Are garden suites a good rental investment?
Affordable housing is hard to come by these days, and countless investors and developers are constantly looking for ways to maximize the housing supply and provide sustainable options at a reasonable price.
Homes for sale in Edmonton with garage suites are becoming increasingly popular among buyers looking for a more sustainable and cost-effective option. These homes have a detached garage or carriage house that has been converted into a secondary living space, often known as a "garage suite". These garage suites can be used as a rental unit, providing the homeowner with additional income, or as a space for a family member or guest to live in. This added living space allows for more efficient use of land and resources, while also providing an additional income stream.
In addition to being environmentally friendly, homes with garage suites also offer the opportunity for more affordable housing options. They can provide a great solution for first-time buyers looking to enter the housing market, as they can help offset the costs of owning a home. Furthermore, having a garage suite can also provide additional privacy and autonomy for aging parents or adult children living at home.
Homes For Sale with a Garage Suite
There are currently several homes for sale in Edmonton with a garage suite, with a range of prices and styles to suit different needs. Some popular neighborhoods for homes with garage suites include Old Strathcona, Garneau, and Queen Alexandra. These homes are typically listed on real estate websites such as Realtor.ca or Zillow, and can also be found through local real estate agents.
What is a garden suite?
A garden suite is a small living space located in the backyard of a single detached house, semi-detached house or row house. To qualify as a garden suite, the area must have its own kitchen, bathroom, sleeping and living space. Some garden suites include garage space and some have no garage at all.
How much does a garden suite cost in Edmonton?
Why garden suites?
Garden suites are great for adding flexibility to our neighbourhoods. By including smaller, lower maintenance and more affordable living options in our communities, older residents can downsize while staying in the neighbourhoods they love, and younger residents can find housing that fits their budget. By building a garden suite, homeowners remain the sole residents of their home, while adding some extra rental income from their lot. Other homeowners choose to build a garden suite to accommodate an extended family member, like a parent or grandparent, allowing them to live nearby while still maintaining a level of privacy for both. It’s a win-win, and a great way to add housing choices to our neighbourhoods. That helps us be more efficient with our utilities, allows more people to use existing transit routes, and creates more opportunities for local main streets to flourish.
Is my lot eligible? Find your zone...
In the past, garden suites were only eligible in certain locations, like corner lots or next to commercial zones. Today, because of updates to the Zoning Bylaw, a garden suite can be built on many more low-density residential lots. To determine whether your lot is eligible, you’ll need to know the zone that's affecting your lot. If you don’t know your zone you can visit maps.edmonton.ca to find your information.