Rental properties are HOT! Whether it be townhouse, duplex, single family, apartment or suited house (with secondary suite). All of these different types of properties can be a great investment! Not only is it wise to make sure the numbers work (ROI: return on investment), but you need to make sure, if it is a house that has a secondary suite, that it is legal with The City of Red Deer, to avoid any unsavoury fines from the City of Red Deer,(which can range from $500 for a first offence to $5000 for a third offence, per owner).
Some requirements for a secondary suite to be legalare a separate entrance, interconnected smoke alarms, additional parking depending on how many bedrooms the suite has and only one secondary suite per home. You will also need the following permits:building, electrical, plumbing and gas, heating/ventilation/air conditioning HVAC and occupancy. Here’s a link to The City of Red DeerSecondary Suite Process and Permits.
You may have a “legal, non-conforming” suite. This means that the suite was already in existence before the bylaws were introduced and has always been used as a suite. It would conform to today’s standards. It can’t be vacant for more than six months. It must have off street parking and it may have to be upgraded for fire code reasons.
For an idea on an approximate amount for what you can collect for your rental property in Red Deer, click here.