Secondary suites make homeownership more affordable for cash-strapped buyers
Homes with secondary suites have been a hot topic in Calgary for years, but their appeal for homebuyers looking to generate extra revenue is only growing amid adverse economic conditions.
It is important to find out whether the secondary suite in a home is legal before making any purchase, which can be done by going to the City of Calgary’s website, www.calgary.ca/suites.
If a suite is illegal and a neighbour complains about noise or parking from a tenant, then a bylaw officer can come out and shut you down, meaning you’d have to tell your tenants to leave.
The best place to buy a home with a suite is typically near large employment centres, such as commercial or industrial areas, hospitals, universities, or downtown, as these are the areas where tenants want to live.
When it comes to homeowner demographics, baby boomers or other empty nesters like the rental income a secondary suite can provide, while younger homebuyers often use the added income to be able to buy a home in the first place.