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Should I build what I need?

T

tsokalski

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Oct 22, 2007
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Hello There

I have been looking on the MLS and not very successful with what I want. I live in Edmonton and am looking for a bilevel with a suite. Due to all the fire regulations, I am considering building what I need. I am looking in NE Edmonton and I can get a new bilevel built with a suite and meeting all the codes for just under $350 000 which would cash flow. Looking for advise as Don does not recommend prebuilds but I am truly having a hard time finding something that works that is already done. Also, with the new regulations having to change a existing property over can be costly. Please help me with any advise you can offer good or bad.
 
I have a billevel in NE with a suite and it is zoned for it. We have a family there , plus 200 dollars from the garage renter. If you renovate it (basement), grants are possible from the city of Edmonton.
However, you have to rent it at 15% below market for 5 years, if you accept grant money from The city of Edmonton. There is an application you have to go through.
email me if you want to consider buying or need more info: tokir@live.ca. Currently, it cashflows nicely, even without the basement. So this is good enough for us. But selling for a small profit is good too.

Kir.
 
You should be able to find bilevels or bungalows that you can have a basement suite built into. Zoning is not a problem with the City of Edmonton`s new affordable housing bylaws. Just follow the building/fire codes, make sure that you have permits, and build a basement suite. You can currently find nice bungalows or bilevels of about 1000-1200 sq ft for about $250,000, add $40,000 for building the basement suite, $10,000 for closing costs, and you can have a nice, suited house that will give you a property that beats the 10% rule (especially with a double detached garage, as most older homes in NE Edmonton will have). Any info that you need regarding fire codes, etc, can be found at http://www.edmonton.ca/city_government/pla...suites-faq.aspx.

Good Luck!

Bill
 
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