A house with a second suite is just as attractive as there is a cherry on the cake. Second suites can bring multiple benefits for the landlords and tenants both. If you will do research on these suites then you will come to know that they are only paying role to uplift the real estate value of properties. To avail the maximum benefits from these suites, it is important to have a well-designed second suit. It has to be built and designed according to the building and zoning laws of your area. If any second suite does not meet the law standards, then it is going to be wasted. You will not be able to rent it out and when you will plan to sell your house, you will face a lot of difficulties. Nobody would like to buy a house that is built not according to the set building standards. In other case, a second suite designed on building and zoning standards can give the following benefits to landlords and tenants both.
Benefits for landlord
- Extra income:
When a second suite is rented out, then the landlord can get sufficient extra income which they can spend anywhere they need and like. Most of the time, people who want to pay their mortgage, prefer giving away the second suites on rent.
- Reduction in taxes:
When you will show a portion of your income coming from the second suite that is given on rent, then you will get to avail some tax deductions.
- Elevates property’s value
Home with well-designed and planned second suites have higher real estate value than those which do not have. This property provides dual benefits. When you will have the home in your ownership then you can rent out the second suite and can get extra income. Secondly, when you will advertise hour house for sale, then people will be ready to pay more for your home.
- Ease for senior citizens and disables:
If anyone is disable or very old living independently, then it could become very difficult for such homeowner to take proper care of the house. But, if they give their second suites from Penguin Basements on rent then they can get help in exterior maintenance of their house. The tenants can help in keeping the front yards and backyards neat and tidy.
Benefits for tenants
- Affordable living space
Living anywhere near established neighborhoods can be pretty costly, but if someone chooses to live in second suites, then it can be totally a different situation. Getting second suites on rent is something that is affordable and one can also live nearby some important amenities like schools, universities and shopping centers.
- Access to more facilities:
If you compare second suite living with apartment living then the former one is always better. Apartment living is costly and one can get a very limited and closed space to live. Whereas, if you choose to live in second suite, then you can live nearby famous neighborhoods and can also use backyards and front yards is mentioned in the rental contract.