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Welcome to the ultimate guide on how to transform your basement into a lucrative legal rental suite in Calgary! In this detailed walkthrough, we're diving into everything you need to know to maximize your real estate returns in 2024. Whether you're looking to pay down your mortgage faster or you're an investor aiming for a significant boost in your income portfolio, you've landed in the perfect spot.
In this video, we take you on an exclusive tour of a stunning legal basement suite located in the desirable community of Arbour Lake, showcasing the potential of what your basement can become. We cover the three types of legal suites in Calgary, catering to properties built before and after March 2018, as well as detached secondary suites, offering insights into each option's unique benefits.
The legalization process can seem daunting, but we break down every step from the initial paperwork to securing the necessary permits, ensuring you understand how to navigate these procedures smoothly. A critical aspect of this journey is understanding the financial commitment required to create a legal suite and how it can generate significant rental income. To help with this, we dive into the costs involved in building a legal basement suite and discuss the potential returns on your investment.
The Calgary Suite Registry and the Secondary Suite Incentive Program are essential tools for any homeowner looking to legalize their basement suite. We explain how these resources can give you a competitive edge in the rental market and detail the incentives available to Calgary homeowners.
Featuring insights from Alan Ng and Zach Schultz of our Live Inner City Real Estate team, and Sean from Elodie's Contract and Services, this video offers a real-life look at the transformation process, highlighting the challenges and solutions encountered along the way. From understanding the critical safety and legal requirements, such as egress windows and smoke alarms, to a behind-the-scenes look at the construction hurdles, we've got you covered.
👉 Whether you're a homeowner or an investor in Calgary, legalizing a basement suite could be the game-changer you're looking for in 2024. Join us as we explore this promising opportunity to enhance your property's value and secure a steady stream of rental income.
Don't forget to like, subscribe, and hit the bell icon for more insightful real estate content. Drop your questions and experiences in the comments below - we love hearing from you!
00:00 - Intro
00:51 - 3 Types of Legal Basement Suite in Calgary
02:18 - The Calgary Suite Registry
02:45 - Secondary Suite Incentive Program in Calgary
03:10 - Legal Basement Tour with Alan and Zach
04:14 - Ceiling & door Heights Requirements - Secondary Suite Calgary
04:42 - Bedroom egress windows Requirements - Secondary Suite in Calgary
05:30 - Plumbing Requirements - Secondary Suite Calgary
07:05 - Electrical Requirements - Secondary Suite Calgary
07:55 - Legal Basement Suite Second Bedroom
08:34 - Legal Basement Suite Third Bedroom
09:05 - How Long Does it Take to Finish a Legal Basement Suite?
09:36 - How Much Does it Cost to Build a Legal Basement Suite in Calgary?
10:30 - How Much is the Rent for this Type of Basement Suite in Calgary?
10:57 - Unexpected Issues and Biggest Challenges upon doing a Legal Basement Project
12:00 - Can you Renovate the Basement while Someone is Living Upstairs?
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