{"teamId":"12374","campaignId":"1786","seriesId":"54464","from_email":"greg.gale@novahomeloans.com","email_subject":"Risky Business: Is that basement apartment illegal?","attachment":"","email_message":"\r\n\t\r\n\t\t\r\n\t\t\t\r\n\t\t\t
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\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tHey{first_name},
\r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tHave you considered buying a home with an in-law suite or basement apartment? Do you<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\twant to make rental income but worried the unit may not have the required permits?<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tIf you're in the market, you've likely come across the words: \u201cSeller and Agent do not<\/em><\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\twarrant retrofit of basement apartment\u201d <\/em>on an MLS listing.
\r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tPro Tip:<\/strong>
\r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tThat basement apartment is probably not legal. In fact, 80% ofbasement<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tapartments don't comply with city rules and bylaws and likely wouldn't be considered<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\t\u2018legal'.<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tA secondary suite, such as a basement apartment, is defined as a self-contained rental unit<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tin a detached or semi-detached house. In order to be considered a legal apartment, it needs<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tto meet the city<\/span>zoning, property, occupancy, health and safety, fire and electrical<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tstandards.<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\tRisks of buying a house with an illegal basement apartment:<\/u><\/strong><\/span><\/span><\/div>\r\n\t\t\t\t
\r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
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  • \r\n\t\t\t\t\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.<\/span><\/li>\r\n\t\t\t\t<\/ul>\r\n\t\t\t\t
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    • \r\n\t\t\t\t\t\tYour lender may not acknowledge the income<\/strong> associated with an apartment that isn't considered legal.<\/span><\/li>\r\n\t\t\t\t<\/ul>\r\n\t\t\t\t
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      • \r\n\t\t\t\t\t\tYou may be sued<\/strong> if in the unfortunate case a flood or fire results in an accident or death in the illegal second suite.<\/span><\/li>\r\n\t\t\t\t<\/ul>\r\n\t\t\t\t
        \r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\tIf you're considering buying a house with an illegal second apartment, make sure you're<\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\tworking with a real estate agent who can help you balance the risks and rewards.<\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\t(Shameless plug \u2013 that would be me.)<\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\tCheers,
        \r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
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        \r\n \r\n <\/div>\r\n
        <\/div>\r\n <\/div>\r\n
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        \r\n <\/i>   Greg<\/span>  Gale<\/span><\/strong>
        \r\n <\/i>   The Gale Team<\/span><\/span>
        \r\n <\/i>   Loan Officer<\/span><\/span>
        \r\n <\/i>   (480)637-2123<\/span><\/span>
        \r\n <\/i>   greg.gale@novahomeloans.com<\/span><\/span>
        \r\n
        \r\n\t\t\t\t\tMy Calendar<\/a><\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\t<\/span><\/div>\r\n\t\t\t\t
        \r\n\t\t\t\t\tPS \u2013 Want to know the secrets to finding a profitable fixer upper? Stay tuned to find out!<\/span><\/div>\r\n\t\t\t<\/td>\r\n\t\t<\/tr>\r\n\t\t
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\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t

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