That Suite May Not Be So Sweet

Sophisticated real estate investors are innovative thinkers that know how to optimize a property they are investing in. A home that holds potential for a secondary suite to rent brings a flush to their cheeks and a skip to their step as they see the potential of increased revenue. When you see an ad that mentions a "in law suite" or "basement suite" be cautiously excited and as always, do your due diligence.

The residential zoning laws regarding a suite in Alberta will be different than in other regions so the first thing you need to do is get a hold of the municipal government's development office and become familiar with the latest zoning regulations. If they are allowed you need to get even more specific about the need (or not) of separate sleeping, cooking or bathing facilities required for each home. Check in with others investing in that region and see what they know.

Investing in a property with a legal secondary suite can be a great real estate move and one that can be financially rewarding. If that suite turns out to be non-conforming the authorities can come to your property door at any time and shut it down. Say goodbye to the extra revenue and hello to a headache. Don't count on the rent from a suite that isn't legal as it could vapourise at any time.

Stick to a home with a legal suite and enjoy the extra rent it provides, We may not always appreciate it but the zoning is there for a reason. Stay legal and stay safe.

Rhonda Hoffman

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