How a Well-Designed Garden Suite Can Help You Achieve Long-Term Financial Goals
With the cost of living increasing, many Canadians are looking for opportunities to bring in extra income. While investment properties have traditionally been a great way to make some extra revenue, the cost of real estate is high and can be a barrier for many. If you own a home with a decent-sized yard, an alternative investment idea is to build a garden suite. Building a garden suite on your property is a great way to earn a supplementary income and improve your financial standing over time.
What Is a Garden Suite?
A Place to Call Home
A garden suite is a free-standing one or two-storey home built on your existing property. While the structure is much smaller than a regular home, garden suites are thoughtfully constructed to maximize living space. These suites also incorporate aesthetic design features to make them a comfortable and inviting place to live.
Providing Tenants and Homeowners Privacy
One of the nice things about having a garden suite, rather than a basement flat, is that it provides both the homeowner and the tenant with that extra level of privacy. Builders can strategically place the entrances to the suite and the windows in locations that keep the privacy of both parties in mind.
How Many Square Feet Is a Garden Suite?
While the City of Edmonton specifies the maximum size of a legal garden suite, it will also depend on your lot size. Backyard suites come in different sizes, and although they are small and compact, they are designed to provide efficient use of space and include all the features you’d expect from a home.
Do You Need Building Permits?
Yes, you need development permits to build your backyard suite, but your home builders can usually take care of the small details to ensure your permit is approved.
Should You Consider Adding a Garden Suite?
If you own your home, whether you just bought one or have been living there for a long time, there are many good reasons to add a garden suite to your property.
A Separate Home for Family Members
If you have older parents who need some care, a garden suite is a great way to have them live close while maintaining a sense of independence. Backyard suites are also a good option for adult kids who want to live independently but can’t quite afford the rent elsewhere.
Additional Rental Income
With the high demand for rental suites in the area, you’ll have no shortage of tenants looking for a place to call home. Having a long-term tenant provides a stable source of income that will help you pay off the mortgage on your home or save for the long term.
Increase the Resale Value of Your Home
By adding a legal suite to your property, you automatically increase the resale value of your home. Homebuyers love properties that provide a second income, and while secondary suites within the home are an attractive option, providing a single detached space for your tenants is certainly more desirable.
Maximize the Investment in Your Home
If you have equity locked into your home, a garden suite is a great way to make use of it. By building a garden suite and bringing in a long-term tenant, you’ll benefit from a stable income source that can help cover your daily expenses. Then, when you sell your home, having an income-generating property means you can sell your property at a much higher price, so your garden suite pays for itself.
Build a Garden Suite on Your Edmonton Property
With so many great reasons to build a backyard suite, why not get started today? At Timber Haus, we build luxury garden suites that your family and tenants will love. If you’re interested in finding out more about Edmonton Garden Suites, let’s book an appointment to discuss!