Michael Thibert
President & CEO
GARAGE SUITE DIVISION TEAM
Michael Homes Inc. has been in the custom home building business for over three decades. Although there are many home builders in Edmonton, we pride ourselves on working with every client like they are family, which results in custom homes we are proud of every build. Edmonton communities are changing, whether through infill, secondary suites and garage suite, all aimed at increasing density and making mature neighbourhoods vibrant and new. We are using our considerable experience to move into building garage suites, and we have some innovative designs that will be right for you.
At Michael Homes Inc., our strength lies in the versatility and expertise of our incredible team. We use only the most qualified tradespeople and suppliers, ensuring that your new home meets and exceeds all your highest expectations. Our commitment to these standards ensures that whether it is a new home or a new garage suite, it will be done right.
Looking for FINANCING OPTIONS?
Some numbers – Here are the payments based on a 30-year amortization, 2.5% variable rate. The basic math (factoring in stress test rate), for a mortgage with a 30-year amortization, every $100 payment, equates to roughly a $25,715 mortgage.
MORTGAGE AMOUNT | WEEKLY PAYMENT |
|---|---|
$150,000 | $136.43 |
$165,000 | $150.07 |
$180,000 | $163.72 |
BI-WEEKLY PAYMENT | MONTHLY PAYMENT |
|---|---|
$272.93 | $591.67
|
$300.30 | $650.10
|
$327.51 | $710.01 |
For those adding a revenue generating garage suite to their new infill, some lenders use 80% of the rental income offset. Average garage suite rental rates will cover the mortgage on the suite and allow the clients to qualify for an additional $111,000 worth of mortgage (certain conditions may apply).
For those over 55 years old, using a CHIP reverse mortgage, you can increase the value of your property and generate a monthly income of $1,400. For those collecting Canada Pension Plan and Old Age Pensions, that revenue can double their monthly income.