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Homes in Oshawa with basement apartments are more common than you might think and feel like they’re becoming more and more usual as homeowners retrofit and renovate the basements of their properties to suit a variety of needs. With an aging population, seniors having lived independently for most of their adult lives are moving in with their adult children. As seniors age, they still desire their independence by having their own separate living space while still being in close proximity to their children and grandchildren.
First time buyers and downsizers looking for some mortgage relief or additional income tend to take on a basement tenant to help with their monthly housing expenses. And pure property investors, very much like the first time buyer or downsizer want to maximize their earning and profit potential by renting out the main floor of a house separately from renting out the basement.
Some of the most important characteristics of houses with basement apartments include:
As a potential property owner you’re in luck because houses for sale in Oshawa with basement apartments are scattered throughout the whole City. As a landlord, whether you’re looking to rent to students near Durham College, or rent to families, couples, or individuals in the downtown core, near Lake Ontario or the highway, the City of Oshawa has a location that is suitable for you!
Over the years, the most popular type of home with a basement apartment is the bungalow, raised bungalow, and bungaloft. Many of these types of homes were built in the middle of the 20th century and became popular for basement apartments because this style of home was already built with a separate side entrance. For example, the owners can live on the main floor of the bungalow while renting the basement apartment to a tenant.
Two-storey detached and semi-detached homes sometimes come or are renovated with their own separate entrances as well and are called in-law suites. They have many of the same characteristics as their bungalow counterparts with a focus of having family members living in a basement apartment rather than a tenant.
You may have heard the term “legal basement apartment”. This refers to a basement retrofit and renovation requirement following strict Ontario government rules and guidelines regarding such things as fireproof doors, large basement windows for easier escape during an emergency, as well as many other specifications. Some homeowners invest their time and money into creating a legal basement suite as well because they know they can be rented to a tenant at a premium price.
For more information about how to construct a legal unit in your home, please visit the government website at https://www.ontario.ca/page/add-second-unit-your-house