A secondary suite, often located in the homeowner’s basement or above the garage, is a fully separate living space for another person or persons. Typically, homeowners rent this suite out in order to subsidize the cost of their mortgage. With current trends in the housing market, more and more Edmonton residents are turning to secondary suites.
If turning the basement into a secondary suite is something you are interested in, continue reading more below.
Why Build a Legal Secondary Suite?
When it comes to renting out basements, building a legal suite is the best investment. Besides the eventual return on your investment that you could get from a basement secondary suite, a legal secondary suite is your route to avoiding potential fines. Homeowners who conform to Edmonton’s standards for secondary suites avoid the possibility of paying thousands of dollars in fines. A legal secondary suite not only abides by the regulations set forth by the City of Edmonton but provides a sense of safety and security for the tenant.
It’s important to comply with the legal requirements to avoid penalties and to ensure the safety of your tenant. At Peak Improvements, we are familiar with the requirements of the City of Edmonton for secondary suites. With decades of experience under our belt, and a guaranteed price and no-surprise contract for your peace of mind, Peak Improvements is the builder you can trust to build your basement into something useful.
Gain Passive Income with A Basement Suite
A secondary suite, also known as a legal basement suite, gives you the option to open part of your home to others. In 2024, homeowners in Edmonton with undeveloped or unused basements are giving the basement a new purpose. Whether you choose to allow family, friends, or vetted strangers to rent, having a functional basement that brings in extra money can be a game-changer. The passive income that comes from a secondary suite can make life easier to manage when families are feeling the impact of the economy.
The way that Peak Improvements works with you will make building the secondary suite straightforward. Our process for working with you on your home has been tried and tested to perfection over the years, and we offer a guaranteed price and no-surprise contract. We do our best to live up to our reputation through our transparent communication and honest workmanship.
Increase Your Home’s Market Value
Homes on the market today that include a secondary suite sell for a higher price than homes without and can often enter into bidding wars before finally selling. The investment a homeowner puts into the home will reflect well on the home when put on the market. So, while you are getting an immediate return on the investment through a renter, you will increase the value of your home on the real estate market.
Read more about secondary suites, or contact us to get started on your basement renovations. Peak Improvements is just a call away.