Transcript: Scott on: Income suite — key considerations

[Music plays in the background.]

[Expert advice with Scott McGillivray. The CIBC logo. Scott on: Income suite — key considerations.]

[Scott McGillivray sits in a room.]

Scott McGillivray: Home ownership can be a great experience, but it typically comes with a lot of responsibility.

I like to suggest to people the thought of having an income suite in their home to help offset some of the new financial responsibilities they're going to have.

You know, there's not just a mortgage. There's taxes, there's insurance, there's new furniture. There's all kinds of things you need to pay for.

You will have to learn how to manage a tenant, which can be a great experience as well as long as you inform yourself on how to do it.

But you also have to think about the extra space you're giving up. It might be the basement downstairs. It could be the top floor. When you have part of your home dedicated to an income suite, you will have to sacrifice some space.

I figure if you're going to have a home, you want to enjoy it. So by having an income suite in that home, you're going to have the extra income to do that.

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[Graphic of a house rotates and changes into the CIBC logo.]