{"teamId":"7451","campaignId":"1051","seriesId":"16395","from_email":"jcorn@targetingcloud.com","email_subject":"Risky Business: Is that basement apartment illegal?","attachment":"","email_message":"\r\n\t\r\n\t\t\r\n
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\r\n\t\t\t\t<\/i>\r\n\t\t\t<\/div>\r\n\t\t\t
\r\n\tHey {first_name},
\r\n\t <\/div>\r\n
\r\n\tHave you considered buying a home with an in-law suite or basement apartment? Do you<\/div>\r\n
\r\n\twant to make rental income but worried the unit may not have the required permits?<\/div>\r\n
\r\n\t <\/div>\r\n
\r\n\tIf you're in the market, you've likely come across the words: \u201cSeller and Agent do not<\/em><\/div>\r\n
\r\n\twarrant retrofit of basement apartment\u201d <\/em>on an MLS listing.
\r\n\t <\/div>\r\n
\r\n\tPro Tip:<\/strong>
\r\n\t <\/div>\r\n
\r\n\tThat basement apartment is probably not legal. In fact, 80% of basement<\/div>\r\n
\r\n\tapartments don't comply with city rules and bylaws and likely wouldn't be considered<\/div>\r\n
\r\n\t\u2018legal'.<\/div>\r\n
\r\n\tA secondary suite, such as a basement apartment, is defined as a self-contained rental unit<\/div>\r\n
\r\n\tin a detached or semi-detached house. In order to be considered a legal apartment, it needs<\/div>\r\n
\r\n\tto meet the city <\/span>zoning, property, occupancy, health and safety, fire and electrical<\/div>\r\n
\r\n\tstandards.<\/div>\r\n
\r\n\t <\/div>\r\n
\r\n\tRisks of buying a house with an illegal basement apartment:<\/u><\/strong><\/span><\/div>\r\n
\r\n\t <\/div>\r\n
    \r\n\t
  • \r\n\t\tAnyone can call you out on it.<\/strong> If your tenants, neighbours, or crazy ex-girlfriend make a request to the city to have your second apartment inspected, it will cost you a lot of time and money to legalize it or transform the home back into a single family dwelling.<\/li>\r\n<\/ul>\r\n
    \r\n
      \r\n\t
    • \r\n\t\tYour lender may not acknowledge the income<\/strong> associated with an apartment that isn't considered legal.<\/li>\r\n<\/ul>\r\n
      \r\n
        \r\n\t
      • \r\n\t\t You may be sued<\/strong> if in the unfortunate case a flood or fire results in an accident or death in the illegal second suite.<\/li>\r\n<\/ul>\r\n
        \r\n\t <\/div>\r\n
        \r\n\tIf you're considering buying a house with an illegal second apartment, make sure you're<\/div>\r\n
        \r\n\tworking with a real estate agent who can help you balance the risks and rewards.<\/div>\r\n
        \r\n\t(Shameless plug \u2013 that would be me.)<\/div>\r\n
        \r\n\t <\/div>\r\n
        \r\n\tCheers,
        \r\n\t <\/div>\r\n
        \r\n\t
        \r\n \r\n
        \r\n
        \r\n \r\n <\/div>\r\n
        <\/div>\r\n <\/div>\r\n
        \r\n
        \r\n <\/i>   Jack<\/span>  Corn<\/span><\/strong>
        \r\n <\/i>   Targeting Cloud<\/span><\/span>
        \r\n <\/i>   President<\/span><\/span>
        \r\n <\/i>   
        +13032048204<\/div>\r\n\r\n\r\n\r\n\r\n\r\n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
        \r\n <\/i>   jcorn@targetingcloud.com<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>
        \r\n
        \r\n\tMy Calendar<\/a><\/div>\r\n
        \r\n\t <\/div>\r\n
        \r\n\tPS \u2013 Want to know the secrets to finding a profitable fixer upper? Stay tuned to find out!<\/div>\r\n<\/span>\r\n <\/td>\r\n <\/tr>\r\n
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