Basement Apartment

Many people who move into a larger property often consider renting out some of their extra space. Usually, this takes the form of a Basement Apartment. 

But, did you know, that when you are purchasing your home, you can pre-allocate the rent from that space towards your mortgage? 

Yes, your basement apartment can qualify as rental income if it can contribute towards your mortgage! 

These Basement Apartments need to be qualified as a ‘’Legal Basement Apartment” or a “Self Contained Unit” at the very least. A Self Contained Basement Unit MUST meet the following requirements:

1. Adequate Living Space
2. Kitchen (Stove, Fridge, Sink)
3. Three-Piece Bathroom

BBB or Private Lenders are able to use 50-100% percent of the rental income of a self contained basement unit towards your mortgage while AAA (the big 5 banks) are only able to use 50% of the rental income and only on those units that are legally registered with the city.

Contact us today to see how adding a ‘self-contained basement unit’ to your deal might help you qualify for more of a house!