Basement Reno Advice

[tonytiger55]

Im looking at selling my condo and purchasing a house in the NE. The basement would have to be put on rent for this to work.

Can anyone advise how much it has cost them to convert a illeagal basement suite to a Legal suite? In particular, has anyone built a engress door for a seperate enterance?
Basement Square ft around 700-900...

[ExtraSlow]

Don't make it legal. Not necessary.

[vengie]

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Don't make it legal. Not necessary.

If claiming rental income in a mortgage application on a property it might be required.

/notanexpert

[ThePenIsMightier]

$20k basements are now $30k and in order to create bigger windows and/or a separate entrance, I think you just hit $40k.

This sounds like a bad idea. Make real estate your fifth favorite asset class.

[bjstare]

This seems like not great timing to overextend yourself for a house. Not to mention, selling a property with depressed values and buying one that's arguably over-valued... idk. Doesn't add up to me.

[Xtrema]

To do it proper, it's $$:
https://www.calgary.ca/pda/pd/home-b...ary-suite.html

Running an illegal suite has been done but you can also be narc'd by tenant if an disagreement happens. I know someone who ran an illegal suite by UC for students and got narc'd and fined.

So if I have to put $ into it to do it right, I definitely won't do it in the NE. And potentially shop for a property that already has existing suite done already or potentially with the least effort for an conversion.

Something, something best asset class.

[ExtraSlow]

I sure wouldn't do the conversion myself. Like mentioned be $40k by the time you are done, and that's real after-tax cash. You won't pay it out before you move.