Real Estate Buying Tips: Secondary Suite

These days, having an extra suite for guests or to rent can add significant resale value to your home. In this episode of The Marc and Mandy Show: Love Your Home, Josh Higgelky shares tips for buying real estate with a secondary suite.

Josh Higgelky: When purchasing a house with a secondary suite, there’s a few things to consider when you’re looking to get a mortgage. The first item to consider is the use of basement suite income. If you’re purchasing a property that has illegal suite income, you need to make sure you’re working with a bank or broker that has a product for you so that you can use that income on your application. The second item is to maybe consider a purchase plus improvements mortgage, where you can add the cost to update the suite right on top of your mortgage. And then you’d have that money available to you once the work has been completed. The biggest thing is that the broker or banker that you’re working with needs to know what you’re doing. That you’re purchasing a property with a secondary suite, whether you can use that rental income, or if you need additional funds to help finance the upgrade from legalizing your basement suite. Thanks Marc and Mandy! Hopefully your viewers now have a better understanding what to talk about when looking to finance to purchase the property in a secondary suite.

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