IS A SUITED PROPERTY FOR YOU?
- Makes your house more affordable because a tenant is paying down part of your mortgage.
- Allows for passive income. Legal suites add value to your property.
- Legal Suites attract tenants everywhere.
- You don’t have to purchase another property to have an income property.
- Legal suites are already recognized and zoned by the City of Lethbridge.
- If you plan on living in one of the legal suites you can purchase with 5% downpayment.
- Legal Suites lower your debt service ratio when applying for a mortgage for this type of property.
- Secondary suite won’t bring in as much rent as some other types of properties.
- You may be sharing your home with other people depending on how the suite is set up.
- Unless there’s a secondary suite already existing prior to December 31, 2006, putting one into your home may require a significant renovation and a zoning change with the City of Lethbridge.
- Your home insurance may go up due to any changes in the property value.
***TO SEE WHAT YOUR RATE OF RETURN CAN BE ON A PROPERTY CLICK ON THE ROI CALCULATOR BELOW***
Please contact Connie if you need any assistance at all - she is here to help you!