Hello Cherry and Andy, Wanting to put in one or possibly two secondary suites into my primary residence. Should I first be opening this endeavour up under a business to keep everything separate and if so should I incorporate it or leave it sole proprietor? Very informative videos, thank you and appreciate you for taking the time to make them!
Hi Cherry and Andy, how long After purchasing the property can refinance to get funds for additional suites? Say if we do the regular 20% for payment. What if our property has not increase in value?
Hi Tesa, from my experience, you wouldn't be able to refinance if your property hasn't appreciated. You might be able to access the mortgage paydown if your mortgage is a re-advanceable mortgage...which typically is the case for residential mortgages you setup in Canada. If you have forced appreciation by way of setting up a secondary suites or garden suite, you would be able to refinance when you complete your renovation...assuming the value of your property has gone up as a result. Do work with an experienced real estate agent and mortgage broker to make sure you are getting the right advice on refinancing. All the best.
Hi Cherry and Andy, Do you know if Garden suites are possible in city of Cambridge Ontario? I have a rental property with big backyard. So thinking in that direction, if ROI is justified. Thanks!
For that I would recommend you contact the municipality directly to get the correct answer if it can be done. After that I recommend you schedule a call with my team to assist you in making the determination about the ROI
Hello Cherry and Andy, Wanting to put in one or possibly two secondary suites into my primary residence. Should I first be opening this endeavour up under a business to keep everything separate and if so should I incorporate it or leave it sole proprietor? Very informative videos, thank you and appreciate you for taking the time to make them!
Hi Cherry and Andy, how long After purchasing the property can refinance to get funds for additional suites? Say if we do the regular 20% for payment. What if our property has not increase in value?
Hi Tesa, from my experience, you wouldn't be able to refinance if your property hasn't appreciated. You might be able to access the mortgage paydown if your mortgage is a re-advanceable mortgage...which typically is the case for residential mortgages you setup in Canada.
If you have forced appreciation by way of setting up a secondary suites or garden suite, you would be able to refinance when you complete your renovation...assuming the value of your property has gone up as a result.
Do work with an experienced real estate agent and mortgage broker to make sure you are getting the right advice on refinancing. All the best.
Hi Cherry and Andy,
Do you know if Garden suites are possible in city of Cambridge Ontario? I have a rental property with big backyard. So thinking in that direction, if ROI is justified. Thanks!
For that I would recommend you contact the municipality directly to get the correct answer if it can be done. After that I recommend you schedule a call with my team to assist you in making the determination about the ROI
Thanks Cherry for having me on. Was a lot of fun!
Two of my fave GTA real estate investors! 🤩
Thanks!
275k for garden suites!