Legal Duplex | Multi-Generation Home | Investment Opportunity
As the world braces for a recession the Ontario government is making concessions to allow homeowners to survive upcoming challenges. Recently passed Bill 23 better known as the “More Homes Built Faster Act” trumps municipalities and city bylaws and allows homeowners in Ontario to renovate and convert their homes to duplex or triplex status. This is great news for those who may be struggling to pay the mortgage. This instant equity allows you to invest in your home and potentially join forces with family members to ride out the recession together.
Permits and Fire Regulations
LCM General Contracting has been designing, building, and renovating bathrooms, kitchens, and basements for many years. Their knowledge regarding City and Ontario building requirements is a niche in this new market of renovating to create separate units from a single detached home. We know what’s needed for fire and sound separation, as well as electrical and HVAC concerns. Have peace of mind, and confidently invest in your future knowing that all aspects of this type of renovation is done right. LCM always files building permits with city and municipal authorities and complies with building codes and regulating authorities. This ensures that your home will always be insurable and avoids surprises regarding legal responsibilities.
Possibilities & Buying Power
Instead of moving, why not invite our inhouse designer to see if your current home can be renovated to include a separate dwelling space. Perhaps an aged parent could keep their independence if they lived close. Or maybe, you could provide a back yard for a grandchild by moving your kids back home, in a separate area of your house. Having three generations in one house is now more doable with the help of this new government initiative (Bill 23) and the right design. With the cost of houses in our area, adding the help of multiple incomes can be a solution. Your family could be your mortgage helper. If you’re looking at a new property with the idea of breaking up the space or converting it to a duplex or triplex, why not include LCM in the process? As your contractor, we can bring possibilities to your attention that you may not have thought of.
The Solution Maybe a Good Design Away
Many people in Ontario don’t realize the incredible opportunity the “More Homes Built Faster Act” avails. Whether you’re struggling financially as a homeowner or struggling to find a place to live for your family or extended family, the solution could be the right design or floorplan. LCM General Contractor offers free quotes and design suggestions. (Once a full design is required for construction, design fees are applied) A renovation budget of 120,000 often pays for itself in just 5 years as well as increases the overall value of the property. See some of our recent projects. Call today for a free estimate.