Rental units may ease financial burden for purchasers
The old adage 'house rich and cash poor' is an economic reality for many buyers in large Canadian cities.
Many purchasers are looking for creative ways of making ends meet. One such option available to purchasers is to create a 'secondary suite' or 'basement apartment' in their home. For most buyers, the advantages clearly outweigh the disadvantages. The inconvenience of becoming a landlord is offset by the substantial dent the incoming rent will make on the monthly mortgage payment.
But before you start drywalling the basement, you may want to check with your municipal government to determine if there are any zoning by-laws and planning standards that will impact your decision. Calgary has some very strict rules about basement suites.
Contact your local municipal offices to determine how by-laws and planning standards will affect your decision to create a secondary suite.