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Updated about 3 years ago on . Most recent reply
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Rental Property in Calgary?
I am having a dilemma here and in need to have different perspectives on this so I can make a better judgement call. I am planning purchasing a Single family rental property in Calgary (more specifically, Airdrie). Here's the dilemma:
In Calgary, there are a lot of illegal 2nd suite units (basements), but that's not something I want to do. Not only it costs about 30k to complete the basement, the illegality of it risks the chance of being reported by the neighbors ($$ fine). However, by doing so, I can increase my rent/total value from about 0.5% to 0.7-8% (which is not bad in the area). I also think by renting it to one family is better in terms of living quality, hence a better market. But again...I'll be losing at least $500 monthly cash flow if I rent it to one family.
What do you think/know? Thanks in advance :)!
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Originally posted by @Theresa Harris:
@Jonathan Yeh Once you find out the costs to have the basement suite licenced, it will give you a better idea. Biggest things are separation and having smoke alarms connected between the units. As for the garage, have it included with the main floor unit and tell them the single bay (guessing there is a single door and a double door) can't be used for a vehicle as the area outside the single bay is for the basement tenant to park. The main floor unit would still have the 2 bays in the garage plus the driveway in front of those bays which is more than enough parking space. They can use the single bay inside for storage or a work area.
Have you thought about looking at duplexes if you want two units?
Your idea is brilliant! Thanks for sharing that, it'll definitely minimize the parking dispute.
In Calgary, unfortunately they sell duplexes as individual housing units. So I'll be paying for the price of 2 SFH for a duplex. They usually split them into upper floors and basement to make a SFH into a duplex.
Although pricing on the duplex is lower than a detached SFH, but to buy both together it'll cost about 1.5 - 1.75 times more than a detached SFH.