Supplementing Your Income with a Regina Mortgage Helper

Posted by Joyce Tourney on Tuesday, August 21st, 2018 at 11:19am.

supplementing your income with a regina income property

Owning a home is not as easy as it once was. With Canadian home prices having reached historical highs, we are struggling to balance the weight of mortgages versus what we are earning.

Making your home earn money for you is something that more and more home buyers are doing across the country. They are able to use the supplementary income to subsidize their mortgages and increase their financial stability.

Mortgage helpers are proving to be the smart investment to make. They are one of the most considered property types, offer flexibility, and can support many different types of homebuyers, supporting them towards achieving their financials goals.

With the Regina real estate market being so desirable, now is the time to think about purchasing a Regina mortgage helper.

What is a Mortgage Helper?

A mortgage helper is simply a secondary residence, or suite, in your home. They must be self-contained with their own entrance and are often located in the lower level of a home.

A mortgage helper suite features its own living space, entrance, parking space, and is anywhere from a bachelor suite to 2 bedrooms. Often they offer separate or shared access laundry, and can have beautiful outdoor living spaces defined.

Mortgage helper properties must comply with secondary suite regulations, and the City of Regina is supportive of these income properties regardless of its zoning district. This support makes it possible for suites to be also be located in commercial, industrial and special zones.

*cta here? We are seeing some great Regina Mortgage Helpers come onto the market type statement*

What are the Benefits of Purchasing a Mortgage Helper?

1. You Can Qualify for More

The Canadian Mortgage and Housing Corporation (CMHC) now allows 100% of your rental income to be used towards your qualifications for a mortgage. This means that as a buyer, you can look to buy a bigger house or buy in a competitive area than you previously wouldn’t have qualified for.

To qualify to use 100% of rental income:

  • the property must be owner occupied
  • the property being insured has two units
  • the property qualifies with municipal rules
  • the suite is self-contained
  • the suite has its own separate entrance
  • property taxes and heat are factored into borrower debt ratios
  • a property analysis shows expected market rental amount
  • borrowers have good credit

2. You Supplement Your Income

Using your home as an income property is one way that many homeowners in Regina are getting ahead. In purchasing a mortgage helper, they are able to earn a steady supplementary income, helping them pay off their debt sooner, giving them the financial support to reach their financial goals sooner.

This has allowed many first-time homeowners to move quickly from their starter homes into family homes, has helped buyers get into bigger house or more competitive markets sooner than ever.

3. It is a Smart Investment

Not only is subsidizing your mortgage a great benefit of owning a Regina mortgage helper, but they also make investment sense.

Regina income properties are extremely desirable, and typically move off the market quickly. They also often can get more competitive offers, and are quickly becoming the first type of property that first-time homeowners search for.

This means that when it is time for you to sell your Regina mortgage helper, you could see a great return on your investment, all while supplementing your income during the time you own it.

Check These Great Potential Mortgage Helpers:

All Property Types in All Cities

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Interested in purchasing a Regina mortgage helper? Please contact the Tourney Group online or call 306-789-1700 to find out more about Regina income properties and real estate in Southern Saskatchewan.

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