Barrie Announces Major Discount on Permit Fees
City of Barrie is cutting permit fees for secondary suites.
Are you looking at taking a single-family home and converting it into a legal duplex?
Well, thanks to the recent announcement by the city of Barrie, you may have just hit the ideal time to look at taking action. The city continues to look for ways to increase affordable housing in the community, and one of the fastest ways to do so is to take a single-family home and convert it into two legal units.
Now, to be clear, to legally register a property as a duplex is no simple task, and typically it is not something that can be done on the cheap, but it sure can add value to your home, or maybe even help longer term in paying the bills.
We would argue that duplexes may be the new starter home for most Canadians, where you live in one unit, and you rent out the second. Why, you ask?
To start, the rental income counts towards one's earned income, so it can add between eighteen and twenty-four thousand dollars to your reported income, allowing you to now qualify for a mortgage.
If you are already in the house, and the basement is vacant, you already own the space; now change it to create an income with the existing space.
You also have the advantage now of tax write-offs when it comes to expenses like mortgage interest, major repairs, and even property taxes, as the second unit is now an income generator.
Need a contact to see if this idea works for you, we can connect you with the people who know.
More details in the attached article: https://www.barrietoday.com/local-news/city-cuts-building-permit-fees-by-50-to-boost-affordable-housing-11733340
