Want to Reduce your Monthly Payments?
Consider the Benefits of Owning a Suited Home.
Interested in Buying a Suited Home in Edmonton? You Should Be.
Are you looking for a new home in the Edmonton area? If so, have you considered a suite home? If you haven’t, you’re missing out on a lot of great opportunities. Adding a secondary suite to your brand new home will cost you less than you think, and you can take advantage of lowering your monthly payment.
In addition to lowering your payment and receiving significant cash savings buying a home with a legal suite has a whole bunch of other benefits. If you’ve ever wanted to be able to pay off your home fast, qualify for a larger mortgage, or lower your cost of living, then a suited home might be for you.
Keep reading to see all the benefits of having a secondary suite in your home, and get an example calculation of how much money you could save when buying a suited home in Edmonton.
Top 6 Reasons to own a Suited home
Cash Savings: If you are living in the property as your primary residence, you can help offset your Mortgage costs. For example, if your mortgage payment is $2,230/ month and you have a tenant in the suite paying $1,250 your payment drops by almost $1,000/ month! This is a direct cash savings in your pocket! In many cases your monthly payment will be significantly less than what you would pay if you were renting (see analysis below).
Mortgage Qualification Support: Income from the secondary suite may help in your ability to qualify for your mortgage, and you may be able to afford a bigger home.
Keep the Family Close: If you living in the property and you wanted to have a space for a family member a suited home is a great way to create a separate living space keeping your family close. . . but not too close
Cost per Unit Savings: On a cost-per-unit basis Suited Homes have a lower price than buying two separate homes. So if you’ve ever considered purchasing an income property, this can be a great, more affordable option.
Budget Friendly Rental Option: You will be providing a much needed service to people looking for a brand new high end rental property, for people on a budget.
Boost Your Resale Value: Homes with revenue opportunities are sought after properties in the Edmonton real estate market. The extra renovated/finished space and secondary income will make your home a ‘hot property’ when it comes time to sell.
Wondering just how much you could save every month with a suited home? Check out the calculations below to see how buying a home with a legal suite could save you nearly $1,000 from a typical monthly payment.
*The above financial calculations are examples created for demonstration purposes only. Certain inferences have been made.
Want More Information about Owning a Suited Home in Edmonton?
You can read our comprehensive blog post on buying a home with a secondary suite here. Or, use the form below to contact a TriUrban real estate professional about our suited homes.
Our team will be able to help you understand all of your questions about owning a suited home including the responsibilities it will require to have a tenant. If you decide the Suite Life is for you, we’ll be able to walk you through the entire process of buying a home in Edmonton – from looking at showhomes to settling in.
Investors: Considering a Suited Home as Your Next Property?
Suited homes make excellent investment properties as well. There are a lot of reasons why we think property investors in Edmonton should look into a home with a secondary suite as their next investment property. It’s like having two properties under one roof.
For more information on the benefits of investing in a suited home, check out these blog posts:
If you’re interested in learning more about how TriUrban’s real estate experts can help you get the perfect investment property in Edmonton, or if you want to get started buying a suited home, head to our Investor page.
Ready to Start Enjoying the Suite Life?
Let us know a little bit about your goals below, and we’ll be preparing to send you information on suited homes available for sale in Edmonton.