{"id":2207,"date":"2019-03-09T08:17:37","date_gmt":"2019-03-09T15:17:37","guid":{"rendered":"https:\/\/www.lincolnberg.com\/blog\/?p=2207"},"modified":"2023-12-14T10:35:51","modified_gmt":"2023-12-14T17:35:51","slug":"income-property-legal-secondary-suite","status":"publish","type":"post","link":"https:\/\/www.lincolnberg.com\/blog\/2019\/03\/income-property-legal-secondary-suite\/","title":{"rendered":"Garage & Basement Suites 101: Complete Guide To Secondary Suites In Edmonton | Lincolnberg Homes"},"content":{"rendered":"

Our experts dive into different types of secondary suites, the benefits of choosing a home that includes a secondary suite, and some important differences between garage, or garden suites, and basement suites in Edmonton.<\/span><\/p>\n

What is a secondary or income suite?<\/span><\/h2>\n

A secondary suite, sometimes called an income suite, is simply an area either in your home (or on your property) that is rented out for additional income.<\/span><\/p>\n

The two living spaces are completely separate from one another, which can be a welcomed bonus for people or families who enjoy their privacy, but want to make use of extra space.<\/span><\/p>\n

Each of the two living spaces include a kitchen, bathroom, living space, furnace, and at least one bedroom.<\/span><\/p>\n

What are the benefits of a secondary suite?<\/span><\/h2>\n
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    A secondary suite provides extra income.<\/span><\/h3>\n<\/li>\n<\/ol>\n

    Perhaps the most popular benefit of a secondary or income suite is that it helps you with your mortgage and financing. Fall in love with a home just a tad over your budget? If the home you are hoping to buy includes an income suite and you are able to arrange and prove a renter, lenders will actually include the future rent payments as income when calculating your debt servicing ratios, and determining whether or not you qualify for the home.<\/span><\/p>\n

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      A secondary suite helps you build equity in your home faster.\u00a0<\/span><\/h3>\n<\/li>\n<\/ol>\n

      When your home includes an income suite, you\u2019re essentially enjoying the benefit of someone else paying (or at least contributing towards) your mortgage! When the time comes to sell, you will have paid down more of your mortgage than you would have if you were living in the space alone.\u00a0<\/span><\/p>\n

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        A secondary suite allows for multi-generational living situations.\u00a0<\/span><\/h3>\n<\/li>\n<\/ol>\n

        Many different cultures from around the world still honor the tradition of having grandparents live with them. It\u2019s also common for adult children to live at home for longer while achieving higher levels of education. Secondary suites allow for families to enjoy closeness, while still having the option for privacy too.<\/span><\/p>\n

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          A secondary suite helps reduce urban sprawl.\u00a0<\/span><\/h3>\n<\/li>\n<\/ol>\n

          By using the space more efficiently, more people are able to live on the same piece of land, which reduces the need for communities to continue to build outwards.<\/span><\/p>\n

          Who rents secondary suites in Edmonton?<\/span><\/h2>\n