We’re Edmonton’s #1 Income Property Builder, and Here’s Why
Built With Pride Construction is an experienced, trusted, Edmonton income property builder. In a very short amount of time we can transform your basement into a legal suite that generates money month after month, with very little effort. We’re experts in the both the technical and legal sides of Edmonton basement suite development, and in the next five minutes we’ll lay out everything you need to know in order to build your legal suite with confidence.
You’re about to drastically improve your financial situation, so get excited!
The benefits of building a secondary income suite in Edmonton
The steps we’ll take to ensure your suite is legal and up to code
How to deal with the challenges of being a first time landlord
The little things you can do in order to make this process as easy as possible
Let’s get started!
The Benefits of an Edmonton Income Property
Most people spend years trying to figure out a way to make the most of their unused, possibly even unfinished, basement. This is the most underutilized area of the home, because it has great potential to become a low-maintenance money-making machine. There is a lot of money to be had with Edmonton income properties. It’s one of the most reliable, manageable pieces of real estate. So rather than throw a bunch of boxes down there, let’s use that space to bring you as much as $1500 a month by transforming it into a legal suite.
An Edmonton income property, on average, covers 35% of a mortgage’s cost. That is incredibly helpful for families, in that it can turn a $2500 mortgage into a more affordable $1625 mortgage. And consider this: the basement might just be the first step. Later on, if you wanted to turn the entire property into rental space by renting out the upper unit as well, you could very likely cover your entire mortgage, with a little extra left over.
There are so many reasons to build an Edmonton income property. Your future legal basement suite will provide:
Supplemental income so you can enjoy the things you love
The flexibility to start your own business
Extra money to pay down your mortgage much faster
Early retirement savings
Financial stability for first-time home owners
A suite for a disabled family member
A safe space for a senior on a fixed income
No matter your goals, Built with Pride Construction will work with you to make sure you get what you need out of your Edmonton income property. We want to make your life as easy as possible, both during construction and long after—when your legal basement suite is making you money every single month.
How We Turn Your Basement into an Edmonton Legal Suite
With mortgage prices increasing every year, it’s no surprise that you’re looking to turn your unused, wasted space in the basement into an asset that will generate an easy cashflow. But in order to do that, there are a number of things that must be done in order to ensure your Edmonton income property is a) legal, and b) enticing enough that someone will want to pay you to live there.
“If you build it, they will come” does not apply to Edmonton basement suite development. If you build it right, then they will come. That’s where we come in.
Here are just some of the things we will take care of for you, in order to ensure you get the best, most reliable tenants:
Exits — Your secondary suite must have a direct exit outdoors. You cannot simply use your regular basement door that opens into your living room or kitchen areas on the main floor. Your Edmonton income property will need to have either a stairway leading to a direct exit, or a door directly through the foundation that leads to a stairway outside that goes up to ground level. The added bonus of this setup is that you—and your tenant—will have all the privacy you need. If you want to see your tenant as little as possible, this is a must.
Bedrooms — Every bedroom in an Edmonton legal suite must have at least one window, with an unobstructed opening, that is no less that 0.35 m2. In addition, the window must have a dimension (either height or width) of 38 cm, in order to serve as an alternate exit in case of an emergency.
Ceilings — The minimum height for a ceiling is something you probably don’t have to worry about. The minimum ceiling height required in an Edmonton income property is just 1.95 m, which is a little over six feet. Unless you planned on renting out to hobbits, your basement is already in line with this one.
Smoke Alarms — Both your main suite and your legal basement suite must have interconnected smoke alarms that work in tandem. They must be hardwired into an electrical circuit, which we’ll take care of for you if it hasn’t been already.
Fire Protection — You must provide fire protected walls and ceilings between your income property and your main suite. This can be done with 1/2-inch drywall. This is to ensure all occupants can exit safely in case of a fire.
Furnaces and Water Heaters — Any gas furnaces or water heaters in your basement must be enclosed in a room, complete with the 1/2-inch drywall fire protection we just mentioned. Exposed heating equipment in a livable space is a health hazard and it runs a risk of a fire.
This is all, of course, in addition to any standard construction needs you might require. We are a full service construction team, so we will also handle any needs you may have, including:
Here, Dustin does a walk-through of a recently completed basement development. Will add a “legal suite” walk-through soon as well!
