Have you ever considered adding a garden suite to your property? A garden suite, also known as an accessory dwelling unit (ADU), is a separate living space that is built on the same property as the main dwelling. Garden suites have become an increasingly popular option for homeowners who are looking to generate additional rental income or provide living space for elderly parents or university graduates.
Last year, the Toronto City Council adopted theGarden Suites Official Plan Amendment, which made it easier for homeowners to add garden suites to their properties. In addition, a new non-profit website, adusearch.ca was recently launched to help property owners determine the feasibility of doing so.
An Economical Option for Acquiring Additional Investment Property
One of the biggest benefits of adding a garden suite to your property is the opportunity to generate additional rental income. Garden suites can be rented out as separate units, providing an economical option for acquiring additional investment property. Garden suites are also a great option for university graduates who are moving back home or for elderly parents who need a separate living space.
Purpose Built Rental Units are Not Subject to Rent Control
Another benefit of adding a garden suite to your property is that purpose-built rental units are not subject to rent control. This means that you can charge market rent for your garden suite, which can generate more rental income over time.
Incentives for Garden Suite Development
The City of Toronto has waived the garden suite development fees, which are approximately $100,000. In addition, if you qualify, there is an HST refund available (speak with your accountant for more information on this). There is also a new tax credit from the Federal Government that is tailored towards multi-generational living.
Metrosuite Offers Easy and Economical Solutions
If you are interested in adding a garden suite to your property, Metrosuite offers an easy and economical solution. Their garden suites are all prefab, which means they are built and finished off-site and then delivered and installed. They handle everything, from design and finishes to installation.
The process with Metrosuite is straightforward. First, you contact Metrosuite and attend the showroom to see the unit and consider the options for finishes. Next, Metrosuite will do a feasibility study to determine whether utilities, grading, and other locational factors will allow for this improvement. Finally, you will review the contract and then leave it in their capable hands to build and deliver.
In the end, adding a garden suite to your property can provide a range of benefits, including additional rental income, multi-generational living options, and purpose-built rental units that are not subject to rent control. If you are interested in exploring the feasibility of adding a garden suite to your property, contact Jacob Sofer, at Metrosuite for more information.
If you're considering adding a garden suite to your property or finding a suitable property in the Toronto area for purchase that would be ideal for this purpose, I would love to help! As a trusted and knowledgeable real estate agent, I have extensive experience with Toronto's housing market and can guide you through the process of finding the right property as well as providing insight into what your best return on investment could be in this scenario. Visit my website atwww.daniellagold.ca to learn more and get started on creating an additional source of rental income or a multi-generational living space today.