Are you planning on finishing your basement and contemplating the appeal of using the new space to house a secondary suite? With the proper planning and objectives in mind, secondary suites can be a rewarding source of income for homeowners. Learn about some of the key aspects and challenges you’ll want to keep in mind when considering secondary suite development below.
What Constitutes A Secondary Suite
According to the City of Edmonton, secondary suites are defined as a “separate dwelling located inside a single detached, semi-detached, duplex, or row house with its own cooking, sleeping and bathroom facilities, as well as utilities.” Secondary suites have a separate entrance from the rest of the house, and are created through the conversion or development of a basement or other interior space.
How To Get Started
Before you begin any construction, it is imperative that you obtain both a development and building permit from your municipality. This process ensures that your plans are up to code, safe, and allows to proceed forward with confidence.
Design With Care
In the initial phases of planning, you’ll also want to make sure you consider the unique challenges that come with basement and rental suite conversions. For example: to avoid the need for premature replacement or refurnishing, choose flooring and finishing options that are able to withstand the increased wear and tear that most rental suites are subject to. Doing so will help to protect your investment, as well as save you valuable time in the future.
Patience Is Key
While any renovation takes time, those seeking to make a quick profit on a secondary suite may want to think twice. Because of the strict regulations in place, such renovations can take longer than you might expect, meaning you’ll need to build the upfront cost, as well as the time it takes to find suitable tenants into your long term plan. Initial renovation expenses may cover:
- Installation of egress windows
- Fire prevention
- Flooring replacement
- Electric rewiring
- HVAC installation, and more.
Secondary suites can be a beneficial source of income for homeowners with the right plan in place. Working with an experienced team like the experts at Peak Improvements will help you to identify the exact needs of your space and help avoid headaches in the future. Learn how you can get started by contacting us today!