The single most common and often most significant road to financial security for Canadians is paved by home ownership. And for first-time home-buyers often the largest barrier to getting started is the monthly cost. So why not consider a home with a rental suite that would allow you to have a tenant who pays rent, which would lower your home ownership costs? Such a property might not be the home of your dreams, but if it gets you into the game then it might just be a great way in. After all, down the road you could move up and keep that first property – now with two renters covering all the costs and then some.
And if it works well for you, then why not have 2, or 3 or more such properties. It doesn’t take many to, once paid off in say 25 years, to fund your financial freedom.
And for seniors and those on fixed incomes, or those living in high-price markets, the rental unit can make it much easier to stay in your home far longer than you might otherwise be able to.
Read more here: How tenants can pay your mortgage