What’s the benefits of buying a home with a basement suite? There’s a few benefits for your mortgage!

If you’re looking at buying a new house from a builder, one of the things that you might want to consider is putting in a legal basement suite. This will allow you to qualify for a larger mortgage!

This is how it works. You get to use half of that projected rent from the suite to help you qualify. Let’s say the market value rent for a two-bedroom basement suite is $1,000 a month. You get to use $500 per month to add to your work income and therefore you’re going to qualify for a larger mortgage and a more expensive property.

It’s a great way of building equity in your home and it also helps with resale value! A lot of uh investors are specifically looking for homes with legal basement suites (make sure it’s a legal suite). A property like that will command a higher price on resale. If you want to know more and get prequalified for buying your new home with a legal suite, give me a call!

I also have a helpful video about why you should get a second opinion before renewing your mortgage.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.