Put Money In Your Pocket

If I offered you $21,600, would you take it? How about $21,600 per year? 

If you're buying a new home in the Barrie area, this might be available to you. Here's how:

Add a suite for $300 per month, then rent it out for $2,100. At the end of the year you'll have $21,600 in your pocket. But is it actually that easy? Yes. It is.

Can you add suite for less than $300/month?

When you purhcase a new home, some lenders will give you additional financing to renovate and add a suite.* Since these funds are part of your mortgage, you get a low interest rate and long repayment term. In fact, currently a $50,000 reno would cost less than $300 per month!

How much can you earn with a basement suite?

The average rent for a 2 bedroom suite in Barrie is $2100/month. If you spent $50,000 to add a basement suite, your monthly cost would be around $300. This means that you would earn an additional $1,800/month or $21,600 per year!

But wait, there's more!

Adding a suite could help you access other tax benefits as well. If you have a rental you can generally write off a portion of your mortgage interest, insurance, utilities and property taxes - possibly up to 40%! (Of course you should talk to your accountant about this first)

How much does a basement suite cost?

A basement suite could cost as little as $35,000 - which would only be around $200/month with this program. But even if you wanted to go big, a $100,000 reno would still come in at less than $600 per month.

In any scenario, the numbers add up to thousands of dollars per year in your pocket.

Ready to start?

Contact us to get started today!