Buying a home with an income suite can have several advantages, including the potential to increase your purchasing power.
First, having an income suite can generate rental income that can help you qualify for a larger mortgage. When you apply for a mortgage, lenders will consider your debt-to-income ratio, which is the percentage of your monthly income that goes toward debt payments. Rental income from an income suite can help lower your debt-to-income ratio, which can increase your purchasing power.
Additionally, the rental income from an income suite can help you offset the cost of your mortgage payments, property taxes, and other expenses related to owning a home. This can make homeownership more affordable and allow you to purchase a larger or more expensive home than you might be able to otherwise.
However, it’s important to note that buying a home with an income suite also comes with additional responsibilities and considerations. You’ll need to be comfortable being a landlord and managing tenants, and you’ll need to make sure the income suite meets all local zoning and safety requirements. You’ll also want to factor in any additional maintenance and upkeep costs associated with owning a rental property.
Overall, buying a home with an income suite can be a smart financial decision, but it’s important to carefully consider the pros and cons and make sure it aligns with your long-term goals and financial situation.
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