In 2022 we are seeing the rise of a new asset class in real estate – the ‘sky duplex’ also known as a two bedroom condo with a lock off suite! These homes are changing the condo market, giving their owners a much more cost effective and flexible housing solution.
This is providing additional rental income to condo purchasers to help offset rising costs. With today’s crazy inflation and rising housing costs, the rental income can help offset much of these costs. In fact, by living in the two bedroom portion of the home and renting out the other side, one could cover the entire interest portion of their mortgage easily. Perhaps you don’t need all of the space that a two bedroom offers, in which case one could live in the smaller lock off suite and rent out the larger two bedroom side to cover the interest and a significant portion of the principal repayment as well.
Investors planning to rent BOTH units will see a much higher return than a comparable costing three bedroom home would rent for. In Coquitlam for example, comparable priced three bedroom homes could fetch around $3,200 on a month to month basis. On the other hand, the sky duplex with both sides rented should fetch $4,000 or more monthly!
Homebuyers with home businesses or family members wanting more independence may prefer this set up as well. Imagine being able to better separate your home business from your home. Or offer your aging parents the privacy and utility of their own separate suite while still being able to keep them close.
While initially unsure of how these sky duplex homes would perform, they have turned out to be a huge hit! We’ve seen them be the first type of home to sell out during recent project launches from Vancouver to Coquitlam. Seeing first hand their success at both the Hawksley launch in West Vancouver and the Band launch in Coquitlam, we know the market has a huge appetite for these homes.
We have access to these special homes for a limited time so make sure to reach out to a JSA representative as these homes will not last long. We believe these sky duplexes are going to fetch a big premium in the future as we see more of them built. Make sure to get in on the ground floor pricing now before the demand for this original concept becomes more mainstream and therefor more expensive!
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