What Is Legal Suite Ready?

WHAT IS LEGAL SUITE READY?

Broadview Homes is proud to offer a legal basement suite rough-in product allowing for full suite development with us or in the future on your own. 

A “Legal Suite Ready” Basement Includes:

  • Separate Second Furnace in Basement
  • Separate HRV System
  • Sink Rough In
  • Laundry Rough In
  • Upgraded 75 Gallon Hot Water Tank
  • Basement Side Entry Door with Light Outlet and Switch

**All to be Builder’s Standard**

Next Steps to “Full Legal Suite” Development:

  • Kitchen as per plan with Granite countertops
  • Stainless Steel Whirpool Appliances (Fridge, Electric Range, Dishwasher, Over the Range Microwave)
  • Stainless Steel Blanco Sink
  • Landing to be Tile at Stair Entrance
  • All Fireproofing and Code Requirements for Legal Secondary Suites

**All to be Builder’s Standard**

Legal Suite & Mortgage FAQ’s

Having a rental suite in your primary residence does not affect your mortgage rates and terms – you are eligible for all offers including putting less than 20% down!

ATB can use projected rental income in order to qualify you for your mortgage and help you purchase your new home. On average using $1,400 to $1,500 a month up to 60K additional.

Rental Income is considered taxable income, but there are also eligible deductions you can claim.

More monthly income towards lifestyle whether that is paying towards your mortgage, or putting savings away for your future.

Homes in the Calgary area with rental suites tend to have high visibility and sell fast. A legal suite further entices buyer interest.

Do I need 20% down? NO! If the suite is in your primary residence, you can go as little as 5% down. *Minimum 5% down payment on first $500,000 and 10% on additional.

A Quick Scenario on How Legal Suites Affect Mortgage Qualification

Based on minimum 5% down payment at current interest rates (assuming no other debts)

Purchase: $600k with No Legal Suite

Estimated Annual Household Income to Qualify: $140,000

Purchase: $655k with Legal Suite

Estimated Annual Household Income to Qualify: $125,000 

(using rental income of $1,400/month)

For more information on how adding a legal suite to your new home can affect your mortgage qualification, “some conditions may apply” contact us or connect to a trusted ATB Mortgage Specialist:

Amanda Hoerle – (403)803-1474

Jessica Anderson – (403)682-9977