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Unlocking Potential: Adding a Secondary Suite to Your Edmonton Home

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 Be prepared for unexpected challenges, like outdated wiring or plumbing issues.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

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Edmonton Highrise Condos in Downtown and Oliver and their Condo Fees

If you're looking for a concrete highrise condo in Edmonton's downtown, the options seem endless. One criterion that often gets overlooked, especially when budgeting what you can afford, is the condo fees.


Condo fees can have a dramatic effect on the affordability of any condo, and it's important to know what the fees include. Some condos may start out with low fees when they're first built, but once a condo board and reserve fund is established, those fees can increase significantly and very quickly. Some buildings, at first glance, may seem to have high condo fees, but they may be including amenities such as a gym, pool, car wash, social/games rooms and guest suite. When you factor in the cost of a gym membership or paying to get your car washed, you may actually find you can save money. Some buildings even include extra utilities or services, such as electricity, cable and wi-fi.


When buying any condo, the fees and what they include is an essential consideration.


With that said, I've compiled a list of some popular Downtown and Oliver condos. I've sorted them in order of 'condo fees per square foot'. In other words at 51-60¢ per square foot, a 1000 square foot condo would have condo fees in the range of $510 to $600 per month. Condo fees are actually based on unit factors, not square footage, but square footage does play a significant role in how unit factors tend to be determined when a condo is first developed.


There's a significant range of fees, going from around 30¢ to nearly $1.00 per square foot.


For more information, I've included links to all the currently active listings for all the buildings listed below. Don't see a condo you're interested in, listed below? Contact Jason and he'd be happy to get the information for you.


Condo Fees per Square Foot

31-40¢

41-50¢

51-60¢

61-70¢

71-80¢

81-90¢

91¢-$1.00

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