Income suites are a fantastic way to use your new home for passive income. Many lots in Maple Crest can have an income suite built on them, so if you’re thinking about adding an income suite to your brand new home, our community is a great place to start! Many builders in Maple Crest offer the chance to upgrade your home and include an income suite. To learn more about what to include in an income suite in Maple Crest, read on!
What is an Income Suite?
An income suite is a completely private suite that resides on your property alongside a main home. There are many different names for income suites, such as in-law suites, granny suites, basement suites, garage or garden suites, and more. In the end, the definition of a legal income suite is a secondary suite that has everything a person would need in their living space – a private entrance, kitchen, bathroom, full sized windows, and a place to sleep. Income suites are typically used to gain a secondary income, but some people will use their income suite as a private home for parents, adult children, nannies or caregivers, or as an at-home business location.
What Makes an Income Suite Legal?
In order for an income suite to be a legal suite you will need to follow all the provincial rules and regulations. If you’re building a new home and adding on a legal income suite your home builder will know all the rules and regulations and be able to provide you with a fully legal suite.
Key Features of a Legal Income Suite in Edmonton:
- Separate furnace
- Separate hot water tank
- Plumbing, gas, and electrical
- Fully functional kitchen
- Full bathroom
- Full sized windows
- Fire and sound protection
- Separate, private entrance
Benefits of an Income Suite
Income suites offer many benefits. Besides the general benefit of gathering a secondary income from your home, if you’re starting to look at qualifying for a mortgage, income suite income is factored into your mortgage qualification! Because you’re building a legal income suite, mortgage lenders are able to count on your additional source of income and offer you a better rate or a higher amount to build your dream home – just be prepared that if you have months without a renter you will still be responsible for the entire mortgage payment.
Income suites are a fantastic financial investment as they pay for themselves over the years and ensure you have a steady income to help you pay off your mortgage faster, reducing your interest costs. Homes with income suites also have higher resale value, increasing their return on investment.
Another benefit of having an income suite is multigenerational living. If you have aging parents or other family members who would be comfortable living in a suite, offering them a separate suite in your home provides mutual independence while still allowing you to be close by.
Tips for Designing a Great Income Suite
When you’re building an income suite, it’s important to make the space as attractive as possible to potential tenants. Here are a few tips for designing a fantastic income suite that will increase your home’s value.
1. Add Lots of Natural Light
Income suites, particularly basement suites, sometimes have a common misconception that they are dark with very little natural light. If you’re designing a new home with an income suite you can raise your ceilings and ensure there are plenty of large windows and natural light coming in. This will be a very desirable attribute for renters!
2. Add a Laundry Room
Having a private laundry room is an important feature for many renters. Tenants like the idea of being able to do their laundry at home rather than in a shared laundry room or at a laundromat.
3. High Quality Soundproofing
Adding soundproofing to your income suite is a legal requirement, but going above and beyond the requirements will make your legal suite much more comfortable for your tenants – and for yourself!
4. Design with a Neutral Palette
Make sure you design with a warm, neutral colour palette to keep your space inviting and comfortable. You don’t want anything too bright or jarring for potential renters, but make sure the colour choices aren’t overly cool toned.
5. Upgrade the Ventilation
Having high-quality ventilation is incredibly important for an income suite – particularly basement suites. If you’re going to upgrade any of your kitchen appliances, make sure it’s the range hood!
Which Builders in Maple Crest do Income Suites?
Many of our builders in Maple Crest offer income suites as an upgrade option for their homes! If you’re looking to build a brand new income suite, you can find a variety of options from Hopewell Residential, Bedrock Homes, Akash Homes, Crystal Creek Homes, and Homes by Avi! Many of the show homes have optional basement sites that can be added on! To start the process of building an income suite in Maple Crest, visit our show homes!