If you're considering renovating your Edmonton home, adding a secondary suite can be a smart move. It not only enhances your living space but also opens up opportunities for rental income. Before you dive into the renovation adventure, let's break down some key aspects.

Costs

Renovation costs can vary, but it's essential to budget for both the construction and potential hidden expenses. On average, expect to invest $50,000+, but this can go up depending on the extent of the changes needed.

Permits

Edmonton has specific regulations for secondary suites. Before you start knocking down walls, check with the city to ensure you're compliant. Permits are required, covering safety and zoning regulations. It's a crucial step to avoid issues down the road. You can visit the official City of Edmonton - Secondary Suites page, with information on permits, guidelines and regulations for suites in Edmonton.

Things to be Aware of

Consider the existing layout of your home and how the addition will impact it. Plumbing and electrical systems might need adjustments. Also, think about the logistics of creating a separate entrance for the suite.

Potential Pitfalls

Renovations can uncover surprises. Be prepared for unexpected challenges, like outdated wiring or plumbing issues. Having a contingency fund will help you navigate these bumps in the road without derailing your project.

Benefits

Adding a secondary suite comes with perks. Beyond extra income from renting it out, it can increase your property value. The additional living space can also make your home more attractive to potential buyers if you decide to sell in the future.

Other Considerations

Think about the type of tenant you want to attract and design the suite accordingly. Also, keep in mind that managing a rental property comes with responsibilities, so be ready to take on the role of a landlord.

In a nutshell, renovating to add a secondary suite in Edmonton can be a game-changer. Just be sure to do your homework, secure the necessary permits, and have a realistic budget in place. It's an investment that can pay off both now and in the future.

Here are a couple more resources that may help:

Alberta - Secondary suites - Building codes

RenovationFind - What is Needed to Build a Legal Secondary Suite in Edmonton

Happy renovating!
Jason

Hey Edmontonians,

In our bustling city, where I help folks find their dream homes, it's essential to remember that not everyone has the comfort of a full plate. Edmonton's Food Bank plays a pivotal role in addressing this issue, ensuring that no one in our community goes hungry.

Why It Matters

Community Well-being: A well-fed community is a thriving community. The Food Bank contributes to the overall health and well-being of our neighbors, fostering a stronger, more resilient Edmonton.

Supporting Families: Many families face tough times, and the Food Bank provides a lifeline, ensuring parents can put nutritious meals on the table for their children.

Unity in Diversity: Our community is diverse, and the Food Bank unites us in a common cause — taking care of one another. It's a testament to the heart of Edmonton.

How You Can Help

Donate Non-Perishables: Consider contributing non-perishable food items. Every can and package makes a difference.

Financial Support: Monetary donations go a long way in ensuring the Food Bank can purchase fresh and essential items.

Volunteer Your Time: If you can spare some time, volunteering at the Food Bank is a hands-on way to make a direct impact.

Spread the Word: Raise awareness. Share information about the Food Bank on your social media platforms to encourage others to join the cause.

Remember, small actions collectively create significant change. Let's continue to make Edmonton a place where everyone has a seat at the table.

Welcome to my corner of the internet, where we don't just talk about real estate; we explore ways to enhance your living experience. Today, I want to shed light on a topic that goes beyond just brick and mortar – energy efficiency in homes. We all know it saves money, but there's so much more to it. Let's uncover the hidden gems of energy efficiency together!

1. Experience Ultimate Comfort:

Imagine a home where every room feels just right – no more drafts or temperature extremes. Energy-efficient homes offer unparalleled comfort. With superior insulation and ventilation, you can enjoy a cozy atmosphere and breathe easy.

2. Boost Your Property's Worth:

An energy-efficient home isn't just a house; it's an investment. These features can significantly increase your property's value, making it a hot commodity in the real estate market. Let’s find you a home that’s not just a living space but a valuable asset.

3. Embrace Eco-Friendly Living:

Being environmentally conscious is more important than ever. Energy-efficient homes have a smaller carbon footprint, allowing you to live in harmony with nature. Let's explore homes that reflect your values and contribute to a greener planet.

4. Cut Down on Maintenance Hassles:

Say goodbye to frequent repairs and replacements. Energy-efficient homes are built to last with top-notch materials. By choosing such a property, you're not just saving money; you're investing in a hassle-free lifestyle. Less stress, more joy – that's the goal!

5. Unlock Exclusive Incentives:

There are incentives available for energy-efficient upgrades. As your REALTOR®, I can point you to these these programs, ensuring you make the most of available savings. Smart choices today lead to a brighter, more prosperous tomorrow.

6. Become a Community Champion:

Living in an energy-efficient home not only benefits you but also uplifts the entire community. By choosing such a property, you're making a positive impact. Let's find you a home where your legacy begins, one that reflects your values and contributes to a thriving community.

Ready to embark on a home journey that's not just about walls and roofs but about enhancing your lifestyle? Let’s connect and explore homes that offer more than you ever imagined. Together, let's find your dream home – a place where comfort, value, and eco-conscious living unite.

Excited to begin this journey with you,
Jason

Jason Hafso - REALTOR®, GREEN Designee

Having a GREEN designation means Jason has undergone specialized training and earned a designation that focuses on sustainable and energy-efficient practices in real estate. He possesses in-depth knowledge about environmentally friendly features, energy-efficient technologies, and green building practices. With this expertise, he helps clients find homes that not only meet their needs but also align with their values of environmental responsibility.

