Becoming more common are children inviting their parents to move into their home providing as much independence as possible. These properties have of recent been identified within the real estate community as Intergenerational Properties.
An Intergenerational Property includes an additional dwelling that allows for home-sharing between parents and children and does not usually generate revenue. A revenue property is a single-family residence that has a rental unit that brings in additional revenue for the owner.
On the Montreal Island, I have seen converted basements added kitchens, patio doors and elaborate bathrooms mostly. Off island or on occasion in town the garage is converted or another dwelling on the property is used.
If you seek to create or purchase an intergenerational space or property, remember that this status must be recognized by your municipality.
Residential & revenue property agent to highly motivated sellers and buyers. Selling in desirable Montreal neighbourhoods assisting clients to lower Days on Market and raise Return on Investment.
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