Income property has only one main purpose, it is to assist with earning additional income. In St. Lucia building and additional 1, 2, 3 bedroom apartment is very common, however, often home owners do not follow the guidelines which have been put forward by the Planning Department.
Frequently Asked Questions:
What is an Income Property?
An income property is a self-contained unit (rental or can also be rent-free) in a single-detached or semi-detached house. Most income properties are built below an original structure, often occupied by the home owner.
Are they new?
No not always. In some cases, property owners live below then build up, when completed, the move to the top and rent the below.
What are some of the condition that apply to Income Property?
Some of the conditions include:
- The income property must be self-contained with its own working kitchen and bathroom.
- In most cases, homes with a second suite must have at least 2 parking spaces and parking can be in tandem (one behind the other). (often this does not happen)
- Before planning any changes to the outside appearance of a dwelling the homeowner should contact the Planning Department.
- All new income property additions must comply with the Planning Department and require a building permit. Existing income properties should also with the electrical codes as well as zoning and property standards.
Will an Income property impact existing property taxes?
In most cases, there will be little will be an impact on property taxes because by constructing an addition, value is added to the original structure.
Renting or renovating second suites can be a great way to add value and income to your home. Speak with Caribbean Habitats for more information.