What is an Income Suite?
It is a secondary dwelling that is inside or on your homes property which includes basement suites or garden suites. A secondary suite has a separate Kitchen, laundry, sleeping, bathroom, and entrance area from those that the primary occupants use.
Benefits of an Income Suite
- Generates passive income with long term tenants
- Income potential with short term rentals such as AirBNB
- Increase monthly cashflow
- Pay off your mortgage faster
The benefits of suites extend past income potential to caring for your family:
- Separate living quarters for adult children in post-secondary or before establishing their own residence
- Designated living areas for multi-generational living
- Suite for aging family members