In law Suites can now be legal.
Have you ever wanted to bring down your mortgage payments? Most people have experienced that feeling at the end of the month were there is more month than there is money. What if you could have an extra $1000 a month to pay down your mortgage, pay bills or even create a savings account for that next large purchase.
The City of Ottawa with the exception of Rockcliffe Park, now allow secondary suites or "in-law suites". So home owners can now build one with a building permit of course. If you have an existing one that is deemed to be illegal you can now get it approved by the city as long as it is up to building and fire codes. The secondary suited or "in-law suite" can be up to 40% of the overall upper floors. A suite can be built in a garage, and each half of a semi-detached can have its own secondary suite. A legal duplex is allowed one secondary unit making it into a triplex. Something to keep in mind about this is that these rules do not apply to condos for obvious reasons or row houses.
So if you have ever wanted to become a real estate investor this is excellent way of creating wealth were you thought you had none. Your house often deemed to be your largest asset is really a liability as you are constantly paying into it. Yes in the long term you will likely make money on it but that might not be until retirement. By creating a secondary dwelling you can change the money from flowing into upkeeping your house into flowing into your pocket!
Have you ever wanted to bring down your mortgage payments? Most people have experienced that feeling at the end of the month were there is more month than there is money. What if you could have an extra $1000 a month to pay down your mortgage, pay bills or even create a savings account for that next large purchase.
The City of Ottawa with the exception of Rockcliffe Park, now allow secondary suites or "in-law suites". So home owners can now build one with a building permit of course. If you have an existing one that is deemed to be illegal you can now get it approved by the city as long as it is up to building and fire codes. The secondary suited or "in-law suite" can be up to 40% of the overall upper floors. A suite can be built in a garage, and each half of a semi-detached can have its own secondary suite. A legal duplex is allowed one secondary unit making it into a triplex. Something to keep in mind about this is that these rules do not apply to condos for obvious reasons or row houses.
So if you have ever wanted to become a real estate investor this is excellent way of creating wealth were you thought you had none. Your house often deemed to be your largest asset is really a liability as you are constantly paying into it. Yes in the long term you will likely make money on it but that might not be until retirement. By creating a secondary dwelling you can change the money from flowing into upkeeping your house into flowing into your pocket!
