Is a Garage Suite Right for you?
- Do you want to earn additional revenue (up to $1400/month)? – it can be a mortgage helper or just be a new source of income.
- Do you have a parent that wants to live independently but needs some help? Assisted living costs start at about $3,000/month
- Do you have a young adult attending college or university that wants independence? – the cost of a one-bdrm apt at the U of Alberta is $1,150/mth for 11 mth lease.
- Do you need space for a live-in nanny? You can deduct approx. $370/month room and board from your child care costs.
- Do you want to have a space for guests that gives you and your guests privacy or that flex space for hobbies and interests? Priceless…
Garage Suite – what you get
- 23.5 x 23.5 ft double garage with a 552 ft2 one-bedroom suite above the garage
- All permitting and applications
- Demolition and site clearing
- Premium quality construction and materials
- Energy efficient design
- 5 appliances
- A $10,000 credit on deep services costs included
All for under $200,000
Our Competitive Edge
We can provide our traditional stick-built custom or a modular option. Both have unique benefits that can be tailored to meet your needs. We have a superior reputation in the industry on our own, but we are also partnering with a modular builder committed to the traditional Michael Homes Inc quality. Modular building has evolved and is an effective alternative to the time-consuming and weather-dependent traditional stick-building. Modular structures are built in a controlled factory where less waste is produced, and they are subject to the same building codes and new home warranty requirements of traditional stick-build homes. Many traditional builders have incorporated modular building into their processes. With a modular builder, you can count on the construction times and possession date commitments simply by taking the weather delays out of the question. The time from your signing your contract to possession – weeks. For older established neighbourhoods, activity on your site can be less than 10 days. Many traditional builders have incorporated modular building into their processes.
We have a strategic partnership with a leading mortgage company and they are available to help you whether you need a new mortgage or want to finance you garage suite through your existing mortgage. As well, they are experts in CHIP reverse mortgages and can lead you through that process. You can build a garage suite with a mortgage payment between $700 and $800/month with a revenue potential of $1,400/month. Using a CHIP Reverse Mortgage to fund the garage suite, you can add $1,400 to your monthly income.
We work for you
If you are looking for something unique to your needs, custom designs are also available.
- make your experience hassle-free;
- make your needs our priority;
- respect your community and your neighbours;
- make a donation to your local community league;
- offer superior construction by our licensed builders; and
- offer quality and durability, backed up by a new home warranty
To see more, visit our website – www.michaelhomesinc.ca
Get in touch!
Do you want to discuss a project with us?
You can reach Michael Thibert at 780-919-4994 or send us an email at email@example.com
We are always available and if you want to learn more about us, see the attached page.
Garage Suite Division Team
President & CEO
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.
We are your neighbours.
We have partnered with Collin Bruce Mortgage Team of Dominion Lending Centers to get you the best rates and the best service. He will also pay your legal fees.
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||Bi-Weekly Payment||Monthly Payment|
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.