work complies with the Ontario Building Code.
"Having an experienced contractor is essential to a successful basement remodel," states Guy Solomon. "Penguin Basements experts know all the right questions to ask, including which permits need to be applied. We provide in-house support, meaning there's no need to hire architects, designers, or engineers."
The average rent in Ottawa in January 2022 was $1,618, according to Rentals.ca's report. A house purchased for $750,000 at an interest rate of 4.29% with 20% down payments would cost about $3,264 per month. In this scenario, your basement suite covers almost half your monthly mortgage.
Although a basement suite is seldom what you would want your living space to be, it's a great way to generate income from your home with little risk. And if you happen to live in a downtown area that is underserviced for housing, it might just be the perfect way to enjoy the benefits of urban living.
Many clients do not intend to rent out their basements right away. However, when they hear about the many benefits of this additional space, they often change their minds. Essentially, they're finishing a basement and investing $15,000-$40,000 to rent both the top and bottom in the future. Considering these costs plus real estate commission, homeownership can act as a hedge against rising living costs."
Penguin Basements is one of Ontario's largest and leading residential construction specialists. We specialize in mindful design and consider the building's unique needs. We also offer plumbing, insulation, vaulting and drywall services.
All of these features come straight from the heart of our philosophy, and we back them up with Penguin Basements' promise--a guarantee to go way above and beyond what's required, so we can ensure that your secondary suite renovation is a success.
“Most of the value of your basement is in its design, not its execution.” Says Guy Solomon. "Penguin Basements creates a personalized schedule accessible to homeowners and trade-workers alike."
If you are on a budget, do not worry – we can still help you save money through our FIY (Fix it yourself) option. Penguin Basement is so confident in our products that we are happy to let you assemble your purchase on your own!
With Penguin Basements, you do not have to do any preliminary work. Our professional team will do all the heavy lifting for you. And then, as the homeowner, you'll be free to add flooring, walls, paint and furniture--or whatever suits your tastes.
No matter your requirements, Penguin Basements is the best fit for secondary suite renovations. We'll work with you to find the perfect solution to create an amazing space that will allow you to enjoy passive rental income right away.