Crystal Point Developments - Basement Suites & Renovations

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Renovations and Basement Suites

Crystal Point Developments and Invis Mortgage Brokers have teamed up to help make your home more affordable.

Basement Suites are great investments. Not only do they bring in extra income which makes it more affordable to own a home, but it also increases the value of your house. Here is a typical example.

It generally costs between $20,000 to $30,000 to build a basement suite. This equates to an increase of $300 on your monthly mortgage payment. Rent for a basement suite in Kelowna is typically between $800 - $1000/month. This means that you would put between $500 and $700 in your pocket each month.

Basement Suite Breakdown
Monthly Rent $ 800
Monthly Payments* $ 165
Total Income Per Month $ 635
*Based on a $30,000 mortgage, 25 year amortization, 4.39% mortgage

AND with the new Federal Renovation Credit you would receive $1350 back at the end of the year.

To put a suite in an house you already own, you may already have enough equity to qualify for a basement suite with no money down and $1350 in your pocket for doing it.

If you'd like more information about basement suites or renovations, call (250) 575-3906.

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