Hey there, future Edmontonians! Moving to a new city is always an exciting adventure, and Edmonton, Alberta, offers a vibrant lifestyle and a booming real estate market. As a newcomer, diving into the Edmonton housing market might seem like a daunting task, but fear not! Your friendly neighborhood REALTOR® is here to guide you through the process. Here are some valuable tips to help you navigate the Edmonton housing market successfully:

1. Understand Your Budget:

Before you start your home search, figure out your budget. Consider your income, expenses, and potential mortgage rates. Getting pre-approved for a mortgage will give you a clear picture of how much you can afford, making your search more focused.

2. Explore Different Neighborhoods:

Edmonton is a city of diverse neighborhoods, each with its unique charm. Research communities that align with your lifestyle and preferences. Whether you prefer a bustling urban vibe or a serene suburban setting, Edmonton has something for everyone.

3. Work with a Local REALTOR®:

Having a knowledgeable local REALTOR® (like me) by your side can make a world of difference. I am well-versed in the Edmonton real estate market and can help you find properties that match your criteria. From negotiation to paperwork, I’ve got you covered.

4. Consider Your Commute:

Edmonton is a sprawling city, so consider your daily commute when choosing a neighborhood. Think about the distance to your workplace, schools (if you have children), and other amenities. Edmonton's public transportation system and road networks are well-developed, making it easier to get around.

5. Stay Updated with Market Trends:

The real estate market is constantly evolving. Stay updated on market trends, housing prices, and upcoming developments. Being aware of the market dynamics will empower you to make informed decisions.

7. Be Prepared to Act Fast:

Edmonton's real estate market can be competitive, with properties sometimes selling quickly. If you find a home that meets your criteria, be prepared to act fast. Having your finances in order and working with a proactive REALTOR® can give you an advantage in a competitive market.

8. Embrace the Edmonton Spirit:

Lastly, embrace the spirit of Edmonton! The city is known for its friendly residents, diverse culture, and numerous festivals and events. Get involved in the community to truly experience the essence of your new home.

Remember, I’m here to assist you every step of the way. If you have any questions or need guidance, feel free to reach out. Happy house hunting, and welcome to Edmonton!

Brought to you by Jason Hafso - REALTOR® with MaxWell Challenge Realty

By Jason Hafso, Accredited Buyer's Representative, MaxWell Challenge Realty

Hey there, future homeowners! Buying a home in Edmonton or surrounding areas? One of the first things you'll need to understand is mortgages. Let's break down the options available so you can make an informed decision.

Fixed-Rate vs. Variable-Rate Mortgages

Fixed-Rate

With a fixed-rate mortgage, your interest rate stays the same for the entire loan term. This option provides stability and is often favored by first-time homebuyers.

Variable-Rate

In a variable-rate mortgage, the interest rate may change based on market conditions. If you're comfortable with some risk, this could save you money in the long run.

Open vs. Closed Mortgages

Open Mortgage

An open mortgage offers flexibility, allowing you to pay off your loan at any time without penalties.

Closed Mortgage

A closed mortgage has restrictions on how much you can pay off yearly. However, they usually come with lower interest rates.

Down Payment

The down payment is your initial investment and typically ranges from 5% to 20%. In Edmonton, many first-time buyers opt for the minimum down payment to get into the market sooner.

Pre-Approval

Getting pre-approved gives you a ballpark figure of the mortgage you can afford. It's a valuable tool when house hunting in competitive markets like Edmonton.

First-Time Home Buyer Grants and Incentives

CMHC’s First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps new buyers by giving them extra money for their down payment. It aims to make buying a home easier and also encourages builders to make more homes. You can get 5% of the home's value for an older home or 5-10% for a new one. This is an interest-free loan, but you need to pay it back when you sell the house or within 25 years. The payback amount will depend on how much your home is worth at that time.

First-Time Home Buyers’ Tax Credit (HBTC)

The First-Time Home Buyers' Tax Credit lets new buyers in Canada get some money back on their taxes. They can claim up to $10,000, which translates to a $1,500 tax credit. Even though it's not a huge amount, it's pretty easy to apply for and get.

Home Buyers' Plan (HBP)

Another valuable program is the Home Buyers' Plan (HBP), allowing you to withdraw up to $35,000 from your RRSPs tax-free to buy or build a qualifying home. If you’re buying with a partner who's also a first-time buyer, they can withdraw the same amount, potentially doubling your down payment.

The Tax-Free First Home Savings Account (FHSA)

The FHSA is a special savings account for your first home. You can put in up to $8,000 each year and get tax benefits on that money. The most you can save in this account over time is $40,000. If you don't use up the full $8,000 in a year, you can add it to next year's limit.

Mortgage Loan Insurance

If your down payment is less than 20%, you'll be required to get mortgage loan insurance. While this adds to your cost, it's also what enables you to buy a home with a smaller down payment.

In the dynamic Edmonton real estate market, understanding your mortgage options is crucial. Whether you're eyeing a downtown condo or a family home in a surrounding community, make sure you're financially prepared.

Looking for more advice on buying a home in Edmonton and surrounding areas? Contact Jason Hafso, your local Accredited Buyer's Representative at MaxWell Challenge Realty.