Jump to content

      












Photo

Garden Suites in The City of Victoria


  • Please log in to reply
114 replies to this topic

#101 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

Posted 20 September 2020 - 03:42 AM

thousands of people have basement suites for revenue generation. is some portion of their capital gains supposed to be taxed?

it looks like it probably should be:

https://financialpos...-to-rent-it-out

well it’s not as if capital gains is a 100% tax.

and if you can build the garden suite for $200k and get $2200/mo. for it that’s still miles ahead of a revenue condo purchase. and every year in Victoria hundreds of people buy revenue condos.

Edited by Victoria Watcher, 20 September 2020 - 03:53 AM.


#102 Mike K.

Mike K.
  • Administrator
  • 57,939 posts

Posted 20 September 2020 - 06:22 AM

You can sell the revenue condo at any time. Not so with the garden suite.
  • Matt R. likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#103 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

Posted 20 September 2020 - 06:28 AM

You can sell the revenue condo at any time. Not so with the garden suite.

 

well you just sell your whole house and suite combined if you have to.  i don't understand what you mean.

 

if you had the spare cash or equity to pay $200,000 to build it then probably you are unlikely to have to suddenly sell it/your house.  if you have to you have to.  who cares.

 

but if you look at the cashflow of the suite compared to the investment condo you are ahead $500 or $1000/mo. at least.     


Edited by Victoria Watcher, 20 September 2020 - 06:29 AM.


#104 Mike K.

Mike K.
  • Administrator
  • 57,939 posts

Posted 20 September 2020 - 06:48 AM

Well what you’re saying is this is a better investment than a condo. I disagree. Both have their pluses and minuses and neither is better than the other.

I also don’t think the majority of homeowners view the selling of their home as a “who cares” proposition, and probably why we only see ~3,000 SFD sales every year.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#105 Rob Randall

Rob Randall

    C'mon man, cut out the malarkey

  • Member
  • 13,304 posts

Posted 20 September 2020 - 06:50 AM

It's going to take a long time for rental revenue to pay off that construction loan though, right? 20 years?

 

Airbnb would turbo boost income during the summer months if it was a sweet suite in an nifty neighbourhood.

 

If I still had my Mosaic condo it would be making me about $600 a month profit at least.


Edited by Rob Randall, 20 September 2020 - 06:51 AM.

"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#106 Mike K.

Mike K.
  • Administrator
  • 57,939 posts

Posted 20 September 2020 - 07:10 AM

That’s if it was AirBnB’d, Rob?

Also, are short term rentals permitted at these carriage houses?

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#107 Rob Randall

Rob Randall

    C'mon man, cut out the malarkey

  • Member
  • 13,304 posts

Posted 20 September 2020 - 07:28 AM

No, just regular rental. If Airbnb were allowed, hypothetically you could add another thousand a month profit. Keep in mind these imaginary profits are high because my mortgage payment at the time was $300. People that bought condos recently, I don't know how they manage to make any money. You can only charge so much rent.


"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#108 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

Posted 20 September 2020 - 07:40 AM

Yes. But still hundreds of rental condo are bought each quarter. The investment money continues to pour in.

not saying garden suites are perfect. but they might fit for some.

Edited by Victoria Watcher, 20 September 2020 - 07:40 AM.


#109 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

Posted 20 September 2020 - 07:45 AM

if I’ve got a broadmead house and a construction company home office I might really enjoy the garden suite with hot tub and office. Nobody says anyone has to live in it permanently.

Edited by Victoria Watcher, 20 September 2020 - 07:45 AM.


#110 Rob Randall

Rob Randall

    C'mon man, cut out the malarkey

  • Member
  • 13,304 posts

Posted 20 September 2020 - 08:03 AM

^Ideally you Airbnb it during the summer. That gives you the same profit you'd get with a year round regular rental. Then from September to May you use it yourself, have guests over, kids, grandparents. Mind you, that plan does zero to help the tight rental market.


"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#111 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

Posted 20 September 2020 - 08:04 AM

ideally I put my mistress in it. that takes some talent to pull off though.

certain cultures might pull it off.

Edited by Victoria Watcher, 20 September 2020 - 08:05 AM.


#112 Rob Randall

Rob Randall

    C'mon man, cut out the malarkey

  • Member
  • 13,304 posts

Posted 20 September 2020 - 09:00 AM

ideally I put my mistress in it. that takes some talent to pull off though.

certain cultures might pull it off.

 

I knew a local guy that separated from his wife but let her live downstairs in the basement suite. He figured the cost of room and board was cheaper than divorce and alimony. The wife was agreeable but the new girlfriend was not a big fan of the arrangement although it went on for several years.


"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#113 Victoria Watcher

Victoria Watcher
  • Member
  • 15,413 posts

Posted Yesterday, 01:50 PM

On Tuesday, the City of Seattle rolled out a website called ADUniverse that will offer 10 pre-approved accessory dwelling unit (ADU) designs and other information to help homeowners navigate the process of adding a backyard cottage or mother-in-law apartment (or two) to their lot.

 

“In addition to providing an easily accessible design option, the pre-approved designs will shorten the permitting process by at least 2-6 weeks and save homeowners about $1,500 in permit fees,” the Mayor’s office said in a press release. Nick Welch, senior planner with the Office of Planning and Community Development (OPCD), said that time and monetary savings could be even greater in some cases by avoiding costly corrections to initial designs.

 

 

https://www.theurban...ottage-designs/


Edited by Victoria Watcher, Yesterday, 01:52 PM.

  • David Bratzer likes this

#114 Mike K.

Mike K.
  • Administrator
  • 57,939 posts

Posted Yesterday, 01:59 PM

More importantly, what does the pimp have to say about that?
  • Victoria Watcher likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#115 tommy

tommy
  • Member
  • 593 posts

Posted Yesterday, 05:02 PM

 

On Tuesday, the City of Seattle rolled out a website called ADUniverse that will offer 10 pre-approved accessory dwelling unit (ADU) designs and other information to help homeowners navigate the process of adding a backyard cottage or mother-in-law apartment (or two) to their lot.

 

“In addition to providing an easily accessible design option, the pre-approved designs will shorten the permitting process by at least 2-6 weeks and save homeowners about $1,500 in permit fees,” the Mayor’s office said in a press release. Nick Welch, senior planner with the Office of Planning and Community Development (OPCD), said that time and monetary savings could be even greater in some cases by avoiding costly corrections to initial designs.

 

 

https://www.theurban...ottage-designs/

 

plenty of great concepts in their gallery... https://aduniverse-s...gallery#gallery



 



1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users