Niagara Street, Collingwood
Vertical split of a single family home - adding a second suite.
This property, located in Collingwood, was an estate sale. When we acquired it, the Estate Trustee was from out of town and needed a quick solution, a firm offer and wanted it done today. Back splits at first look, don't typically lend themselves to a second suite conversion. The layout is somewhat awkward and can have extra challenges with fire separation. However, rather than create the typical horizontal split with a 3 bedroom unit being on the top floor and a 2 bedroom in a basement, we decided to create a vertical split by having two front doors. Two front doors eh! Seems simple, but you need to be aware that not all municipalities allow this configuration, many only allowing one front door with the second suite front door having to be located on the side or rear of the property.
At the time of writing this update, the property was nearing completion but not quite finished. The expected first year return on investment was forecast to be in excess of 40% and we are confident that we will be meeting this level.