When you’re a busy professional in Calgary, finding the time to get involved in a club or a community is not always possible. Luckily, secondary suites offer a great way to connect with other like-minded people while also benefiting your home and your pocketbook. Secondary suites provide you with a place to call your own while also giving you a chance to invest in a piece of your community.
What is a Secondary Suite?
A secondary suite is a self-contained living unit within a house or duplex. It functions as an independent rental space that is not part of the main residence. Secondary suites are becoming increasingly popular in major metropolitan cities, like Calgary, where they provide an opportunity for renters and homeowners to live nearby while enjoying the benefits of renting out their property to cover mortgage payments. Secondary suites are also beneficial because they offer a chance to diversify your investment portfolio by adding more income streams to your business.
Types of Secondary Suites
There are many different types of secondary suites. These include those that are rented, live-work spaces and granny suites.
A secondary suite can be rented to a renter or sold to an owner occupant. If you decide to rent your suite, you will have the opportunity to make an income while providing homeownership opportunities for others. If you choose to sell your suite, it should come with an investor package that includes a proportionate share of the freehold fee title to the main residence.
Live-work spaces allow people to live and work on the same property. They provide a private living space, office space, and sometimes storage or service facilities.
Granny suites are typically located in the basement of your home. They offer a private suite with a kitchen, bathroom and laundry facilities and an independent entrance and exit from the main home’s basement level.
Buying a Secondary Suite
If you’re looking to buy a secondary suite, you have plenty of options. In Calgary, there are 1,000 secondary suites available. If you’re interested in purchasing a second home for yourself and your family, you should consider investing in a secondary suite.
It allows you to make extra income by renting out your suite. You can rent out your secondary suite to students or professionals who work in downtown Calgary. With a secondary suite investment, it’s easier than ever to buy into the city’s growth and be part of a thriving community.
Depending on property location, most people usually make $1,400-$4,200 annually per bedroom rent from their suites. This investment is financially and socially worthwhile when you get involved with other tenants like yourself through social events hosted by your building’s association or homeowners’ association (HOA).
With over 25 years of experience at Calgary Home Renovations by Aspire, we provide professionalism, quality workmanship and attention to detail that will ensure our clients are 100% satisfied with their Calgary home renovations. Our services include Calgary kitchen renovations, bathroom renovations, basement renovations and development, home additions, and garage additions. Contact us today by visiting our website or calling us at (403) 796-4044!