A secondary suite is an additional dwelling on your property. It can be a basement or attic apartment or loft space over the garage.
Secondary suites are sometimes referred to as nanny suites or in-law suites.
It is possible for a family member to have their own suite in your house, but they might not pay rent or have their own kitchen, laundry services, or private entrance.
INVESTING INTO YOUR HOME
Transforming your basement or attic from an ugly unfinished mess into a livable area in your home is a great idea to increase the value of your property. Just keep in mind that it costs money.
This is one of those rare investments that almost always provides a positive return. Check with contractors in your city to see what your vision of a finished attic or basement would look like. Make sure it’s within the range you can pay.
These can also be done as an additional building, which is generally referred to as a “Legalized Second Dwelling”. Before you go to build a tiny house in your backyard, you need to check with the city government whether it’s allowed or not. It may also require special permits, so keep that in mind, too.
When it comes to passive income, real estate is the option mentioned most often by finance experts.
Understand that there is a difference between standard rental homes and Airbnb. For a property to be considered an Airbnb investment, it would have to be rented out on Airbnb. Generally, this can lead to much higher profits. It can also have some unwanted negatives that come with it.
There is the potential to make a lot more money.
Tenants are temporary, so your property has to constantly attract people.
It takes less work to find renters on Airbnb.
It’s expensive to furnish a property.
You’re responsible for cleaning after each tenant and all other bills associated with your property.
Very little financial security.
Managing an Airbnb property is a second job.
Remax is well known in our area and trusted to create buying and selling experiences that are simply better than other realtors. Over the last 10+ years we’ve established ourselves as the realty office worthy of your trust. As we continue to be the obvious choice with real estate in Barrie, we will continue to make every client we work with feel good about their buying and selling experiences with us.
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