Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Non conformins suite

3Girls

0
Guest
Joined
Sep 27, 2007
Messages
46
What is the overall feeling of "legal" nonconforming suites? Should you take the income from non conf. suites into account when doing a property analysis and what is the feeling regarding the value they add to the property? If you could get it built, would you invest to put in a new suite if it was nonconforming. By nonconforming I refer to not meeting zoning requirements.

Maurice
 

FayWong

0
Registered
Joined
Aug 30, 2007
Messages
135
QUOTE (3Girls @ Oct 23 2007, 12:45 AM) What is the overall feeling of "legal" nonconforming suites? Should you take the income from non conf. suites into account when doing a property analysis and what is the feeling regarding the value they add to the property? If you could get it built, would you invest to put in a new suite if it was nonconforming. By nonconforming I refer to not meeting zoning requirements.

Maurice It depends on where you live and how the community feels about suites. If secondary suites are not welcome, and all the rules are strictly enforced then no I would not take the income into account. If you are in Calgary, yes take the income from the suite into account, as the chances of the suite being shut down is pretty slim, as long as it meets minimum standards [for ceiling height, egress windows, fire alarms, seperate entrance] and it fits in the neighbourhood. If most houses on the street had suites then yes if no one else on the block had a suite, then probably not. If yours was the only suited house on the block there is a greater chance that someone will complain. As for building a suite, some suites cost more than others to build. Sometimes you can make a suite but the layout of the basement is such that the rooms don`t flow well (I have seen suites where you have to go through a bedroom to get to the other bedroom. or through a bedroom to get to a shared bathroom. If a comfortable suite could be added easily and the after reno cost still would work when doing the property analysis, then yes I would build a suite. If the layout would be poor, then the quality of the tenants will be poor so that one would be a no. And again it would have to fit into the neighbourhood. As for the value it adds to the property. It really depends on the quality of the suite. A well designed suite can be used by the next owner as a mortgage helper or as an expansion of the main floor for a growing family (family room,extra bath and bedrooms) adds a lot of value. How much value depends on how well thought out the suite was.
 

BobHudson

0
Registered
Joined
Aug 29, 2007
Messages
173
I agree with Fay`s comment on the importance of location.

I have non-conforming suites in Hamilton and - so far - all is OK. I`m not crazy about them but do recognize the income.

When we were shopping in London, Ontario we were strongly cautioned to avoid non-conforming suites as the City of London is not as accomodating as City of Hamilton.

Good luck!

"Lease to Own" Bob
 
Top Bottom