If you have been looking on the MLS listings you know that legally suited properties do not come on the market very often. Legally suited homes are those that have been inspected by the City of Lethbridge and meet or exceed the requirements, which include safety requirements.
Suited homes present different options to buyers such as:
- Living up and renting the basement suite;
With the increasing value of Lethbridge Real Estate, this is a good option for buyers looking to subsidise their home purchase having someone else pay for part of the mortgage. It is possible to use this income to increase the amount the mortgage you qualify for. Definitely something to talk about with your lender.
Rent the entire home and have renters pay for your investment. Historically homes have also increased in value over the long term which adds to your investment portfolio. Homes near the University of Lethbridge such as 479 Mt. Sundance Landing can be popular amongst renters.
A home like 479 Mt Sundance offers completely separate entrances and utilities making it easier to manage for the owner. This home was built in 2014 and was specifically designed as a suited home. No costly renovations needed.
If you have any questions about permitted and non-permitted homes in lethbridge and area please do not hesitate to call me at 403-635-9284.
For a full list of suited homes in Lethbridge click HERE.