4 Reasons to Consider Constructing an Income Suite
Faster Mortgage Payments
The main reason so many new homeowners are interested in the construction of an income suite is that it provides them with a better chance to pay off their mortgage in a faster timeframe. Since rental income is not necessarily assured, you’ll need to ensure that you qualified for a home purchase, and then you’ll be able to seek out willing tenants to occupy your rental suite. Based on average market value, you could procure an extra $1000 a month, which you can use to accelerate mortgage payments.
While paying off the mortgage as quickly as possible is a concern for some homeowners, not every homeowner feels that same way. For some, adding an income suite is more appealing for the prospect of boosting their equity. Purchasing a home and adding an income suite would go a long way in increasing the worth of your equity and prevent tenant’s money from being wasted through basic rental charges. When the time comes for homeowners to move on from their current homes into a family-sized residence, due to the equity they’ve accrued, they’ll have a much easier time securing a mortgage loan.
Improved Home Resale Value
One of the biggest considerations when it comes to improving a property’s resale value is determining how much space there is in a livable home. With an income suite, not only will you be adding viable living space in your home, but it is ideal for big families with adult children or live-in parents that are looking for a little more privacy.
Extra space is always an appealing option for homeowners as it gives them a plethora of options that they can explore in the future. For example, if the renting-out process isn’t as viable or practical for families in their current living situation, an income suite allows homeowners to customize their home further to ensure they are getting the most out of their investment. Homeowners can easily convert their unused income suite as a guest room, a recreation room, a personal gym, or a room for their young kids to play in.
If you’ve ever considered investing in an income suite, or this article piqued your interest, contact Phoenix Homes today! We will provide you with pertinent information that will help you make a decision that is ideal for you and your family.