Quote:
Originally Posted by Nabatron
That's the thing the wife and I are flip flopping around with. Buying a detached home with potential of having a suite or buying a place with finished basement without at a suite.
breaking it down with pros and cons of each.
the house we are looking at is massive square footage with big back yard and upscale finishes throughout. Finished basement which is hard to find in Kelowna brand new. Downside doesn't have a suite for mortgage helper.
Other places we looked at not as nice and no real back yard well not as big as the one without a suite in the basement. Unfinished basement and overall not as nice of a house. Price range for both places close to the same with us finishing the basement.
What I'm flopping around with is that do we go with a place with unfinished basement with we turn into a mortgage helper or do we go with the house that has finished basement already and no suite but overall is way nicer then anything we have seen so far.
The thing I am not to keen on is finding a renter or using it as an BnB to people we don't know. With people living below us I am not really excited about that kind of like living in a townhome again but getting income from them lol.
decisions decisions...
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you should figure out if you plan on living in that house forever and if you need the extra rental income to support your lifestyle/retirement/mortgage. if you don't need the income, then go with the massive house but if you do ever decide to sell it good luck with that unless prices drop down dramatically. I've seen some 3 storey homes in the lower mainland not designated for a suite downstairs and you know for sure they're either gonna sit on the market for a loooooooooooong time or they'll have to take a massive haircut on their asking price...with high prices these days, people want the extra rental suite in case they need to the rental $$
re: renting
it's not really that bad..for sure you will get one bad apple and it will sour your experience but you'll get to pick and choose for the most part. We rented our place twice over the past 2.5 years...the first time there were just so many inquiries we had to up the price twice..it was ridiculous...the second time I think we had like 80 inquiries over the span of 1.5 weeks...the first time we were admittedly slightly underpriced but the 2nd time we thought we were fair value if not even on the high side...you'll for sure get to meet some interesting people...there are a few where you know it won't be a good fit though