Have you been considering turning the lower half of your home or investment property into a legal secondary suite? With the City of Edmonton’s newer regulations expanding the rules regarding the development of legal secondary suites, homeowners have more opportunity than ever to increase their passive income. While the prospect of renting out part of your home can seem promising, it’s important to enter into the process with a clear idea of the many pros and cons of developing a legal suite. Below are a few key points to keep in mind before moving forward with construction.
1.Does Your Property Meet Legal Requirements?
While there are plenty of renovation options that can help transform your lower level into a viable suite, it’s important to conduct a thorough evaluation of the whole property before moving ahead to ensure your property adheres to all zoning and bylaw standards and to identify what major areas needs attending. Depending on your budget, you may need to expand your timeline for completion. Simply put, if you’re anticipating a quick turnaround in terms of profit, you may want to realign expectations to protect your bottom line.
2. Are You Prepared To Deal With The Realities Of Accelerated Wear and Tear?
The unfortunate reality of renting out your home is that your tenants are less likely to care for the space in the same way that you would. Expect to save a portion of your earnings to compensate for premature wear and tear to flooring, fixtures, as well as any other mishaps that may occur.
3. Enhanced Design Needs
Designing and building a secondary suite has a unique set of requirements in order to comply with all relevant zoning and bylaws. Working with an experienced contractor will make it easy to design a space that works well for the structure of your home, as well as accommodates the needs of your future tenants and more. Secondary suite specific renovations include:
- Installation of egress windows for emergency exiting
- Separate and private entrance
- Interconnected smoke detectors
- Fire barriers
- Installation of a secondary heating source
- Secondary or shared laundry
- Separate electrical services
4. Think Ahead
As with any major construction project, it’s best to evaluate what your long term goals are for the property. Whether you’re hoping to resell in the relatively near future, or are looking to create a longstanding source of revenue, it’s important to have a plan in mind when discussing renovations with your contractor.
Partnering with the right renovation contractor can help you move forward with a secondary suite swiftly and safely, saving you time and money. Peak Improvements team of experts offer decades of combined experience, as well as a dedication to excellence. Contact us today to learn how we can make your secondary suite development a breeze!