Free Money from the City of Calgary to build a secondary suite!

by Trent Gustus

Well, not completely free but..

The city of Calgary wants everyone to build a secondary suite in their property.. this does not include garage suites or detached suites.. This is mostly basement suites or additional suites above ground as part of the main house.

Currently just 2.5 percent (approx) of all homes sold with suites are actually legal. Maybe this will motivate people to create legal suites.. because as of now there just isn't enough.

Of course the big advantage to home buyers with legal suites is that the buyer can use 100% of the basement rent to qualify as income to secure a mortgage. This is significant because with rents for basement suites reaching $1700 per month it can mean about $120,000 more in qualification for a mortgage.

The sidebar to this is that putting a legal suite in a property adds about twice as much value to the property as it costs (in most cases)..

One of my clients could only qualify for $550,000 home.. this presented a challenge to find a well renovated home for this price in most areas.. however they did qualify and buy a home for $650,000 with a legal suite.. and they qualified for $670,000 with that extra basement income.

To read more information.. here's a link to it on their website. https://www.calgary.ca/development/home-building/secondary-suite-incentive-program.html

See my past client google reviews on this link.. https://maps.app.goo.gl/Va6qhy3Tnc6obrGL7

Do you want to find out the value of a home you like on line?

My offer to you is just text me the address or mls number of the home to 403-668-9126 and include "evaluation" in your text and I'll run the numbers on any home. (ex "25 lofty lane nw evaluation" ) off market properties included.

Free Money from the City of Calgary to build a secondary suite!

by Trent Gustus

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