So, you are considering turning your basement into a rental suite. Whether your basement is currently being utilized as an unfinished storage room or is setup as your family’s additional living space, there are many benefits to turning that space into a rental suite. Most of the time turning you existing basement into a suite is a relatively straightforward process as most have plumbing, electrical and sewage already built in and so can quickly lead to a worthwhile investment.
The most obvious basement suite benefit is the additional revenue you will have flowing in monthly once the suite is rented. As a landlord not only will you have the chance to offset your monthly mortgage; but you will also benefit from tax deductions when you claim your rental revenue on income taxes.
Boost Resale Value
Selling a home that includes a rental ready income-producing suite will definitely peak the interest of potential home buyers. The investment you put into a basement suite will not only pay dividends in the meantime but also on the market if you decide to sell, helping demand a competitive price
Become a Landlord Without Buying Extra Property
A secondary suite in your basement gives opportunity to make additional income without the process or headache of having to buy a second property. With competitive rental prices within the Greater Vancouver Area, a suite will often pay for itself within a year or two and become profit in your pocket from that point forward.
High Demand for Rental Suites
With the high prices of homes across the Greater Vancouver Area, there is a high demand for rental suites. Renters are looking for safe, affordable housing near city amenities like shopping, recreation and public transportation. With a high number of rental suites in the area being unauthorized or illegal suites, offering a quality legal suite gives your future tenant peace of mind and will also allow your suite to be more attractive to renters.
Let's Talk to Discuss Your Ideas!
Sharing ideas and truly listening to your vision is the first step in our process to turn your dreams into reality.