Whether you’re looking for a home with an additional suite to accommodate in-laws, adult children, or rent for extra income, a home with a suite provides many benefits. A suite within a home or on the same property is generally defined as a living space with a separate entrance, kitchen, bathroom, bedroom, and living area. While many suites are created by converting basements, other options include garden and garage suites. Here are some of the main benefits of owning a home with a suite.
Shared Costs
A nanny or in-law suite is an excellent option for multi-generational living and makes a great investment for any family. With prices rising, measures such as Canada’s Stress test coming into effect in June, and economic instability, it’s getting increasingly difficult to purchase a home. With people living longer and having children later in life, it can make good financial sense for parents and their adult children to share the costs of mortgages, property taxes, and utilities by moving in together.
Shared Memories
Having a suite in your home can also allow multi-generational families to spend more time together and create life-long memories. Studies show that there are mutual benefits for children and grandparents alike who spend quality time together. In addition, seniors have experience and skills that can help children as they develop, and the company of children can allow seniors to avoid isolation and depression. Older generations can also provide much-needed child care and support for working families.
Increased Property Value
A home with a suite has taken a space typically used for storage and converted it into a valuable asset. When it’s time for resale, this extra square footage of usable space can put your property ahead of the competition, expediting the selling process and providing a healthy return on your investment. Income-generating properties tend to be extremely popular among home buyers who are working to secure their financial future.
Passive Income
A rental suite incorporated into your home provides passive income without purchasing a second property. You can build these in your backyard as a garden suite, or convert them from a garage. Secondary suites are a great source of additional passive earnings. While being a landlord will require more work, extra income from a suite can help cover your mortgage payments and other expenses. It might also alleviate financial stress, and give you the freedom to pursue other investments. For most, passive income generation tops the list of benefits of owning a home with a suite.
Hire the Top Realtor in Victoria BC
Suppose you’re looking for a home with a suite in the Victoria BC area. A local realtor with first-hand knowledge of the market in your desired neighborhoods will be an invaluable source of information. Hire the best realtor in Victoria BC by contacting our real estate firm today. With a passion for interior design and an eye for architecture, our realtors are committed to providing high-quality, professional service. We are easy to reach and responsive to your specific real estate needs. Get in touch today!
