Why Income Properties or In-Law Suites Are Right for You
Most homeowners aren’t aware that they could be making extra money every month simply by renting out a part of their home. By purchasing a home with an income suite or in-law suite, you can rent out part of your home while still having plenty of space for your own family.
Many families and homeowners across Canada are taking advantage of this concept by allowing their renters to help pay their mortgage for them. There are plenty of names for the space in your home you can rent out which include an income suite, a basement apartment, and an in-law suite. These spaces are specifically designed to be rented out and the money you make could end up paying the majority of your mortgage payments.
The good news is that you don’t have to purchase two properties to become a landlord. This arrangement also makes things simpler when maintenance issues arise. If you choose not to rent out your in-law suite, you can utilize it to host guests who come for a visit. As the name implies, you can use the space as a true in-law suite, providing a place to live for aging parents who may need assistance from time to time.
If you do choose to rent out your suite, the extra income you earn can help free up cash to do what you want with your life. Many people find that it allows one parent to stay at home with the children or it may allow you to travel more frequently. Once your home is paid off, you can continue to collect rent from your tenant meaning you are actually getting paid just to live in your own home each month.
Phoenix Homes proudly offers the Income Series which is perfect for investors, retirees, or those who are looking to make extra income. To learn more about the homes we have available, give us a call at 613-723-9227 today.