Garden Suite is a secondary building on the same lot, and the purpose of these buildings is to be used as a rental property. Due to the shortage of housing, Toronto City Council passed a bylaw that enables you to build such property. The Garden Suite is to be built in your backyard, and you can earn a great amount of income through it. In today’s blog, we will be discussing the advantages of building a Garden Suite in your backyard.
What is a Garden Suite?
What is a Garden Suite?
Rental Income
As interest rates rise, homeowners are having more difficulty paying for their mortgages. With the bylaw that enables you to build a Garden Suite, you’re able to have another source of rental income which could significantly ease paying your mortgage. If in the future you no longer require another source of rental income, then the building could be used as an additional storage area or even a workshop. In addition, building a Garden Suite will also significantly increase the value of your home, and can give you a higher preferability from buyers in contrast to other homes, while selling your home.
Airbnb
You will find that people are beginning to set up Airbnb for their properties, and earning a great amount of income from it. In case you want to get into the Airbnb business but don’t want to put your own home or purchase an entirely new home for Airbnb, then a Garden Suite would be a great beginner choice. Toronto is the main headquarters for most major businesses, and people across the world come and visit this place, which is great for you because you can set up your Airbnb and give out the Suite to those who will stay for a short time while earning you a great amount!
Guest Room
Garden Suite opens more opportunities for making passive income, while also being a secondary home. If you’ve guests coming over and you don’t have much space in your own home to adjust them, then the Garden Suite can be used as a Guest Room. You will be able to maintain privacy, while also being able to spend time with them. In addition, if your basement is rented out and the tenant wants to bring over their guest, they would have to bring them through the main entrance, while if the same situation were to happen in your Garden Suite, they would have their entrance and would not have to interfere with the homeowners.
Padda Construction Group LTD!
In conclusion, these were some of the benefits of building a Garden Suite in your backyard, and from a business standpoint, building a Garden Suite could be the beginning of your own Airbnb business. If you are planning on building a Garden Suite, then reach out to Padda Construction Group! Call us at (905) 291-2490 EXT 1! Padda Construction Group is here for you!