Legal
Basement Apartments

Answer: The Co-op is a closed, managed network of vetted general contractors, architectural specialists, single-trade service companies and individual trade specialists. Registered clients have unlimited, free access to a wide variety of renovation-related services, along with a select team of all co-op-approved professional services such as mortgage financing and real estate services, along with personal investment services.

Answer: Absolutely not! The Renovation Co-op is neither an advertising company nor a referral company. It produces and airs its own mass-market advertising (radio commercials, billboards, etc.), but none of its marketing or advertising campaigns refer to any specific, member-partners. Instead, all advertising strictly promotes The Renovation Co-op itself, with each radio commercial or billboard targeting a specific type of service offered under its “umbrella” system. 1-Clients are registered directly into The Renovation Co-op. 2-Once the client has initially registered, the co-op performs its own intake and screening process to determine the exact type and level of service the client is seeking and assigns the client to a specific member-partner. Note: The permanent assignment of our registered client to the member is limited to the member’s stated service(s) only. 3-If the request is for architectural services, the client is then assigned to a specific member-architectural design specialist. 4-If the request is for general contracting, the client is assigned to a specific member-general contractor.

Answer: The Renovation Co-op offers direct access to multiple financing options to help with your renovation project.

Answer: According to recent statistics: The average basement apartment within the Toronto region currently ranges from $1,400 to over $2,700+ per month. Note: As these numbers reflect government statistics, it must be assumed that they include only those basements that have been properly legalized and that they adhere to all local and provincial building code requirements. The range of rental rates above applies to basement studio apartments, 1-bedroom and 2-bedroom suites.

Answer: 1. Location, Location, Location. * What area (in or around the GTA) is your home located? * How close is your home to public transportation? (TTC Bus routes, Subway Lines, etc). * How close is your home to personal grocery shopping, drug stores, etc? 2. Condition of your Basement Apartment Put bluntly (and to the point): Is your existing basement apartment a “dump”? (legalized or not), or a professionally renovated unit that will attract a long-term, quality tenant? The best way to answer that question: “Would you (the owner), feel comfortable living in your own basement?” Note: Many owners have already decided to live in their own newly renovated Basement Apartment while renting out the entire upstairs. For such owners, they have already answered the above question.

Answer: What is your definition of a good, reliable tenant? Before placing your newly-renovated basement apartment up for rent, you should determine the type of tenant you want to have living in your property. Would you prefer renting to a couple, a family or a single person? Working, retired, self-employed? Pre-screening Your Tenants Always keep in mind that adding a legal basement to your home (within the Toronto GTA and surrounding areas) can represent one of the most (if not the most) important investments a homeowner can make. Between the high cost of real estate, increased food prices and other rising living costs, more and more people are opting to find quality rental accommodations vs. purchasing a home. In this sense, there is a basement apartment “marketplace” throughout the GTA and surrounding areas, which can be compared to the way Real Estate Properties are presented and sold. If you are committed to attracting a high-quality tenant, then you should be committed to offering such potential tenants an equally high-quality Basement Apartment that looks and feels like a warm, comfortable home. Our suggestion is to renovate your basement apartment as though you plan to live in it yourself. To this point, (as mentioned above) many homeowners are opting to live in their own newly renovated basement while renting out the main house to maximize the rental income.

Answer: Although our member-contractors normally install extra soundproofing insulation and other materials that help to reduce sounds coming from the basement and vice versa, they offer additional soundproofing packages that can provide additional noise reduction.