Suited Property
Helping Lethbridge homebuyers and sellers with integrity and expertise for a seamless real estate experience.
Suited Living: Rent, Relax, Repeat!
A suited property is a residential home that features a fully self-contained secondary suite, such as a basement apartment or in-law suite, within the main dwelling. These suites typically include their own kitchen, bathroom, living space, and private entrance, providing independent living quarters while remaining part of the same property. Recognized and zoned by the City of Lethbridge, suited properties offer homeowners a practical way to generate additional rental income, making homeownership more affordable and investment-friendly. Whether used for long-term tenants, extended family members, or short-term rentals, a suited property provides flexibility, financial benefits, and increased housing options within the community.
Is a Suited Property for You?
Pros :
- Makes your house more affordable because a tenant is paying down part of your mortgage.
- Allows for passive income. Legal suites add value to your property.
- Legal Suites attract tenants everywhere.
- You don’t have to purchase another property to have an income property.
- If you plan on living in one of the legal suites you can purchase with 5% downpayment.
- Legal Suites lower your debt service ratio when applying for a mortgage for this type of property.
Pros :
- Secondary suite won’t bring in as much rent as some other types of properties.
- You may be sharing your home with other people depending on how the suite is set up.
- Legal Suites attract tenants everywhere.
- Unless there’s a secondary suite already existing prior to December 31, 2006, putting one into your home may require a significant renovation and a zoning change with the City of Lethbridge.
- Your home insurance may go up due to any changes in the property value.
Browse Suited Properties – Find Your Perfect Investment!
***To See What Your Rate of Return Can Be on a Property Click on The ROI Calculator Below***
ROI CALCULATOR
Marilyn Eyre
Ready to get started?
Call or email me today, and let's take the first step toward making your real estate goals a reality. Whether you're looking to sell your current home or purchase your dream property, I'm here to guide you through every stage of the process.
403-634-7676
eyrerm@gmail.com