Are you looking for ways to reduce your overall living expenses? Adding an income suite to your home is a great way to pay down your mortgage faster. Not only that, but you can use the income generated from your income suite to pay off other debts, save for retirement, or put the funds away for other expenses.
While it does cost money to build your income suite, the income you’ll generate will offset this cost and still leave some in your pocket. On average, a legal income suite will add $350-$400 per month onto your mortgage payment. However, you will be able to collect $1,200 per month or more in rental income. That leaves you several hundred dollars every month to pay toward your mortgage, debts, or add to savings.
The rental market is still strong since the increase in mortgage interest rates this year. More renters are finding themselves unable to qualify for a mortgage, and they are looking for comfortable, modern rental suites. Your income suite will be a beneficial solution for both your budgetary needs and your renters’ desire to have a home that meets their lifestyle needs.
If you have questions about adding an income suite to your new home, please contact me and I’ll be happy to guide you.