(Global) The Pros and Cons of Illegal Suites

  

Whether you have ever bought a property or not, is is entirely possible that you may have heard about landlords who rent out a suite illegally. In any analysis, one must look at both sides and then weigh them accordingly. What I am presenting is only my own opinion and you are strongly encouraged to look at your own risk and rewards. The pros of renting out an illegal suite is quite simply the extra cashflow one can receive from this activity. Real estate is a numbers game and having your cashflow increase from 50-100% is a huge bonus which is unmistakable. The cons of doing so are much more numerous.If your insurance company discovers that any illegal activity from renting out a suite to a grow operation or anything else, they can cancel the policy without any recourse on your part. The mortgage can also be called by the lender because of illegal rentals occurring. They can call the loan anytime but this is much more likely if the law is broken as is the case with renting an illegal suite. You run the risk of having a jealous neighbor complain about your suite to your local municipality. You would then have to evict your tenant, remove any illegal cooking facilities and possibly face a lawsuit from your evicted tenant for renting out the suite. 

The construction of illegal suites without building permits does not ensure health and safety standards are met. You would also be liable for this should anything happen. 

Whether you decide to proceed or not with renting an illegal suites completely up to you. I am merely presenting the two sides of the argument as best as I can.