Understanding Edmonton Basement Suite Development
Understanding the rules and regulations required to build an Edmonton income property for tenants is pretty straightforward when you work with a trusted contractor like Built with Pride Construction. But there are a few things you should know about the process, like zoning laws, taxes, re-sale considerations, building and fire codes, etc.
If you have any questions that aren’t covered on the City’s list, feel free to ask us! We’re always happy to help.
And remember: we offer free quotes, expert advice, superior construction, thoughtful design, and and best of all: affordable packages.
Insider Tips: What You Should Know When Becoming a Landlord
Being an experienced Edmonton income property builder means more than just the knowledge of how to construct the suite. We have worked with enough families to know some of the potential pitfalls of owning your own suite, so we thought it would be helpful to outline a few of those for you now, before we start the process.
Here are a few of our insider tips:
Find the Right Tenant — Building your legal suite is just the first step. Just because you have it, that doesn’t mean you should fill it with the first person to apply. Luckily, the Edmonton rental market is quite strong and you’re going to have your pick of a number of good tenants (as long as you take the time to weed out the weak ones). Some things to consider: Do you want a single tenant? Are you okay renting to small families? Couples? Is your new legal basement suite pet friendly? Would you prefer a long-term rental or would you rather regular turnover? Whatever you decide, make sure you know the answers to these questions before you start interviewing prospective tenants, that way you’ll know you’re getting the right person.
$%@ Happens — Let’s just get this out of the way early: things will break in your basement suite. Just be aware that maintenance and repairs will be part of your responsibility as a landlord. If the thought of a panicked phone call from your tenant sends shivers up and down your spine, you may want to reconsider owning a rental property. But these inconveniences are often very minor, and are easily offset by the extra income you’ll have flowing in thanks to your renter.
Prioritize Privacy — A properly designed basement suite exit can make some Edmonton income properties almost invisible to the main floor occupants. But it’s likely that you’ll notice that someone is living in your home. Sounds and kitchen smells are likely to carry upstairs, but if you’re looking for absolute privacy, Built with Pride Construction can work with you to figure out the logistics of making your two suites as private as possible.
Tax Repercussions — Your tax return is about to get a bit more complicated. Rental income must be declared on your tax return. You may also have to consider things like capital gains taxes when/if you sell your home. Our advice: speak with your accountant before you start this process, just to make sure everything is understood moving forward.
Avoid Family if Possible — In our experience, renting to family members can get … a bit complicated. It completely changes the nature of your relationship, whatever that relationship happens to be. You are now in a position of power over this person, and they now have an additional set of responsibilities to fulfill in order to maintain a healthy relationship with you. Having to deal with evictions or collections can get pretty messy, especially with family members. However, if you trust whoever is moving in with you, you’re probably going to be okay. Just use your best judgment.
Sign a Proper Written Lease — Always, always, always make your tenant sign a proper, legal lease, especially with those family members we just mentioned. Clearly outline the rules, expectations, penalties, and length of term. This lease needs to be signed by every adult living in the home.
Don’t Set Your Rent Too Low — We cannot stress this enough: you don’t want to be the lowest priced suite on the market. You will attract riff-raff that you do not want to deal with. These renters are considering price and usually nothing else, and you’re likely to deal with some rather unsavoury characters. Not to mention the fact that low-rent tenants are by far the most high-turnover tenants. Our advice: go online and search for suites in your area. Consider amenities near you, the quality of your Edmonton income property, and the location. Then start by placing your basement suite in the middle-to-high range and see what it attracts.
Tell Your Insurance Company — You are required to inform your insurance carrier that you are renting out a unit in your home. If anything bad were to happen—say, a fire in your Edmonton basement suite development—the insurance company could say that you never told them about the existence of such a unit and then your policy could be voided. You could be on the hook for the entire cost, and you don’t want that.
Do Your Research — We mentioned this earlier, but we want to say it again: the city has its own set of municipal laws regarding Edmonton basement suite development, so it’s best to know all you can. Learn more about it here.
Let’s Get Started on Your Edmonton Income Property!
You can be assured that working with Built with Pride Construction will be as easy a process as possible. We pride ourselves not just on superior craftsmanship, but also our commitment to customer service. We’re here to turn your basement into a money making machine, so if you’re interested in exploring your options, please, contact us today!