When considering purchasing a home, it’s worth exploring homes with legal suites. Recent data from the past 3 months reveals that homes sold between $400,000 and $800,000 in Saskatoon have been selling on average at their asking price. In fact, some properties even exceeded their asking price by as much as 13%! Not only do these homes attract competitive offers, but they also tend to sell quickly. On average, they were sold within just 25 days, with some properties even finding buyers in as little as 4 days. This rapid turnover indicates a strong demand for homes with legal suites in Saskatoon.
The fact that homes with suites are consistently selling close to or above their asking price demonstrates their ability to hold their value. This makes them an excellent investment opportunity for buyers. The additional income generated from a legal suite can help offset mortgage payments, making homeownership more affordable in the long term. The rising demand for rental properties further enhances the investment potential, providing a steady stream of rental income and increasing the property’s overall value.
Additionally, a legal suite can demonstrate to lenders that you have a potential income source, which may increase your borrowing power and improve your chances of securing a mortgage.
Purchasing a home with a legal suite can be a smart and savvy decision for both homeowners and investors; however, there are specific design and build aspects to consider.
Design and Build Considerations:
Separate Entrance and Privacy:
Ensure the legal suite has a separate entrance to maintain privacy for both the homeowner and tenants. This separation will create a sense of independence and ensure comfort for all parties involved.
Functional Layout and Amenities:
Look for a legal suite that offers a functional layout with well-designed living spaces. Adequate storage and parking space are also essential aspects to consider when assessing the overall appeal and functionality of the suite.
Compliance with Local Regulations:
Verify that the legal suite conforms to all local bylaws and regulations. This includes obtaining the necessary permits and inspections, ensuring proper fire safety measures, and adhering to zoning requirements. Compliance is crucial to avoid potential legal issues and to protect your investment.
Quality Construction and Materials:
It is essential to assess the quality of construction and the materials used. Ensure that the suite is built to code and with durable materials, as this will positively impact its longevity, maintenance costs, and overall tenant satisfaction. Considering these statistics and trends, purchasing a home with a legal suite not only helps you qualify for a mortgage but also presents a solid investment opportunity. With high demand, quick sales, and the potential for rental income, homes with suites offer both financial flexibility and the potential for long-term value appreciation.
Always remember to consult with your Realtor to guide you through the process, making your homeownership journey a smooth and rewarding one.