We Realtors® are famous for using terms and acronyms that can be at times confusing. HVAC, SOBP, LL, TT, ‘Shows Well’, “Move in Ready’ and my personal favourite – “In-law Apartment Potential”. While the Realtor may have identified some features that might lend themselves to the creation of an in-law apartment, the truth is that an actual Legal Secondary Suite is a much different thing. In fact, in the case of this home, it’s 2 years of headaches pursuing permits and approvals to the tune of over $110,000!!!
But let’s set aside the cost and hundreds of hours spent wading through Peterborough City Hall red tape and recognize how this now benefits a buyer, It’s simple. Its legally allowed to be rented under a legal lease. Its an income source the buyer can count on to help offset the mortgage. Unlike the “in-law apartment potential” which does not guarantee it will pass the stringent requirements and inspections, this unit is a sure thing. As communities face more and more pressure from short term rentals including AirBNB and VRBO, illegal basement apartments are just one complaint away from being investigated, deemed illegal and closed down. Landlords are on the hook for possible fines, tenant moving expenses and augmented rent. It’s a big deal. Furthermore, the City can then demands the removal of cooking appliances, often including the wiring for a stove back to the panel. The lure of income has just become a major expense and will require huge investment and time (2 years in this case) to pursue a legal unit with the very real possibility that it may not qualify.
978 Silverdale Road presents a unique opportunity – a beautiful 4 bedroom/2 bath home that backs onto parkland for an exceptionally private backyard (fenced). The home has seen extensive renovation to the tune of over $165,000 in the past 7 years. New roof, new insulation, new doors, new windows, new deck and stairs, new patio, new upper bathroom, new backsplash, new gas fireplace, and the secondary unit which has never been rented. New kitchen, heated floors, stacked separate laundry, tiled walk in shower, drywall, pot lighting…all brand new. Add in new furnace in 2022….this is a home you can bank on.
Call/text me, Ken Pipher, to arrange for your personal viewing. You won’t be disappointed! 705.933.9191
*Not intended to solicit those under contract.