Income properties are growing in popularity in Toronto and the Greater Toronto Area. Several television shows demonstrate the benefits of renovating household space to earn money. Real estate professionals encourage homeowners to take advantage of renting to a tenant and to have all or a significant part of your mortgage paid by someone else. Then when you are debt-free the rental property can contribute to a reliable income source especially in these days of low interest rates on investments. With high rental demands and steady rents, converting basement space into an income property makes a great deal of sense.
Many older homes don’t appear to have basements which would allow for this type of renovation. The City Wide Group can help by lowering your foundation – expanding your living space or potential income generating space. A basement underpinning project with the City Wide Group is an excellent opportunity to evaluate and move forward with profitable development of the new below-ground space. As part of the procedures for underpinning, the hidden mechanics are exposed making them accessible for inspection, correction and modernization. Outdated plumbing, electrical, heating and insulation systems can be renovated or replaced with advanced technologies. All sub-grade construction elements of the basement can be brought to Building Code and above standards.
During basement lowering, new waterproofing systems are installed by the City Wide Group to enhance the life of the useable, dry space. In addition, you will have a pristine new concrete floor ready for radiant heating or new finish flooring. Overall, you will see long term savings in energy, safety and comfort of the entire house. You also gain the benefits of underpinning which include: the stabilization, improved strength and increased valueof your property.
The engineered solution of underpinning increases ceiling height and lighting improvements necessary to create an attractive income suite. Greater headroom makes the space attractive to be in for longer periods of time because tenants don’t get that suffocating, cramped sensation that older spaces can inspire. Modern recessed lighting can be introduced to enhance the space. In the process of opening up the basement for underpinning, unnecessary walls may be eliminated and bearing walls supported in different ways so that the basement is no longer a warren of small dark rooms but can be reborn to more open space to be reconfigured as your new, profitable incomeproperty.
The City Wide Group can help you expand your home’s ability to pay for itself and provide a long-term return on your investment. Underpinning your home allows you make profitable use of all of your home.