I wanted to take a moment to highlight an exciting opportunity for your clients that could significantly enhance their real estate investments and living situations: secondary suites.
As you may know, secondary suites are additional living spaces within a property that can serve various purposes, such as rental units or accommodations for extended family. Here are a few compelling reasons why your clients should consider this option:
- Purchase Plus Improvement: When your clients purchase a property, they can take advantage of a Purchase Plus Improvement loan. This allows them to finance renovations needed to create a secondary suite, effectively increasing the property’s value and income potential right from the start.
- Refinance for Existing Homes: For clients who already own a home, refinancing options are available to add a secondary suite to their insured property. This not only boosts the property’s value but also provides a new income stream.
- Municipal Incentives: Many municipalities are encouraging the creation of secondary suites by offering incentives. These may include grants, reduced fees, or relaxed zoning regulations, making it easier and more affordable for homeowners to add these valuable spaces.
- Income Qualification: One of the most significant benefits is that clients can use 100% of the rental income from a secondary suite to qualify for their mortgage. This can substantially improve their borrowing capacity, making homeownership more accessible and affordable.
By understanding and leveraging these benefits, your clients can optimize their investments, increase their property value, and create additional income streams. If you have any questions or would like more detailed information on how these opportunities can be tailored to specific client needs, please feel free to reach out.
Looking forward to collaborating with you to help our clients achieve their real estate goals. If you want to discuss this further over coffee or lunch give me a call 403.875.2969.