What are the advantages of developing a rental suite?
Well, the obvious one would be to increase the value of your home; however, the big picture doesn’t stop there. The other benefits include having a mortgage helper. A rental suite could allow you to stay in your home once you’re on a fixed income. Secondary Suites also allow families to stay together; by providing a home for a family member, and keeping family connected. At times’ a Legal Rental Suite can help you to meet the criteria needed to qualify for a mortgage.
Based on “A Guide for Local Governments,” put out by the Ministry of Community and Aboriginal Women (revised in 2005), they studied several B.C. communities, including The City of Nelson. Due to Nelson’s geographical constraints for development, low rental vacancy rates and the fact that Nelson is a College Town, the City of Nelson encourages Secondary Suite Development. Having Secondary Suites enables our town to meet housing needs, while preserving the character of our community.
In summary, if you’d like to explore these options further, don’t hesitate contacting me, and I’d be happy to assist you with exploring the options most suitable for your needs. If you want to investigate further; head on down to talk with your local City Planning Department representative, or if you’d like to purchase an existing property that has a suite, come and talk to me, I’d be happy to assist you in your search.