Have you ever thought about constructing a secondary suite in your home? There are some definite benefits! For example, the rental income can help you pay down your mortgage faster or can give a real boost to your household income. In addition, having a separate suite in your home that you can rent to an elderly parent needing assistance, or an adult child ready for more independence, can provide peace of mind. Also, a secondary suite may make your home more attractive to potential buyers when you’re ready to sell.
Some questions to begin with
If the benefits sound good to you, here are some things to think about. Where do you want to create a secondary suite? Is there sufficient room in your basement or an appealing space above your garage? Review how much square footage is available and how many bedrooms a new self-contained living space might accommodate. Hiring a professional to design a comfortable and practical suite is a good idea. You can also design a secondary suite in your back yard.
How much do you want to rent the apartment for and do you want to include utilities? Take a look at what secondary units go for in your neighbourhood to find out the typical market rate. Keep in mind that if you expect the tenant to pay their own utilities, the suite will need a separate meter.
Finally, do you think you are cut out to be a landlord? Read up on what is required under landlord and tenant legislation. The Calgary Residential Rental Association (CRRA) can provide beneficial information about landlord and tenant rights.
Once you have thought about these preliminary questions, the next step is to contact the city to make sure that you’re familiar with the requirements for secondary suites and the process to create one.
How much do you want to rent the apartment for and do you want to include utilities? Take a look at what secondary units go for in your neighbourhood to find out the typical market rate. Keep in mind that if you expect the tenant to pay their own utilities, the suite will need a separate meter.
Finally, do you think you are cut out to be a landlord? Read up on what is required under landlord and tenant legislation. The Calgary Residential Rental Association (CRRA) can provide beneficial information about landlord and tenant rights.
Once you have thought about these preliminary questions, the next step is to contact the city to make sure that you’re familiar with the requirements for secondary suites and the process to create one.
Secondary suites in Calgary
New rules for secondary suites were approved recently by the Calgary City Council. For example, there is no longer a size restriction, meaning that full basement sites are allowed. There are, however, a number of requirements for the safety and comfort of both the tenant and the homeowner. A substantial amount of valuable information can be found at Calgary Secondary Suites.
Here’s some good news. The City of Calgary currently has an incredible incentive. The city is making it easier for homeowners to create this much-needed rental accommodation by offering significant savings on permits and registration.
Whether you’re already sold on the idea of building a secondary suite in your home or just want to explore it further, I can assist. From helping you walk through the city’s permit, inspection and registration process and providing referrals to the best contractors in the business, to offering advice on pricing your rental suite and helping you find that perfect tenant, my services can be invaluable. I look forward to hearing from you!
Here’s some good news. The City of Calgary currently has an incredible incentive. The city is making it easier for homeowners to create this much-needed rental accommodation by offering significant savings on permits and registration.
Whether you’re already sold on the idea of building a secondary suite in your home or just want to explore it further, I can assist. From helping you walk through the city’s permit, inspection and registration process and providing referrals to the best contractors in the business, to offering advice on pricing your rental suite and helping you find that perfect tenant, my services can be invaluable. I look forward to hearing from you!
