Are you a savvy property owner that’s debating transforming your home and creating a legal secondary suite? Edmonton’s rental market is faster paced than ever before, and plenty of homeowners are eager to take advantage of the City of Edmonton’s extended rules regarding the development of legal secondary suites. If you have time, patience, and capital to invest, a secondary suite can be a promising way to help grow your passive income. Peak Improvement is one of the Edmonton Capital Region’s leading renovation teams and is proud to partner with homeowners across the city to create legal suites that are safe, stylish, and built to stand the test of time.
If you’re new to legal secondary suites but are eager to get started, below are some of the most important points you’ll want to keep in mind. Read on to learn more!
1. Meeting Legal Requirements
Before you’ll be able to move forward and pursue building a secondary suite, you’ll need to invest some time and resources into evaluating the current state of your property. Whether you’re a new owner or have lived there for decades, there are countless details that need to be looked at to ensure that your home adheres to all zoning and bylaw standards. If there are any areas that do not align with current standards, you’ll need to make alterations before you’ll be able to move forward, and, if this is the case, this could drastically increase your budget.
Bear in mind that while you may be able to set a hard budget for personal home renovations, the changes you do for a legal suite are beholden to guidelines set by the city for safety purposes, and as such, there is much less flexibility available.
2. Tenants and Property
One of the most frustrating parts of renting out property can be the lack of regard tenants display for your space while occupying the suite. With this in mind, you’ll need to budget for solutions that are designed to handle heavier wear and tear, as well as have a dedicated “repair fund” that allows you to constantly replace flooring, fixtures and repair other issues as they arise.
3. Legal Suite Specific Feature
As we mentioned above, when you build a secondary suite, you’re beholden to bylaws and safety standards. This means that the kind of design involved in building such spaces is much more diverse than typical renovations, and partnering with an experienced contractor will go a long way to keeping your design-build timeline as efficient and effective as possible. Details that are unique to secondary suites and need to be included in your renovations are:
- Installing egress windows for emergency exiting.
- Making sure the suite has a dedicated separate entrance, including an unobstructed hallway if necessary.
- Interconnected smoke and carbon monoxide detectors between both suites.
- Properly graded Fire barriers.
- Installation of a secondary dedicated heating source for the suite that can be independently controlled.
- Independent or shared laundry.
- Separate electrical services for the secondary suite.
As you can see, the renovations involved in secondary suite are quite extensive and should be conducted by a highly qualified team to guarantee the best results.
4. Patience is Key
If you’re entering into the secondary suite with the hopes of turning a quick profit, you’ll likely be disappointed to learn that they are typically far from a fast money maker. Because of the multitude of renovations involved, you can expect to pay quite a bit upfront and slowly recover revenue over time from tenants.
Partnering with the right renovation contractor can help you move forward with a secondary suite quickly 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!