Cost For Existing Basement Conversion Increasing Rent From $1790 to $5000

📢 By popular demand, we're back with another video tour in collaboration with Anthony from Rock Star Real Estate! 🏡✨
🎥 Again, we are with the incredibly talented investors Grainne and Gordon. 👏
This time it was for their existing basement suite conversion of a backsplit home in Kitchener, Ontario. 🏠🔧
This was previously rented as a single-family home, taking in a total of $1790. With a bit of ingenuity and sweat equity, they were once again able to convert this to 2 separate beautiful suites, now getting a total rent of $5000 from 2 separate tenants! 💰
An increase of over $3000 for the same house! 📈
Because the basement was already finished, it was a matter of making sure we had the proper fire separation, egress, smoke alarms, and a few other minor things. 🔥🚪🚨
This is the great part about EXISTING finished spaces. 🎉
Best of all, this was a backsplit home, which meant that even the lower unit had a BIG portion that was above grade, allowing for more comfortable living and natural lighting. 🌞
We think split level homes are a great option for multi-suite conversions, and this project proved it! 🛠️
Check out the video, where Grainne and Gordon break down the entire process and share more detailed numbers with us. 📊
You can watch their other video right here where we toured their new basement suite in Waterloo. 👉 • Luxury Basement Suite ...
We actually also have Kitchener as the 2nd best city in Ontario for Max Suite conversions - you can check out that video right here 👉 :// • Top 8 Cities In Ontari...
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[@cmcgill6726]

Sooooooooooo..... about that auction they were talking about. Details?

[@iftek2482]

Does making addition suites/legalize basement increases your property tax ? In that case, does it make sense for an investor ?

[@suiteadditions]

@iftek2482 Taxes are based on Mpac assessment, and in our experience it's been minimal. It has certainly made sense for investors.

[@vnmcvn86]

You guys think this will be allowed in British Columbia. They just pass bill 44 allowing for 2,3,4 units and some up to 6 and 8 units on a single family lot.

[@suiteadditions]

Yes BC is leading the charge for Max Suite projects

[@vnmcvn86]

@@suiteadditions do u know if they would allow converting your single family house and dividing it into 3 seperate units? Or dose it have to be a new build? Tear down and build from scratch? I like how Ontario allow single family conversions into multiple units. Awesome video keep up the good work