Benefits of adding a rental suite to your Toronto property

It’s no secret that Toronto property owners have found it more difficult to sustain city living with current real estate prices and interest rates. The same goes for potential buyers trying to break into the market. Fortunately, there are solutions that can help.

TroCanada in Toronto are experienced home builders and renovators that help homeowners add value, function and beauty to their properties. Here they share the benefits of adding a laneway home or basement suite to your property to help make Toronto living more affordable.

Earn additional income

Laneway homes — also known as alley houses and coach houses — are small dwellings built on the property of a primary dwelling. Contractors build these residential dwellings in the alleyways behind homes in cityscapes. These small homes usually range in size from about 500 to 1200 square feet. Garden suites are similar. They are self-contained living units that contractors build in the backyard of a home. Property owners can rent these suites out to earn additional income. This can help pay your mortgage or generate passive income while living in the city.

Don’t have space for a laneway or garden suite on your Toronto property? No problem! Add a basement suite instead. They offer the same benefits as a laneway home when it comes to earning additional income. Contractors can also build basement suits with separate entrances. In addition, they’ll know what to include in your basement secondary suite to help attract quality tenants and yield maximum revenue.

TroCanada comes to the home addition industry with over 20 years of experience. They can build a laneway or garden suite or a basement rental unit to help increase your income!

Excellent return on investment

One thing is certain, adding a laneway suite or basement rental unit offers a great ROI. If you plan on selling in the future, a suite will also increase your property value. Your contractor will build a separate living area in your home, which future owners can use as a rental suite. They can also use it as a separate living space for in-laws or college-age kids.

TroCanada can build up-to-code basement suites with separate entrances, so you can keep your privacy and earn back your investment and then some. Furthermore, if it’s a laneway or garden suite you’re interested in, TroCanada can walk you through the whole process. From design to finished product, they’ve got you covered!

Age in Place

For older couples and singles looking to downsize but stay in the city, building a garden or basement suite is a great idea. Your contractor can build you the laneway suite of your dreams, so you can enjoy the benefits of downsizing. Then, you can rent out your main home and earn extra income beyond what you could for renting out your basement or garden suite.

TroCanada will help you understand the ins and outs of building a laneway or basement suite on your property. Toronto has its own regulations and guidelines for building both. As a result, navigating construction can be tricky. With TroCanada at your side, they can help you understand your property’s eligibility, any size restrictions and more.

Laneway Homes in Toronto

TroCanada has both the experience and the expertise to build your laneway or garden suite. In recent years, with new zoning and by-laws in place, more and more people are taking advantage of laneway and garden suites. However, there is an approval process and many area-specific codes a builder must adhere to. TroCanada is well-versed in the variances across Toronto. With 20 years of experience in the home addition and renovation industry, TorCanada can also offer a range of other services. These include basement developments, kitchen and bathroom renovations and more!

Reach out to TroCanada today!

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