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:
1. Purchase Plus Improvement: When you purchase a property, they can take advantage of a Purchase Plus Improvement loan. This you to finance renovations needed to create a secondary suite, effectively increasing the property’s value and income potential right from the start.
2. Refinance for Existing Homes: For those 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.
3. 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 space.
The Town of Olds is offering an incentive program until July 2025.
For more information, please visit https://www.olds.ca/planning-development/secondary-suites
4. Income Qualification: One of the most significant benefits is that 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, you can optimize your real estate investment, increase 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, please feel free to reach out.
To learn more about renewing your mortgage, please reach out to Patricia 403.875.2969 or Stacey at 403.850.7738.
Visit our website at www.unbeatablemortgages.ca
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Patricia McKean, a Lead Planner with the Unbeatable Mortgage Team at Mortgage Architects in Olds, has over 20 years of experience in lending and has been successful in helping a number of our rural clients obtain mortgages in Alberta.
Mortgage Architects
Olds, Alberta
d. 403.875.2969 p. 403.637.0140 f. 866.465.2870
patricia.mckean@mtgarc.ca
PatriciaMcKean.ca