Get a quote today! (780) 233-4713

SERVICES

Our services include:

  • Suite development Basement, Garage, Garden)
  • Basement development
  • Legalizing existing suite
  • Kitchen & Bath renovations
  • Full home renovations
  • Plumbing & gas services

Why a Basement Suite?

Many people simply use their basement as storage for christmas decorations and junk. Why not use it to help make you money? The space is already there, it simply needs to be finished. That’s where we come in! A legal basement suite just makes financial sense, no matter what your reason is:

  • Available grants thru the city of Edmonton (See links tab)
  • Increases value of the property
  • Provides additional income
  • Pull equity or use income to pay-down other debts (try to pay loans off with the higher interest rates first; credit cards, lines of credit, student loans, etc.)
  • Independent living space for family or friends
  • Provides affordable housing in developed neighborhoods
  • Can help you sell your home faster and for more $ (legal suites are in short supply in the Edmonton area)

Things to Consider

Proper planning is a key component to any successful business. And make no mistake about it, a rental suite is a business. It is always best to have a long term plan and to be proactive rather than reactive. Below is a network of experienced professionals to guide you or at the very least, answer any questions you may have. If you already have a trusted team in place great, if not, please view some of our “preferred partners”.

Organization is also important, so make sure you keep such things as:

  • copies of inspection reports from the city
  • manuals and warranty information for appliances
  • receipts
  • city appraisals/property tax receipts
  • paperwork from appraiser: before and after value
  • real property reports
  • lease agreements
  • utility bills

These documents will be invaluable, not only to you, but also to potential buyers down the road.

Mortgage Brokers

Ron Lefebvre
780.756.7457
puremortgage.ca
7525-101 ave
Edmonton, AB

Denise Wareham
780.718.5014
atb.com
100, 2018 Sherwood Drive
Sherwood Park, AB

Accountants

Christian Thut
780.761.1688
christianthut.com
accountants@christianthut.com

Realtors

Nicholas Dennis
Marano & Dennis Group
780.975.2376 780.436.1162 ext. 116
sellerexpert.com
nicholasd@oxford-west.com

Graham Ogden
780.908.1224
1.888.485.5009
grahamogden.com
Remax River City
2852 – Calgary Trail NW
Edmonton, AB

Questions to Ask

  • What are the tax implications for the income I will earn from my suite?
  • If and when I sell my property is the money claimed: tax free, capital gains or fully taxable?
  • Can I use this income to help qualify for the purchase of additional properties?
  • What is the pre-reno and post-reno value of my property?
  • What sort of rental income can I expect upon completion?
  • Upon reappraisal of my property should I:
    • lock into a mortgage at a lower interest rate? Set up a line of credit, so I can gain access to additional funds?
    • Pull the equity for other expenses or investments? etc.
  • Can I apply for a construction loan?
  • Should I purchase my rental thru my corporation or personally?