Adding a secondary suite at any point in your homeownership journey can be a great way to diversify your revenue stream, support your mortgage payments, and make use of any potentially unused space you may have in your home.
Here are a few things to consider:
Does your secondary suite meet all the legal and regulatory requirements? It is important to familiarize yourself with the local laws including zoning bylaws, and regulations regarding secondary suites.
Does your secondary suite meet all safety and building code requirements? Consider fire safety, electrical, plumbing, and ventilation requirements.
Does your secondary suite impact your utilities and services? Assess if any modifications or upgrades are required to accommodate the increased demand on your water, electricity, heating, and waste management.
Keep in mind that it is crucial to consult with professionals such as architects, contractors, and local authorities to ensure compliance with regulations and to get expert advice throughout the process of adding a secondary suite to your property.