If you’ve ever lived with your mother-in-law, you agree that the mother-in-law suite is long overdue for a new name. Preferably a name that does not designate your mother-in-law the right to move in. How about, “Sorry mom, this is our income property, and we’ve found a renter!”
Seriously though, legal secondary suites are increasing in popularity. While homeowners are looking for ways to reduce their monthly mortgage, there is a rental market that is screaming for more feasible housing options. And this is where Lincolnberg saw the opportunity for a lasting love affair (and it doesn’t include your mother-in-law).
Behold: The Income Property Program
Lincolnberg is one of few builders in Edmonton and Leduc to offer Legal Finished Garage (aka: Garden Suites) and Legal Finished Basement Suites as an extension of our client’s new home build.
Why do we do this?
Well, we took a few tips from our trendy, hipster, sister company, Timber Haus, who is paving the path for infill developments in Edmonton. Sustainable, functional and economical living is the direction they are headed. The City of Edmonton supports the infill and legal secondary suite movement and recently passed a bylaw relaxing rules for secondary suites, stating:
“Ensuring a range of housing choices is an important part of building our city and creating diverse, inclusive and complete communities.”
We couldn’t agree more. And while it’s not typical for newer suburb communities to have secondary suites, we’re ok with being trailblazers on this issue – and we hope other builders follow in our footsteps.
How would it be advantageous to you (and the housing market) if you were to have Lincolnberg include a secondary suite in your master built home?
An income property:
- Provides you with a rental income
- Adds to Edmonton’s affordable rental housing inventory
- Helps you with your mortgage and financing. CMHC says Lenders acknowledge this in the way debt servicing ratios are calculated when there’s a rental in the mix.
- Helps create multi-generational living situations where ageing parents or young adults can live close to you.
- Helps long-time residents downsize and age in their community when their main home becomes too much work
- Helps Edmonton build within instead of sprawling further out
What does a Lincolnberg Master Builder Income Property Include?
- Legal Permits
- 9′ Basement Foundation Wall (basement suites)
- Additional Side Entry
- Additional Furnace & Hot Water Tank
- Additional Appliance Package
- Extra Fire & Sound Protection
Where can you build a Lincolnberg Home that includes an Income Property?
- Black Stone, Leduc
- Webber Greens, Edmonton
- Manning Village, Edmonton
- Rosenthal, Edmonton
- Edgemont, Edmonton
- Saxony Glen, Edmonton
Who rents an income property?
- Students – we’ve all been there, searching for a private, quiet, affordable place to make Kraft Dinner, put our bed and clothes, sleep, shower and study. The wonder years.
- Empty nesters – kids have moved out (halleluiah!) and they don’t need their big house anymore.
- Divorcees – your income property could be the bridge to someone starting a big part of their life over again.
- World travellers – they live to work enough to cover their expenses and plan their next adventure.
How much can I charge for my rental property?
Typically, in the Edmonton market, a brand-new secondary suite rents for $700 – $1,200 per month. Kijiji and RentFaster are great online sources to see what rental rates landlords are advertising in the area you’re thinking of building.