Learn more below.
Before immediately jumping right into adding a second unit basement renovation, it is important you first speak with your local municipality planning & building departments regarding your basement finishing. They will be able to tell you whether you are allowed to add a second unit (basement suite) to your property and answer any questions you might have related to local zoning, the building code, and various by-laws for your basement finishing project.
Once you have confirmed if you are going to build a second unit for rent or you can't but you still want your basement finished... LOCUS Team can assist by firstly providing you a rough estimate range for the basement finishing project, once you understand your finances, we can then provide an engineer to complete drawings, submit for permit approval, and begin to build out your basement renovation.
But here are some key resources to help you learn a little more about the process to help you find the direction you want to take.
ONTARIO SECOND UNIT BUILDING CODE INFORMATION
Adding a second unit is a great way to provide housing for a family member or to earn additional income to help pay down your mortgage, regardless if you're experiencing higher variable rates right now or not. Here is a fairly comprehensive breakdown for requirements and some codes.
ACCESSORY DWELLING UNITS (BASEMENT 2ND SUITE)
The city of Innisfil will allow up-to two accessory dwelling units on certain properties meeting the criteria. It is common for property owners to build valuable basement apartments for additional investment income.
COUNTY OF SIMCOE SECONDARY SUITE PROGRAM
Simcoe County provides up to $30,000.00 per unit year round for the creation of accessory dwelling units, provided on a first-come first-serve basis to eligible applicants. All applications must be submitted prior to construction.
SECONDARY SUITES - APPLICATION RECUIREMENTS
Follow the link below to understand the application requirements and frequently asked questions.
SECONDARY SUITES - FACT SHEET
Important information regarding then Simcoe Secondary Suites Program.
SECONDARY SUITS - MAXIMUM MARKET RENTS AND TENANT INCOME
This is Schedule 'A' per the Simcoe Secondary Suite Program.
ONTARIO RENOVATES (HOME REPAIRS) PROGRAM
This program includes funding for urgent repairs, renovations, and accessibility modifications. Funding of up-to $15,000.00 per unit is available. Accessibility modifications are particularly beneficial for seniors and persons with disabilities. Maximum gross household income is $70,700.00, Maximum house value is $659,866.00, and maximum liquid assets (excluding locked in RRSPs) is $20,000.00