The benefits
Generating income and increasing property value: Multiplexes provide consistent rental income or profitable resale opportunities. They can offset mortgage costs and offer financial stability and generational wealth through multiple revenue streams.
Flexible living arrangements: Multiplexes can accommodate various family needs by offering independent living spaces for aging parents, adult children, or other relatives. This fosters connectivity and financial support within one property.
Supporting housing supply and affordability: Building a multiplex contributes to the local housing supply, addressing the demand for affordable and diverse housing options. This positively impacts future generations, the community and the local economy.
The process
Transforming a single-family home into a multiplex involves several detailed steps. According to Theorem Developments, a member of HAVAN, the journey begins with a detailed discovery and consultation phase to understand the client’s vision and assess the project’s feasibility.
Understanding feasibility is crucial to ensure a homeowner’s dream can become reality. The B.C. government is working with local governments to implement the newly revised building code with a blanket approach to help mitigate permitting times. However, as each municipality adopts these updates within their unique bylaws, there remain many unanswered questions, making it important to work with professionals who are experienced in your region and the housing form you are considering.
Additionally, it’s important to check with your financing companies to understand the process from planning through design and construction, as there will be added costs for the required additional infrastructure.
Once feasibility is confirmed, Theorem says the design team develops a design and budget plan, offering custom solutions to capture the client’s vision and goals. Handling all permits and preparations to ensure compliance with regulations, it is always recommended to work with professional contractors experienced in the local market, as this can save significant time and money.
Case Study: “The Prince” by Theorem Developments
An example of a successful multiplex development is “The Prince,” designed and constructed by Theorem Developments. This project transformed a single-family home into a duplex featuring two 1,500 sq. ft. units. Each unit is thoughtfully designed with three bedrooms and 3.5 bathrooms, separate metering systems for gas and electricity, and includes enclosed garage with an EV charger for sustainable living.
For ultimate comfort, each unit has its own heating and cooling system via a heat pump and in-floor radiant heating. The project also offers outdoor living and entertaining spaces for both units, balancing indoor and outdoor living perfectly.
Win-win solution
Building a multiplex development offers significant financial and lifestyle benefits. With careful planning, design and professional guidance, these projects can transform living spaces and contribute positively to your family and local communities.
Before you start your dream design, we suggest you talk with a builder who is up-to-date on the latest codes to help you understand construction costs. Visit havan.ca/directory.