For most homeowners, the value of our property is likely our greatest financial asset. Apart from a roof over our head and walls that protect us, it is also an investment.
When it comes to investments, there are no guaranteed returns. However, when you think of your house in this context, it becomes easier to understand that it is possible to generate a return by making improvements and increasing the living space and income generating potential.
When it comes to income generation, the most common approach is to rent units (often basement apartments) to tenants which provides a steady monthly income stream for the home owner. However, creating a legal apartment unit can be a big financial commitment, as the average cost to remodel a basement in Canada can range from $45-$65 per square foot.
Let’s Partner
That is where Radical Housing would like to partner with you. With a five to seven year commitment we will build a separate legal apartment on your property with no out-of-pocket cost to you. In addition, you will receive a share of the rental income deposited right into your bank account each month. Our share goes towards the construction, administration and property management the new suite. After the term is up, the remodelled space is yours to do with as you wish!
Who Will Be Renting?
The purpose of our company is to find a way to create affordable places for people to live, and the tenants that we hand select will be in need of affordable rent. I can tell you that we are NOT looking for rich people who just want to pay less. We are looking for the average, hardworking person or family, who doesn’t qualify for government assistance. Think of young people, or couples; divorcees; elderly. It could be anyone who is currently paying greater than 30% of their gross income on housing costs in addition to having a maximum family gross income of $70,000 or $50,000 as an individual.
