Edmonton $ value of legal suite

[Matt Crowley]

Looking for some experienced hands here.

I have a 980 SF Mill Woods bi-level legal suite and am trying to estimate a value for the suite. My Realtor has great comps in the neighbourhood but we are struggling to land on a value for the suite. Separate laundry.

Think of a renovated Mainstreet quality street - that is what I renovate to.

It was legally permitted with only the one furnace.

My Realtor suggested the premium at $25,000. I think it is lower but the market is still a bit bubbly for rental suites (IMHO) and there is obviously value in achieving the permits.

Thanks!

 

[Thomas Beyer]

Please clarify

Bi-level as in “ raised bungalow “ ?

980 sq ft for both levels ?

Legal suite in basement ?

You are looking for rent levels for the suite, or resale value for the bungalow ?

 

[Matt Crowley]

It's a CMA from my Realtor. Looking for market value of a legal suite as in a disposition.

980SF main level. Basement same footprint with mechanical room cutout...yes, I have lots of comps but not same property sales with legal suites.

Bi-level as in basement windows above grade.

 

[Thomas Beyer]

With an upstairs of only 980sq ft I’d say there is almost no premium, maybe $10,000 tops, for a legal suite. Most buyers want the up and down for themselves and the kids. Only a small sub market, ie investors or couples without kids, would value the extra suite income, and as such, would view this as an extra value.