We have touched base on new multiplex construction before. Now, what about renovations and adding more units? I think this approach is more realistic and budget-friendly, so many people are considering it. But you don’t know where to start? If so, then this one’s for you!
Okay, now let me ask you some questions.
Do you have an old house and live there by yourself? Or are you looking to buy an old house and flip it? Is your budget tight, making it difficult to build new multiplexes? Are you considering renovating your existing house? Depending on its size, it might be a great idea to add 2 or 3 rental suites during the renovation to help with your mortgage.
There are many factors to consider depending on the condition of your existing home. For example, how large is your old home? How is your house situated on the lot? Is the lot flat, or does it have a slope? Does it have a back lane? There are tons of things to consider. Depending on the current condition, you might be able to add 1 to 3 more units. If you have a back lane or the lot is big enough, you can build a small structure in the rear for 1 or 2 extra units. Or you can build the small building first in the back (it is called a laneway house, coach house, carriage house, or accessory dwelling unit, depending on the city) and live there while the main house is under renovation.
How do we divide or add to the house?
There are several ways to divide or add an additional unit to your house. This choice depends on the size of your house or lot, your budget, and your goals. For instance, do you need an extra unit for family members, or are you planning to add an additional unit for rental purposes to help with your mortgage? However, keep in mind that some cities also add fees for any additional unit that would be built on your property. Budget is a significant factor that determines the extent of changes you can make. The more difficult the project, the higher the cost.
Here are some possible ways to renovate or add units to your home. I'll categorize these constructions based on their difficulty:
Basic construction (Simple Renovations)
Converting your basement into another unit
This has been very popular over the years, so I will not explain much. Just note that a separate entrance and ceiling height are important.
Converting your attached garage
If you think your attached garage is big enough to be converted into another dwelling unit, this one’s for you.
Converting your detached garage
Splitting your house horizontally or vertically
Moderate construction (Adding Units)
Adding units to the rear or side part of the property
If you wish to leave the principal building as it is and just wanted an additional income, if you have a large space at the rear area of the lot with a lane, adding a laneway house, garden suite, or coach house may be ideal for you.
Complex Construction (Renovation & Addition)
Splitting your house while simultaneously adding a building
If you believe there is significant potential for many renters at your property, or if it is close to transit-oriented areas where minimum parking requirements have been removed, making it ideal for constructing multiple units, this option is for you! Basically, this is a mixture of the options we discussed a while ago.
How do we determine whether your site is eligible for renovations or additions?
First things first, if you hire an architect, the first thing they would do is:
Assess the access and exit points for each dwelling unit
Determine possible access routes for each dwelling unit
Check the height of each floor
Check the floor area
Assess the structural capacity of the building
Can the existing structure support the additional weight? A structural engineer may need to assess the building and advise on its capacity and any necessary reinforcements.
Evaluate utilities
Since many buildings undergoing renovation were not originally designed to accommodate additional unit. In some cases, adding more than four dwelling units in cities like Vancouver may necessitate a pad-mounted transformer, which can be time-consuming if not properly planned.
Conclusion
I hope this information can help you decide whether converting your current house into a multiple dwelling unit or adding another unit to the rear of your property is the right choice for you!
That’s it for today's blog! If you’re interested in renovating your house or adding additional units to your lot and need a professional for that, we’ve got you covered! We offer a free 30-minute consultation for those who are interested in adding additional income by renovating or adding units to their existing lot. Follow us on our social media for the latest news and updates, and we’ll see you in the next one!