Hi All,
I am in a very cross road and confused what to do. I am from Regina , and I am doing the basement renovations as I had some issues with the basement walls.
The basement had a 2 bedroom suite which I rented for $1000 for last 4 years after I bought in 2011. It is my principal residence.
Now as I wanted to renovate the full basement , the city of Regina is asking me to make it a legal suite ( if I want to rent it out) which will cost me $60K + . If I don't legalise it will cost me $40k+.
I have $30k as my resource. I can manage another $10k myself.
I told the permit department, it was a full suite since I bought it . But they won't allow a kitchen anymore without a legal basement application. And the legal basement should be 40% of the main floor. My basement was approx 850 Sq ft carpet area.
But good news is they have a grant program from which I may get a maximum grant of $30K. And that is also subject to few items.Bad news is I have to rent the basement to a low income family at max $1025 for next 5 years. And interestingly the gross income should be below $41K which is kinda funny.
Here is what the officer wrote me today " We will not release funding until the completion of the suite and we receive: original invoices; Occupancy Permit from City of Regina; Original Tenant Income Declaration/Consent form showing you have placed an eligible tenant; confirmation from your insurance provider that Saskatchewan Housing Corporation has been added as a loss payable".
The basement will rent anytime for $1000 whether legal or illegal.
I asked 2 realtors today, they told legal basement suite would not bring any extra value at present market scenario.
So, now what is my best option?
I am in a very cross road and confused what to do. I am from Regina , and I am doing the basement renovations as I had some issues with the basement walls.
The basement had a 2 bedroom suite which I rented for $1000 for last 4 years after I bought in 2011. It is my principal residence.
Now as I wanted to renovate the full basement , the city of Regina is asking me to make it a legal suite ( if I want to rent it out) which will cost me $60K + . If I don't legalise it will cost me $40k+.
I have $30k as my resource. I can manage another $10k myself.
I told the permit department, it was a full suite since I bought it . But they won't allow a kitchen anymore without a legal basement application. And the legal basement should be 40% of the main floor. My basement was approx 850 Sq ft carpet area.
But good news is they have a grant program from which I may get a maximum grant of $30K. And that is also subject to few items.Bad news is I have to rent the basement to a low income family at max $1025 for next 5 years. And interestingly the gross income should be below $41K which is kinda funny.
Here is what the officer wrote me today " We will not release funding until the completion of the suite and we receive: original invoices; Occupancy Permit from City of Regina; Original Tenant Income Declaration/Consent form showing you have placed an eligible tenant; confirmation from your insurance provider that Saskatchewan Housing Corporation has been added as a loss payable".
The basement will rent anytime for $1000 whether legal or illegal.
I asked 2 realtors today, they told legal basement suite would not bring any extra value at present market scenario.
So, now what is my best option?