Creating the Perfect Income Suite in Edmonton
Are you an Edmontonian that's been wondering what to do with an unused or unfinished space in your home? An Edmonton income suite might just be the answer you’re looking for!
An income suite is a separate dwelling inside a home or on the same property that includes a kitchen, bathroom, and bedroom. They can be the perfect way to expand the amount of usable space in your home and also bring in some extra cash if you decide to rent the space - meaning the investment you put into the space can pay for itself.
What are the benefits of an income suite?
An income suite can be a great source of extra income. This extra income is an excellent way to help you pay off your mortgage faster, reducing the amount of interest you’ll need to pay in the long run.
Income suites offer a high return on investment. Although it may be a significant investment to transform your space into an income suite, it’s an investment that’s usually returned within a year or so, after which you can enjoy the benefits of the additional income.
They can be the perfect guest suites. If you’re in-between renters or you find you don’t enjoy renting out your income property, you’ll have the perfect place to host guests, especially those staying for longer periods of time.
What kinds of income suites are there?
The main types of income properties available in Edmonton are basement suites (also known as a secondary suite) and garden suites (also known as a garage suite).
Garden suites, according to the City of Edmonton, “are single or two-story structures built in the back yards of single detached homes, semi-detached homes, and row houses.”
Conversely, basement suites are defined as separate dwellings located within the home, which may be created through the development of the basement or other interior space.
Both types of income properties have different legal requirements by the City of Edmonton to make these spaces habitable.
What makes an income suite legal in Edmonton?
An Edmonton income property must have all of the legal heating and ventilation, plumbing, gas, and electrical permits, as well as a fully functional kitchen and bathroom. They may also need extra fire and sound protection.
Basement suites also must be accessible without passing through the main area of the home, such as common space. Garden houses also require a furnace and hot water tank to be considered a legal dwelling.
5 Renovations That Add Value to Your Income Suite
A strategic design and specific features can increase both the function and the comfort of your income suite, making it more appealing to potential renters and increasing your ability to raise rent prices.
According to Kijiji and RentFaster, the average income suite rents for about $800-$1,500 a month. To make sure you’re getting the highest possible rental income, try implementing these 5 home renovations that are sure to add value to your income suite!
1. An Updated Kitchen
Just like any other property, the kitchen is one of the main selling (or renting) features of a home. With this in mind, it’s your job to ensure that your rental suite has a clean, modern, and functional kitchen. If you can, update the suite’s kitchen with new countertops, appliances, backsplash, faucets, and light fixtures. You may also want to consider sacrificing a bit of cupboard space to install a dishwasher in the kitchen for the renter’s convenience.
2. Private Entrance
A private entrance can make a rental space feel more like home. It can also create a bit more privacy for yourself and your future tenant. When creating a separate or private entrance for your income suite, it’s the little touches that can make your suite worth more to a potential renter. Little things like adding a paved sidewalk that leads up to their front door, installing a doorbell for their suite, and adding a porch light are the kinds of upgrades that will make your income suite much more desirable to paying tenants.
3. Neutral Colours
Painting your income property with neutral colours will enhance your renter’s ability to envision the space as a blank canvas that they can make their home. Bold coloured walls, cabinets, or flooring may scare away potential renters as it could potentially clash with their personal aesthetic or taste.
Neutral colours, particularly those in white, cream, or gray colour palettes, can make your space appear more bright, modern, and appealing.
4. A Spa-Like Bathroom
The bathroom should always be one of the first places you consider upgrading if you are planning to create a money-generating income suite.
Whether you are renovating an existing dated bathroom or designing the bathroom for your income suite from scratch, it’s worth it to spring for modern tiling, new countertops, and pleasing fixtures. It’s also worth considering installing a shower with a glass door for a more luxurious feel.
Heated flooring is also a luxury update that is sure to set you apart from any other income properties potential renters are looking at. Heated flooring is the perfect way to warm up a dark basement bathroom or a space with cooler wooden or tile flooring.
5. Private Laundry
No one likes washing their underwear next to their landlord. The less risk you and your potential tenant have of stumbling over each other, the better. If you can, create a private laundry space in your income suite for your tenants. In-suite laundry can also be a great way to up the amount you can charge in rent per month.