Many homeowners are now trying to make more money by getting the extra space to work for them. Some think a self-contained basement suite is a viable investment in this regard, and we at Elite Edmonton Basement Renovations agree 100%.
Whether you are a seasoned landlord or first-time homeowner, leasing a self-contained basement suite is a great way to generate revenue to pay your mortgage. You are also providing a form of affordable housing that is very attractive to potential tenants.
A second suite is a self-contained, independently accessible private unit within an existing home that can be rented out. Most of them are found in basements. These spaces have their kitchen, bathroom, and living areas. They are sometimes described as a basement in-law suite.
Finding a place to rent can be hard in the City of Edmonton, and, as we noted earlier on, demand for affordable housing like second suites. Income from rentals can help you pay off your mortgage quicker or even fund renovations to increase your property value.
Legal second suites became even more attractive to homeowners after the Canadian Mortgage Housing Corporation started providing 100% offset for rental income produced by legal second suites or basement suites in an owner-occupied property.
Whether you have a second suite ready to rent out or an empty basement, as a homeowner, you wish to turn into a second suit. Whatever your situation, there are various regulations to be mindful of that concern building codes, fire and electrical safety, zoning bylaws, among others.
Nonetheless, Edmonton has strict rules about what constitutes a legal second suite or a legal basement suite.
Zoning bylaws governing
basement renovations in Edmonton require that homeowners looking to develop their unused space have legal second suites. If found renting out a, for example, 2 bedroom basement suite illegally, you may be asked to stop renting, remove the tenants, and pay a fine. You could even be sued for negligence.
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Elite Edmonton Basement Renovations
10640 79 Avenue Northwest, #4 C, Edmonton, AB T6E 1S1
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