Housing prices across the country have been a hot topic in the news lately. Many factors have contributed to the boom in both the re-sale market and the new home industry: low interest rates, increased cost of building materials, supply chain and labour shortages – just to name a few. For a first-time home buyer trying to get into the market or a homeowner wishing to move within the market, all these factors can seem especially intimidating and financially preparing to buy a new home may feel overwhelming. Many people are getting creative about how to make home ownership work for them.
The Suite Life
The basement in a new build home can be full of potential. At Sterling, we can accommodate and design legal basement suites in many of our floorplans, allowing homeowners to rent their basement as its own unit and offset mortgage expenses with rental income. Also, customers may qualify for additional mortgage funds based on the rental income. Basement suites can be spacious and comfortable with large windows, 9-foot ceilings, kitchen appliances, one- or two-bedroom options and even a side entrance to the basement that is private and separate from the rest of the house. In addition, Sterling Homes offers a basement suite rough-in product that allows you future suite potential or the possibility to develop the suite yourself.
The More the Merrier
A more creative approach was featured by Global Toronto recently. Their online article highlights two couples that purchased and share a large home in Toronto. With a climbing real estate market, the four millennials were able to afford more together than if they qualified as couples or individuals. Sound familiar? If you watched the classic eighties sitcom ‘The Golden Girls,’ the idea of friends cohabitating together through adult life may not seem like a bad idea! Sterling Homes has models with lots of square footage and even dual primary bedroom options to make room for everyone.
How ever you make home ownership work for you, Sterling Homes is here to help. Our mortgage partners are also more than happy to discuss your options and find a mortgage solution that suits your needs. For more information on legal basement suites and our variety of floorplans, reach out to our knowledgeable sales teams in one of our amazing communities.