Do you currently operate a legal secondary suite in your home or investment property? Considering adding to your income by developing one? As a viable way to make additional funds each month, secondary suites have become an increasingly popular topic of conversation for homeowners within the Edmonton Region. While there are many factors that should be considered prior to the development of a suite, an equally valuable area to explore is how to suitably care for and maintain your suite in the long term. If you’re serious about moving ahead with the creation of a legal secondary suite, below are a few ways to help maintain the quality of your investment for the years to come.
Why Does Maintenance Matter?
While it can be tempting to put less stock in the regular upkeep of a secondary suite over your own home, ignoring maintenance needs can be a dangerous game to play for both owners and tenants. The development of such suites is no easy undertaking, and in order to make the most of the money you’ve put in, you’ll want to ensure your space stays at the highest quality possible, for as long as possible. Regular maintenance also enhances the quality of life for your tenants making it easier to retain good renters for longer periods of time.
Expect To Take Care Of Maintenance With and Without Tenants
If you reach your ideal goal of always having a tenant in your suite, it’s inevitable that you’ll have to do some renovations that work around their occupancy. While this will be a minor inconvenience for you both, it’s far better to do minor touch ups here and there than to ignore issues that later lead to major problems that may force your tenant to have to relocate entirely. Just like with your own home, prevention is your biggest asset when it comes to protecting your investment.
Certain Areas Of The Suite Will Degrade Faster
The unfortunate reality of having tenants is that they may not care for your space with the same level of respect that you would. Expect to have to replace flooring more frequently than you would in your own home, and be prepared to have to repaint and refresh between tenants as well.
Make Sure You’re Up To Date With Current Guidelines
Even if you have a grandfathered suite, it is vital to make sure your property adheres to all current guidelines. Failure to do so can result in costly fines, and even your suite being shut down. If you need to make changes to fall in line with bylaws, Peak Improvements is happy to help.