►►HOME SUITE HOME◄◄
With the high costs of homes in BC, a new trend is arising. A secondary suite in your home is a good option and many manicipalities are agreeing to the idea with high density, affordability concerns and the demand for rentals. Many cities and municipailites throughout BC have started a secondary suite program including such cities as Kelowna, Coquitlam and Abbotsford for instance.
THE BENEFITS OF A SECONDARY SUITE:
1.) Private sleeping quarters with separate entrances and cooking facilites, allow families to coexist with senior generations while still maintaining their own “space.”
2.) It allows homeowners to offset their mortgage costs.
3.) It allows home buyers to often quailify for a higher priced home (especially if the suite is a legal one) as the lender will take the income from the suite into consideration for the qualifying process.
This recent trend seems to be moving towards more home builders creating brand-new homes from scratch with secondary suites in them or provisions for the unfinished basement to have a secondary suite. For example in the new Burke Mountain subdivision in Coquitlam secondary suites make up about 60 percent of their units. The builder/developers are now prepared to meet the growing demands of families who wants to remain together or buyers who know the only way they can afford to buy a home is to have rental income off the suite. A young couple for example could live in the smaller suite and rent out the majority of the home for top dollar. This would give the couple a similar affect of buying a 1 bedroom apartment or townhouse, but would allow them to reap the benefits of a home with higher appreciation over time than the condo captured on the resale.
In Summary, secondary suites are definately a key selling/buying feature to have in a home!.....
To SELL or BUY a home with a Suite in it, call the Professionals at FULLER SERVICE REALTY CORP. 604-584-SOLD(7653) info@fullerservicerealty.com
©Article by FSR Owner - Donna Fuller Dec. 2011