Raising the Stakes: Moved into a Garden Suite, Rented Out Their Main Home, and Profited (Toronto, Ontario)
John and Catherine:
“We needed a solution when rising mortgage rates started to strain our finances. Selling our home wasn’t an option, but keeping up with the higher payments was becoming increasingly difficult. We sought ways to reduce expenses without losing our home. That’s when we turned to VIGO HOUSE to explore our options.”
John and Catherine:
“VIGO HOUSE recommended building a Garden Suite in our backyard, moving into it, and renting out our main house. This strategy offered multiple advantages:
- Reduced living expenses while staying on our property.
- Additional monthly rental income from our primary residence.
- A more affordable, energy-efficient home with lower maintenance costs.
The Garden Suite was custom-designed for our lifestyle, including two bedrooms, a spacious kitchen-living area, and a convenient home office.”
John:
“As a result, we not only eliminated our high mortgage payment but also started earning clear profit. Our main house now covers all costs and provides additional income.”
- Main house rental income: covers previous mortgage, generating a net monthly profit of $1,500
- Main house rental income: $4,000/month
- Garden Suite mortgage and expenses: significantly lower, resulting in monthly net income of $1,500.
Catherine:
“Moreover, our property’s value increased by 18% thanks to the Garden Suite, making it an even smarter long-term investment.”
VIGO HOUSE:
“The solution John and Catherine chose is gaining popularity among homeowners who aim to reduce their expenses without sacrificing their property. Their decision has brought impressive results:
- Monthly Net Income: $1,500 after covering all costs.
- Real estate value increased: +18%
- Reduced mortgage burden, enhancing financial stability.
We’re thrilled to have helped this family optimize their expenses, maintain their lifestyle, and make an investment that actively works for them.”
