I would like to buy a property in port coquitlam, BC. It currently has an unauthorized suite. I would appreciate any experienced investor giving me some advice on this topic. My questions are
1. Is there any legal liability if I rent out unauthorized suite ? Can tenant sue me based on the fact it is unauthorized suite ?
2. I asked my insurance agent, he said insurance will cover the unauthorized suite, so if there is fire, insurance company will try to recover unauthorized suite as long as city is permitted. Is there anything that I should be aware from insurance side on unauthorized suite?
3. Usually how much does it cost to convert unauthorized suite to a legal suite ?
Thanks a million
1. Is there any legal liability if I rent out unauthorized suite ? Can tenant sue me based on the fact it is unauthorized suite ?
2. I asked my insurance agent, he said insurance will cover the unauthorized suite, so if there is fire, insurance company will try to recover unauthorized suite as long as city is permitted. Is there anything that I should be aware from insurance side on unauthorized suite?
3. Usually how much does it cost to convert unauthorized suite to a legal suite ?
Thanks a million