Even if you borrow to carve out rental space, you can get ahead financially

HOME FINANCEEven 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.

*** Read the complete news article @ Get ahead financially

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