LEGAL SUITES AS AN INVESTMENT

You’ve probably heard the saying, ‘You can’t have your cake and it too’, and wondered what does that mean? And are also wondering what does it have to do with housing and legal suites?

Well, the saying means you can’t have two desirable options- let’s say an investment property and a home, and that you would have to make a choice between them. But with a secondary suite, you don’t have to make a choice. You can own your Daytona home and own your legal suite, because it’s all in one property. Makes sense, right?!

And you can do it all for as little as 5% down. We spoke with *Karen Pacheco with Mortgage Architects to explain how it works:

Purchasing a Daytona home that has a legal suite, whether it be a full basement suite or a garden suite, can be done with as little as 5%. In order to purchase with the minimum down payment, the home needs to be the purchasers’ owner occupied home as well. Therefore, they would be living in the main portion of the home and a tenant in the suite.

The rent collected can be used to qualify for the purchase. Depending on the lender’s policies, we can use 50% - 100% of the rental income as added income for the application. With some lenders we require a signed lease agreement, however, there are lenders that will allow for a Market Rent Analysis to be completed to determine to possible monthly rent for the property/area.

Of course, everyone’s situation is different and it’s always best to talk with a lender to see if this works for you, but, Wow! Who wants cake? Sweet Suite!

This month only, add a secondary suite to your new home and we will pay your suite mortgage for TWO YEARS**! Click HERE and submit your information to learn more today!

*Mortgage Broker in St. Albert, Alberta | Karen Pacheco

** Terms and conditions apply