Buying a home for the purpose of renting some or all of it out is a goal for many Torontonians. After all, you can use the extra income to pay off the mortgage that much faster.
However, owning an investment property is not the same as buying a home that you’re going to live in yourself. There are a lot of things to consider:
For example, any income suites (such as basement apartments) need to have been built with the proper permits, even if they were there before you bought the home. In fact, if it’s discovered that the proper permits weren’t taken out, you as the new owner are responsible for paying out of pocket to fix it.
Real estate lawyer Mark Weisleder recently wrote a column about buying an investment property, and it’s definitely worth reading if this is something you’re considering exploring in the near or even distant future.