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IS A SUITED PROPERTY FOR YOU?

PROS:

  • 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.

CONS:

  • 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***

ROI Calculator

Please contact Connie if you need any assistance at all - she is here to help you!

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.