Pay off your mortgage sooner by buying a Calgary home with a basement suite.
Buying a home with a basement suite can add significant value to your real estate portfolio, both immediately through rental income and as a long-term investment if and when you choose to sell. A basement suite is enticing as it provides a great space for out-of-town guests, post-secondary students & teenagers, as well as grandparents & in-laws, even if potential buyers don't want to rent out the space.
Advantages of a basement suite
There are definitely advantages that come with being a landlord in close proximity to your tenant. You'll know immediately if any issues arise, and if you go on vacation there will be someone there to keep your home safe while you are away.
Income potential of a basement suite
The income earned by a basement suite can help you get a head start on real estate investment, or allow you to buy a bigger and better home than you could otherwise. A house with a secondary suite is a great way to help you pay down your mortgage faster at a time when home prices are high and mortgage rates are going up.
Add a basement suite to a new build
If you’re considering a new build, ask your builder to layout a secondary suite with an additional kitchen, bedroom, bathroom, laundry and separate entrance. A separate walk-out/walkup entrance makes it easy for renters to access their new space without disturbing your privacy. The idea is to make your rental unit look and feel private, inviting, and rent-worthy. Parking space is also a consideration. More information on secondary suites is available Here!
With so much experience in helping clients acquire homes with basement suites, the professionals at NextBigMoveCalgary can help you find the right property with a basement a suite that is perfect for your family, with a focus on maximizing an efficient and functional use of space.
All new Calgary basement suites must comply with the Alberta Building Code and require a building permit.
The benefits of buying a home with a basement suite are hard to ignore so contact us today to learn more about this equity earning real estate investment strategy!