Homes for sale in Red Deer with legal suites
A great way to get into a house & pay down the mortgage quickly is to buy a property that has a legal basement suite. You can still buy the property with 5% down if you intend to live in it.
The average 2 bedroom basement suite can rent any where from $800-1200/month. Main floors with 3 bedrooms can usually rent out for $1100-1500/month, depending on area, size & age of the property. There are also properties that don't currently have a legal suite but have the opportunity to with the right renovations and zoning area.
In order to get a permit for a legal basement suite there are many factors that must be taken into consideration such as separate meters, window sizes, separate entrance, zoning, etc. If you are able to get the permits you can convert it into a legal basement suite. Visit http://www.reddeer.ca/city-services/permits-and-licenses/permits-and-applications/secondary-suites/ for more details.
I have helped many buyers find an income generating property in Red Deer & area. If this is something you would be interested in... please contact me, Melissa Morin 403-318-5665 and we can send you a list of properties that have rental income potential. I want to help you make the right investment. There are many things to consider that shouldn't be overlooked when buying a suited property or multi-family home.
Recent testimony from an investor:
Your agent - Melissa Morin