Owning a home with a Secondary Suite is a great investment, but is it the right thing for you? We hope the answer is yes! Below we will look at some things to consider before you take the plunge.
Before we get started, you will want to make sure the house you own (or will be purchasing) can be turned into a legal Secondary Suite. Take a look at our handy guide coming soon to learn more about this.
Alright, on with the list.
Are you ready for some upfront work?
Creating a Legal Secondary Suite can take time, sometimes a little and sometimes a lot. On average it takes about 3-6 months (and if you stick with us we can help you keep it only at 3) to pull permits, build the suite and get inspections complete. You have two options: you can hire a General Contractor (GC) to do all this for you, or you can contract the project yourself. Be aware that working with a GC will greatly increase the cost (I’m talking 30k-70k more), and you might find that your extend past three months since a contractor usually has more than one project on the go. If you decide to take on contracting the project yourself you will save money and time.
A lot of people are nervous about being the General Contractor of their project. Take this from someone who had no experience with being a GC and suited two houses, it isn’t actually that hard. You can learn more about being your own GC in an upcoming article soon.
Once that bit of work is done then you will have an amazing long term investment that will have been worth every second of your time.
How do you feel about maintenance and upkeep?
Right now, my bathtub has a tiny, but constant little drip. I know that all I need to do is replace the cartridge, which is a 6 minute fix (if you have this problem yourself here is a great YouTube Video to help), but I just haven’t gotten around to doing it yet. It’s my house, in the suite I am living in, so it’s my prerogative to fix it when I want to (which is usually when Dayna finally puts her foot down). But when a tenant runs into a similar issue, I need to be there within a few days with a solution. Pro tip: quick response time is going to keep your tenants happy and your house in good condition.
The internet is an amazing thing, and even the least handy of us can fix common appliance related issues with some simple googling. If a problem ventures way beyond your abilities, then definitely call in a professional to get the job done! We do this a lot of the time.
Realize that leaks and breaks come with the territory of being a homeowner. Hopefully, issues with your suite will be few, however, it’s important to remember that they are inevitable. Even though you have built your suite and your tenants have moved in, your job isn’t done. There will always be something to fix or replace or upgrade and it’s your responsibility as a landlord to maintain your property.
Are you OK sharing a closer space with someone?
When considering living in a suited home you have to decide if sharing part of your house with another person or family is best for you.
Although you will not be sharing any rooms, there will be people living above or below you and probably some shared common spaces (utility room, garage space, the backyard). For those of you who are used to condo or apartment living then this should not be much of an adjustment for you. If, however, you are used to living in a house by yourself, you’ll want to consider how close neighbours may effect your lifestyle or personal preferences. Make sure that you are ok with no longer holding 1AM band practice in your living room.
Ultimately, you can be as close or distant from your neighbour as you would like to be. We have rented to people that we hardly saw for months even though they lived right above us, while other tenants invited us up regularly and we became good friends. It’s really up to you and your renter[s].
In conclusion
The real question that you need to ask yourself is “am I ok with some minor inconveniences every once in a while for an amazing long term investment?”. I believe that for many, owning an home with a suite is an extremely worthwhile investment, and fun new part of your life.
Leave a comment if you have any questions or thoughts about being a landlord or a tenant, we’d love to hear from you!