What is the big deal?
If a home has a secondary suite, it has a separate and contained living space. It is fully equipped with its own kitchen, bedroom(s), bathroom(s), and laundry.
This can mean big things! It can offer space for extended family to live near by, to aid your parents or friends, or to generate some extra income!
The Money…
A secondary suite does mean developing your basement with your new home purchase. This cost can be rolled into your mortgage.
Daunting? No! The money that comes in from your family, friends, or outside renters can be used to increase your overall approved mortgage!
This can mean your maximum approval can take you from a duplex or multi-family dwelling to a single family home!
More benefits?
Secondary suites are eligible for the City of Edmonton’s Cornerstone II Grant. This means you could receive funding up to $20,000 – be sure to check with the City for terms and conditions.
The monthly rent you receive from your secondary suite means a lower monthly payment for you!
Download our quick reference “Live the Suite Life!“
