HOME FINANCE: Even if you borrow to carve out rental space, you can get ahead financially
KIRA VERMOND; Special to The Globe and Mail
Published Tuesday, Feb. 03 2015, 5:00 AM EST
When Don Campbell married in 1987, he took a look at his new home’s basement and saw a whole lot more than concrete and pipes.
He saw opportunity.
Building a rental unit in the basement just made sense for the Vancouver-based senior analyst of the Real Estate Investment Network and author of Real Estate Investing in Canada. With the rental income taking a bite out of the couple’s mortgage, that home suddenly became an affordable option.
“Building a suite is an incredible way for people to get on the property ladder and into the housing market. You get to live in an area with a garden and backyard,” he says.
Ahead of his time? Think ahead of the curve. With Canadian housing prices now skyrocketing – and single-family dwellings the hottest commodity of all – it’s little wonder new and existing homeowners are eyeing basements, attics and garages as sources of income and a means to slash a whopper of a mortgage. Cities, such as Vancouver, are also looking for ways to encourage affordable housing and, for over a decade, have been busy rezoning neighbourhoods to allow so-called secondary suites.
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