Turning Spaces into Places
Reasons to Buy a house with Legal Suite
MORTGAGE HELPER
When seeking a mortgage from your bank, the presence of a legal secondary suite in a home can enhance your purchasing capacity. This is because the Canada Mortgage and Housing Corporation (CMHC) will incorporate your anticipated gross rental income into your overall annual income. This inclusion becomes significant when undergoing the application review process for insurance on a two-unit owner-occupied property.
PASSIVE INCOME
In the current era, there is a widespread pursuit of passive income, and harnessing existing space emerges as an ideal strategy. The establishment of a secondary suite in Saskatoon demands a substantial upfront investment. Nevertheless, the prospect of recovering this investment within a relatively short timeframe is promising, leading to the generation of significant income over the long term.
GOVERNMENT GRANTS
The recently announced Secondary Suite Incentive Program will cover 35 percent of the expenses associated with constructing a new secondary suite within the primary residence of an owner. The grant is capped at a maximum amount of $35,000 per eligible property.
INFLATION
The rising cost of living is evident as essential expenses like food, rent, and transportation continue to escalate. Canadians are facing increasing challenges in managing their finances, and with ongoing price hikes, this financial strain is expected to persist in the foreseeable future. One effective strategy to alleviate the impact of today's inflation is to leverage the income generated from a legal suite, providing a practical means to counteract the effects of the inflationary environment.
MULTIGENERATION FAMILIES
An increasing number of individuals are recognizing the practicality of embracing a multi-generational living arrangement, where multiple generations of a family coexist in a single residence. This may involve parents residing with their adult children and/or grandchildren, or adult children sharing a home with their aging parents. Regardless of the specific dynamics, many people value privacy and the desire for a designated personal space. Establishing a legal secondary suite guarantees the provision of a secure, independent living space, allowing individuals to maintain a sense of autonomy within the shared familial setting
RESALE PRICE
Integrating a secondary suite can enable prospective buyers to qualify for a larger mortgage, thereby boosting demand and elevating the value of your home. Upon selling your property, you stand to recoup a significant portion of your initial investment. If the upfront costs give you pause, the assurance of recapturing a substantial portion upon resale should alleviate concerns and facilitate your decision-making process.
QUALITY TENANTS
If you attract a tenant actively seeking a legal secondary suite in Saskatoon, the likelihood is higher that you'll secure a quality renter prioritizing convenience and safety over mere cost considerations. Such tenants are generally more dependable and responsible, exhibiting punctuality in rent payments, respect for the property, and a proactive approach to necessary maintenance and repairs. Additionally, their inclination to adhere to city regulations and laws governing secondary suites makes them an ideal choice for landlords.
IF YOU ARE A TRAVELLER
If you are a traveller, the care of your property during frequent travels becomes a viable solution with a tenant in your Legal Suite in Saskatoon. Their presence provides the appearance of occupancy and brings added benefits, such as assistance with tasks like shoveling sidewalks, lawn maintenance, regular light management, and even mail collection!
