Happy New Year!
We’ve concluded another year and that usually means starting the new year similarly to how you ended it. For many Albertans, 2019 was a tough year financially.
Canadian Boxing Day shopping saw a sharp decline in footfall traffic, leaving retailers to suffer. This has been the biggest decline since 2010 (https://www.cityam.com/boxing-day-shopping-slump-as-retailers-suffer-sharp-decline-in-footfall/).
Ending the year with the holiday season makes it even tougher and Calgarians are forced to look for new ways to generate income as they start the new decade. Investing in stock markets and mutual funds is a dicey approach to making money. It’s time to open your options and start to invest in tangible and solid returns.
2020 brings new opportunities and ways to increase your wealth in ways that you may not have considered before. According to an article by Forbes, the 2nd way to make money is to use your assets. This means using what you already own to make money! With the new mortgage rules, it’s never been easier and more affordable to rent out your space. We will show you how!
Your home can be a place to live and a source of income at the same time! Instead of waiting many years for your property’s value to rise to sell it at a profit, you can start making money with your home now.
You’re probably used to seeing your home take money away from you on a monthly basis, from property taxes to utility bills. Owning a home doesn’t come cheap. Many Calgarians have already caught onto this and have transformed their home property to include a secondary suite to help with the expenses, primarily adding a basement suite. There are still homeowners that are suffering financially but haven’t explored the option of adding a secondary suite to their property.
A secondary suite is a separate living space created within the main residence of a home that is designed to accommodate a single family. Secondary suites can include basement suites, garden suites and laneway homes, but in Calgary most of these are basements. Be sure you research the regulations for legal suites in your area before you renovate or build.
You should also consider how much income your additional suite will bring in before you create one. Calculate how long it will take you to get back the money you have to spend on your renovation before you will start making money as a landlord.
The obvious way to make money is by energy saving costs. When you build a legal basement in your property, it helps to reduce excess air leaks and undone insulation. This is especially important for the long Calgary winters in reducing the loss of warm air from your home.
The other way to make money is to rent it out!
Many younger families struggle to accumulate a down payment to buy their own home. For this reason, they turn to rental options. Remodeling your basement to accommodate a separate living space will market to those who aren’t ready to take upon a mortgage of their own.
As we mentioned earlier, times are tough, and they may only get harder. You may be experiencing a bit of a struggle to pay off your own mortgage bills. Having a legal basement apart of your home to rent out can help with your expenses significantly. It’s a win-win situation that doesn’t happen regularly.
Not only can this help you during the process of owning your home, it can further increase its value, making it more attractive for future homebuyers.
There’s no better time to add a legal basement to your property. The City of Calgary is waiving fees for the development permit and secondary suite registry until May 31, 2020. These fees will be reinstated in June 2020. To avoid fines, all secondary and backyard suites must be on their suite registry by May 31, 2020.
You can add a legal basement in just 4 easy steps!
- Review rules and fees
- Prepare your application – use the secondary suite checklist on the City of Calgary website to determine your project’s drawing requirements. Link: https://www.calgary.ca/PDA/pd/Documents/Permit-checklists/Secondary%20Suite%20Permit%20Checklist.pdf
- Apply! You can apply online or in person by visiting the Planning Services Centre.
- The last step is to book an inspection and manage your permit application
It is critical to follow these steps and to work with a renovation company with years of experience to work on your project because it will ensure your basement suite complies with proper permits and it conforms to the current regulations. Once your application has been reviewed and your designs have been approved, you can start your project!
The Team at Turn Key Basements & Renovations has professional and knowledgeable basement builders, designers and contractors that will ensure all the regulations and permits are being met in every phase of the process. We’re familiar with all of the City and provincial rules and regulations relating to legal basement suites. We can help you to ensure that your legal basement suite development is in full compliance with the law and built with your specific needs and preferences!
How will you start generating more income in 2020?
For more information on Basement Renovations, contact our team today!