Benefits Of Secondary Suites
Secondary suites are gaining in popularity, especially in these times where the real estate market has completely blown up. For those who have been pondering about adding a secondary suite to their home, we’re here to tell you to stop second-guessing your decision. In this article, we’ll go over what a secondary suite is, the benefits of secondary suites, and how to add one to your property.
What Are Secondary Suites?
A secondary suite is an additional living space to the primary residence that has its own entrance, kitchen, bathroom, bedroom, electricity, water, etc. Essentially, it’s like a legal apartment on your property. They’re also referred to as an “accessory” with the most popular types being located:
- Above a detached garage
- In the basement
- On the main floor of a single-family home
- Attached to the single-family home
- In a guest house
- In a laneway house
Secondary suites gained popularity in Canada in the 19th century, specifically during The Great Depression (also referred to as the Dirty Thirties) and following WWII. It was a way to deal with the housing shortage which is still happening to this day.
Why Add A Secondary Suite?
There are many reasons that homeowners and real estate investors look into secondary suites, including:
Assisting With The Housing Shortage
As mentioned above, the housing crisis in Canada is adding up. Big cities are seeing a shortage of homes for families, especially because of the increasing costs of supplies which, in turn, affects housing affordability.
If you’re looking for some extra fixed income per month, you can rent out your secondary suite to a tenant/tenants. While this responsibility comes with being a landlord, becoming a real estate investor has its many perks, one of those being that you can deduct those expenses from your taxes each year. Receiving regular rental income will allow you to pay off your mortgage faster, car payments, student debt, etc.
Increase Property Value
Resale value for properties with secondary suites is also significantly higher. Many other real estate investors, whether beginner or experienced, will be interested in rental income or being able to provide a place to live for their in-laws.
More Affordable For Renters
Secondary suites are known as being more affordable for renters, especially if it’s a basement suite. This can be a great opportunity for you to target tenants of lower-income families, single tenants, students, or renters looking for their first apartment.
Enhances The Community
By adding a secondary suite, you can strengthen your community by allowing young families to send their children to school, allow seniors to live near their children and grandchildren, improve diversity, and also add much-needed housing options.
Safe Option For Ageing Parents
An in-law suite is very common for families with traditions of living on the same property, or for homeowners with ageing parents who are looking to downsize and be closer to their family. In-law suites can also improve security, provide extra support during times where you may need a last-minute babysitter, and even provide a sense of comfort.
Contact A Professional Renovation Company
If you’re a homeowner considering undergoing construction to add a secondary suite to your existing property, don’t try to tackle the project yourself. That can be costly and you may run into trouble when it comes to understanding the laws in your specific city, especially because you may require a zoning change. Luckily, in Ontario, there are multiple programs to assist homeowners with improving or building secondary suites, but they will vary per province and city.
You don’t need the added stress. Contact our renovation experts at Honest Renovations in Hamilton today. You can feel rest assured knowing that the development of your secondary suite is well taken care of by our team of experienced, trustworthy, and honest professionals. If you still have questions about whether or not it’s the best option for you, we’d be more than happy to answer any of your questions and going over the many benefits that secondary suites hold for you and your family.