Basement Suite | Mortgage Weekly | March 3rd, 2018 | Jason Roy | Edmonton Mortgage Broker

All right #MortgageWeekly time The snowstorm looks like it's starting to blow in here, I know Calgary you guys have been hit looks like Edmonton is next

Mortgage Weekly in front outside of Conrad Bitangcol world headquarters office just want to shoot a quick video talk about the difference of buying a house with a suite versus just buying a buying a regular house so often you can find a house at the basement suite and that basement suite is gonna bring you in some rental income I don't know a thousand bucks twelve hundred bucks to thirteen hundred bucks depending on where you are and how big it is but that's gonna bring in some rental income and what difference that can make for you in a purchase price of a home so just some totally rough numbers but if you're looking at a house for like I don't know for 425 or 450 somewhere in that range without a suite you could buy a house for about six hundred and fifty thousand dollars give or take and use that rental income to offset the higher mortgage expense and it also helps you qualify we can use some of the rental income to help you qualify for the higher mortgage so it gives you maybe a better location maybe a nicer house it helps you create you know you're helping to create some affordable rental housing for somebody else and maybe it gives you a house that you could also you know grow into or expand into when you don't need that rental suite income maybe you got a larger family or something at that point kids are grown up and you need that extra space in the basement you can move you know move into that or use that space without having to without having to move without having to then move up to to a bigger house so sometimes people don't you know you know consider about maybe I don't want a rental suite or you don't know you know how to find a home with a rental suite but that could be an option to move you to that different price point move you to that different neighbourhood give you a better long-term house that you can buy today maybe at a better price and hold on to it and grow into it so so just another idea if you're looking for homes and you want to see what those options are what those numbers look like for you what can you qualify on a regular home without a suite and how much can you qualify for a home with a suite just let me know and I can run some of those numbers for you all right have a good weekend we'll talk to you next week

Source: Youtube

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