Need a mortgage helper?

It’s nice to have the additional income security a suite can provide in today’s uncertain economy. Use the revenue to pay down your mortgage faster and achieve your goals of financial independence.

Improve property values

Some of the homes on this page have rental accommodations or the potential for a suite. Ask your lender about including money for renovations to create a suite or cottage with your mortgage application.

Get more house

Lenders will often consider rental income as part of your total income when making a mortgage application. That allows you to look at homes that might otherwise be outside of your price range.

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Homes for sale in Collingwood Ontario with income potential

Income potential from your primary residence

Some properties offer higher than average value because they may have income potential. Maximizing the value of a property may involve changes in how it is perceived by the owner and the public. To a layperson, a home with an unfinished laneway garage is a project for the future. An income investor may look at the same dilapidated outbuilding and see the footprint of a small cottage that can be rented at a profit after construction costs.

Income potential can include basement suites, garden suites, and above-garage apartments, among others. The properties on this page may have integrated or separate accommodations. Separate accommodations allow you and your tenants some freedom to enjoy your space without privacy concerns. Basement suites are relatively straight-forward to build but care must be taken to adhere to local by-laws and regulations. An “illegal suite” or one that was built without permits or permission can actually be a liability to the homeowner and make selling more difficult.

In urban centres, laneway houses have become more popular as they offer a turn-key solution to garage space and living accommodations. Laneway homes come in many different sizes and configurations. Buy one off-plan from a local builder and save on architect fees. Or, spare no expense to lovingly match the style of the laneway house to your characterful residence. Either way, the addition will increase your property value and personal income for many years to come.

Questions? Contact us for a personal consultation.

Ask about properties with income potential