The appraiser's note about my basement suite flipped my whole plan

So I've been renting out my basement in Surrey for 2 years now, thinking I had it all figured out. Last month I got an appraisal done because I wanted to refinance, and the guy left a note saying my suite had "no secondary kitchen sink setup" which basically means it's not a legal suite in the city's eyes. All that time I thought I was fine, but now I'm looking at either spending about $8k to redo the plumbing or taking the suite out of the rental listing. My tenants are great and I don't want to boot them, but the bank won't count that income anymore. Has anyone else had a city inspector or appraiser point out something that forced a big choice like this? Are you fixing it or just converting back to a single family and eating the lost rent?

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1 Comment

wood.zara19d ago

Hang on, is this one appraiser's opinion or did the city actually flag it? Sounds like you might be getting ahead of yourself. Maybe get a second opinion before you drop 8 grand or kick out good tenants.