Basement suites, otherwise known as secondary suites or income suites, are gaining popularity due to the extra benefits they provide. These multipurpose spaces can put extra cash in your pocket from rental income, a comfortable place for family to stay, or an additional retreat for yourself.
Rental Revenue Opportunity
A basement suite allows you to make additional income without the complications of owning a second property. Once your basement suite is rented you will be able to offset your monthly mortgage payments with monthly rent. A renter provides a passive income for your household. A basement suite does not take much time or money to maintain. A basement rental suite also allows you to offset your taxes by providing additional tax deductibles.
When looking to sell your home in the future, an income suite boosts resale value. Not to mention the value of your home increases from having a developed basement. In a community like Belmont where there are many future amenities including an LRT station and City of Calgary Recreation Centre, the location will be sought after by renters.
Ability to Stay Close to Family
Many homeowners are developing basement suites to provide a private living space for family members who want to stay connected to one another. Whether this is an aging parent who needs a bit of assistance and support, or a young adult who enjoys their own privacy and space, a basement suite can be the perfect solution.
Depending on your family’s needs, the basement space can be developed with or without a kitchen depending how much space you want to share. This living option allows you to stay closely connected to family without stepping on each other’s toes.
There are many other uses for a basement suite. It can become an office, man (or woman) cave, a place for relatives to stay when they are in town and so much more.
To start building your home in Belmont, and discuss income or basement suite options, reach out to one of our six single family builder partners in Belmont including Jayman BUILT, Morrison Homes, Homes by Avi, Cedarglen Homes, Shane Homes and Trico Homes.