Turning your home from a liability into an asset – now instead of it taking money from your pocket, it puts it into your pocket. Did you know, that the average sale price on a home that has been legally converted into a Duplex is $100,000 greater than one that has not? You can live in one unit and have your tenant pay for a substantial amount of your mortgage. If you take the income from your secondary unit and put it towards the principal of your mortgage, what once was a 25-year mortgage, could easily become a 10-year mortgage.
A Step-By-Step Guide
Here is a step-by-step guide that talks about the entire process of planning, designing and implementation of your duplex. Take a look:
Step 1 – The Plan
Financing – does creating a duplex or in-law suite even make sense for you? The numbers do not lie. We take the time to figure out what would be the return on your investment – is it right for you? Initially we want to make sure this option works financially. We will do a detailed real estate / financial proforma to give you a detailed report which will clearly define your return on your investment.
Step 2 – The Design
We will create a beautiful basement design that we can take to the City for approval. This process usually takes multiple iterations with the City to ensure it meets their City by-laws, building codes and fire codes. This allows you to ensure the space with confidence and allows you maximizing your revenue potential.
Step 3 – The Implementation
Once we have City approval we can then begin the construction stage of the job. We can do the construction from start to finish – we have you covered for every aspect. At Triforce Construction, we are fully responsible for the build from start to finish.
How to Get Financing?
A bank requires proper information and projection to finance deals. We provide them with legal and approved plans, cost projections, and projected rents. This will help aid your approval and bring you one-step closer to your dreams.