These days, buying a home with a secondary suite makes for better resale value and marketability down the road. On this episode of The Marc and Mandy Show, Josh Higgelky shares tips for buying real estate with a secondary suite.
Q: What should homebuyers consider when shopping for a home 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 the basement suit. If you’re purchasing a property that has illegal suite income you need to make sure you’re working with a bank or broker so that you can use that income on your application. The second item is to 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, and whether you can use that rental income or if you need additional funds to help finance the upgrade.
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