Whether it’s your basement, a loft conversion, or a coach house style suite in a garage, income suite renovations, when done correctly, easily allow you to double your investment. The extra bonus? Not only will an income add a huge amount of value to your home, but it’s an investment that will actively make you money while you build equity. What more could you ask for?
Why an income suite may work for you :
-You can pay off your mortgage in half the time by applying all the rent money to the mortgage -It increases the value of your home (The return on investment is higher than any other home renovation project) -Provides shared utility costs and property maintenance Suites can help to be approved for a higher value home -Rent payments can be used towards qualifying income for mortgage approval -Can be a supplemental income during maternity leave or during a time of unemployment -There are usually tax incentives and government grants to help pay for the renovations -You want to make smart money
Whether you buy a home with an existing suite, or do a renovation to an unfinished space, Jeff can assist you in a number of ways. Give Jeff a call, or email him today.
Jeff with Scott McGillivray from HGTV®'s Income Property™
Sign up to here to recieve email notifications about available income properties.