What You Should Know About Secondary Suites
For many property owners, a secondary suite is an attractive option. On the one hand, it can provide an additional source of income. On the other hand, there are risks associated with owning and managing a secondary suite. It’s important to weigh these pros and cons carefully before making any decisions about whether or not to invest in this type of rental property.
The Pros of Secondary Suites
One of the biggest advantages to owning a secondary suite is that it provides an additional source of income for the owner. Renting out a secondary suite can help cover mortgage payments, property taxes, maintenance costs, and other expenses associated with home ownership. In some cases, it may even generate enough income to pay off the mortgage entirely over time. Additionally, this type of rental property usually requires less maintenance than traditional single family homes do because there are fewer rooms and features that need to be taken care of regularly. Furthermore, owning a secondary suite may also increase your home’s value if you decide to sell in the future.
The Cons Of Secondary Suites
Owning a secondary suite also has its drawbacks. As mentioned above, there are risks associated with managing rental properties such as tenant disputes or damage caused by tenants. Additionally, renting out a secondary suite can be time-consuming since you will need to find suitable tenants and manage them throughout their tenancy period. Furthermore, it is important to understand local zoning laws and regulations regarding rental properties so that you can ensure that your secondary suite meets all legal requirements before renting it out. Finally, depending on where you live, you may need to obtain special permits or licenses in order for your secondary suite to be classified as a legitimate rental unit by local authorities.
Overall, owning a secondary suite can be a great investment for those who understand both its benefits and its risks. If you have done your research thoroughly and feel confident about taking on this responsibility then investing in a secondary suite could be a great way for you to generate additional income while also increasing your home’s value over time. Before making any decisions however, make sure that you have considered all aspects of owning this type of rental property so that you can make an informed decision about whether or not it is right for you. Good luck!