Second suites have gained much popularity in the past few years. It’s all because of the benefits associated with a secondary suite. Before highlighting the reasons why you should build a second suite in your property, let’s first discuss secondary suites. It is basically an independent residence within a single detached house that has its own kitchen, sleeping, and bathroom facilities. The majority of the second suites are basement suites, however, many homeowners are constructing garden suites or suites connected to the garage. You will be glad to know that second suites provide several benefits to homeowners and renters.
Benefits for Homeowners
The primary benefit of building a secondary suite for homeowners is the extra earnings. If you are in need of some financial help, then building and renting out a second suite is an ideal option. Just make sure you possess a legal second suite that fulfills all the legal building requirements.
If you plan to sell your house in the future, then a second suite can be a plus point. Potential buyers will be more willing to buy a house with a secondary suite. A secondary suite must abide by the City’s Zoning Bylaws, fire and building codes. Otherwise, you can’t advertise your house with a second suite.
Constructing a second suite is favorable for disabled people or senior citizens. Not just they can earn additional money, but they can also get some help with home and yard maintenance through a lease agreement. For instance, a lease agreement can state that shoveling the walks and cutting the grass is the duty of the renter. A secondary suite can allow disabled and senior citizens to stay longer in their house.
As a property owner, you will also benefit from tax deductions while claiming your rent earnings on your income taxes. Also, you can write off expenditures including house insurance, property taxes, legal fees, utility costs, and repair and maintenance costs.
Benefits for Renters
A second suite provides more versatile housing options for all those people who want to rent their home. Most of the suites are constructed in developed neighbourhoods that are close to schools, recreational facilities, shopping centres, and other essential amenities.
Second suites provide budget-friendly housing opportunities for those planning to live in lower density areas. Most of the time, a basement secondary suite can be more economical than apartment rentals. Based on the rental agreement, a basement suite can give renters access to the garage and backyard. You don’t get such options in a rented apartment.
Due to corona pandemic, there’s a downfall in economy, which means you can build a second suite in your house at an affordable cost. You can easily use additional earnings to pay your living expenses and mortgage. But to make it possible, you need to hire a trustworthy contractor like Penguin Basements contractor. You can also get a loan to build a second suite in your home. Isn’t it amazing?
So don’t wait any further and start earning extra money from your secondary suite!