Quote:
Originally Posted by Djeffery
Had to chuckle as I listened to the London Free Press podcast today. They were talking this new concept of housing that Ironstone is doing, called a "Flex Haus" (they even trademarked the name), designed to help people become homeowners. The build a house and put a completely finished rental unit in the basement, so the owner can buy this place and immediately rent out the basement to help pay the mortgage. And they talked like this is a new thing. I can't even count how many duplexes I lived in when I was a kid and I'm 55 now lol. I think they are billing it the way they are because they say it's rare for a new build subdivision where someone has the home professionally finished off with separate dwelling units up to code done by the homebuilder rather than after the fact. Perhaps, but when we built our new house on Fleming Drive (the street beside Fanshawe College that had the St Patricks Day riot 12 or 13 years ago) in 1996, many of the people had the basements finished off into student rental housing while they lived upstairs.
The houses they have listed right now are $800-870k and the rental numbers they use to show how affordable these homes are are $1500 for the basement and $2900 for the main (which also has an upstairs). I don't know, this sounds like something designed for an investor wanting a second rental property, this is still a pretty penny for someone trying to get into the market.
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I know we're getting off topic here, but ya the house would be cheaper for first time buyer if the basement was unfinished. We need housing with smaller sticker prices so people can qualify for a mortgage. Sure the rental can supplement income but that means you need to find someone to pretty much live with and take on landlord responsibilities- and that's what people are trying to escape.
If they want a rental they can invest in it themselves at their own dime. We shouldn't have to rely on the rent from others to help pay for our mortgage. Imagine being a tenant in a place like that too- you're not getting much out of that deal.
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