First-time home buyer? Find out how an in-law suite can help you qualify for a mortgage.

Do any of these sound like you?

  • You’ve fallen in love with a few properties and lost out on multiple offer scenarios (ugh).
  • You’ve seen properties that require “TLC” but don’t have room left in the budget to fix these things and make it your own.
  • You thought you could get approved for more and you feel like the dream of home ownership could be slipping away.

The Income Series provides a creative way to get your foot in the door…. and it could be that investment that sets you up for life. In fact, we have designed three different models that include beautiful basement apartments with separate entrances – the perfect in-law suite.

An in-law suite can help you get approved for a mortgage

Using your in-law suite as an income property will help you with your home purchase. In times of higher interest rates and downpayment requirements, you can present the income-generating potential of your new build to your mortgage broker. Having this additional income stream will offset your monthly mortgage payment and can help get your mortgage approved.

We had the opportunity to sit down with mortgage agent Andrew Walters to discuss our “Income Series” line-up of homes, through the lens of a first-time home buyer.

Did you know?

  • The rental income from the Income Series basement unit is used to offset the total cost of borrowing (mortgage payment). This means you can qualify and get approved for more with your lender, which increases your buying power.
  • Up to 4 people can be added onto the title of a home. This makes the Income Series a great option for multi-generational families or even friends willing to cohabitate!
  • Extra income made from your rental unit can be used to make a monthly pre-payment. This means if you aren’t using the rental income to offset payments, you can apply it directly to your mortgage and accelerate your properties equity and save on interest costs.
  • Having 2 income sources under one roof will make it easier for you to qualify to move to another home while still keeping this one in your portfolio.

An in-law suite can boost your home’s resale value

As the Ottawa housing market keeps rising, so does the appeal of having an in-law suite in your home. Future buyers will appreciate the option of earning extra income from the legal basement apartment. An in-law suite can make your home stand out from the rest and increase its worth. 

Built-in privacy for all of life’s challenges

Life is full of surprises, and you never know when a family member may need a place to stay. From aging or sick parents to a friend who is visiting, or a grown-up child facing a divorce or maybe starting a new career, having a basement apartment in your home can be a great way to support your loved ones. A private basement apartment may become a beautiful gift of support without feeling like an intrusion on your personal space.

Retrofitting an in-law suite is costly and full of surprises

Converting your conventional basement into a secondary dwelling is not as simple as adding some kitchen cupboards. In fact, there are countless regulations to follow when building a legal rental apartment and that means paying for architectural drawings, inspections, and building permits. As the saying goes, “renovations always cost twice as much and take three times as long” as planned, so it’s best to just get the apartment put in as your new build is going up.

As an aside, when we build your home, we will take care of all of the permits and ensure that a secondary dwelling of that size and configuration is legal on that lot. On the other hand, trying to retrofit an apartment into an existing home, you may find that zoning bylaws have changed and you are not able to carry out your plans.

Phoenix Klondike Model
Klondike Model by Phoenix Homes

Knowing your secondary dwelling is legal ensures peace of mind and future options

While there are many homes with in-law suites for sale in Ottawa, it’s important to know that our basement apartments are built to all secondary dwelling unit standards from the Ontario Building Code and the City of Ottawa. Verifying that an older home with a retrofitted in-law suite may prove to be more costly than building new.

All our models meet or exceed electrical, plumbing, insulation, and fire code requirements. No corners have been cut, which means, you can legally rent out the unit. Whether your tenants are renters or family, you can be sure that they will be safe and comfortable living there.

New Homes with In-Law Suites at Pathways, Findlay Creek

If you’re ready to build your new home, check out any of our 3 thoughtfully designed floorplans available in our Income Series.

Klondike
Elevation
$ 1,285,000 +
Miraposa Plus
Elevation
$ 1,069,000 +
Sonora
Elevation
$ 999,000 +

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