I've always heard from various Financial Freedom Gurus that having a Rental Suite in a home is the best way to go. You can always use the additional rent to pay down your mortgage quicker which frees up more money in the long run. If you think about it, it makes a lot of sense.
However, I was surprised to find this article arguing the contrary. According to the article, it can be a nightmare trying to get rid of a less-than-desirable tenant and if the mortage is higher than expected it can lead to a dependency on the extra rent income as opposed to acting as bonus. Finally, according to the article, most rental suites are illegal or not in compliance with city zoning laws. If you do need to refinance at any point, you can bet the banks won't be understanding of this situation. Before buying a new property, don't forget to look into the legalities of a rental suite.
Rental Suite or not is always important to consult with qualified professionals. Visit Ottawa Moves to get any Real Estate or Home Questions answered by certified experts.
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