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Edmonton home with basement rental helps first-time buyers with mortgage

7310 Edgemont Way, Edmonton, Alta.

7310 Edgemont Way, Edmonton

ASKING PRICE

$510,000

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SELLING PRICE

$510,000

TAXES

$3,413 (2016)

DAYS ON THE MARKET

Not applicable

CO-OP AGENTS

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Corey Young, Warren Pratt and Luc Cote, Professional Realty Group

The Action: A conversation between colleagues led to the private sale of this relatively new, two-storey house with an attached double garage in a growing west-end community in Edmonton. For the first-time buyers, mortgage payments are significantly lower than what they have been paying in rent, aided by the income from a tenanted basement suite.

What They Got: The house, with more than 1,800 square feet of living space, is divided into two self-contained spaces, including a 700-square-foot basement suite with a bedroom, bathroom, entertaining area, kitchen and laundry appliances.

The seller never occupied the main unit, which has three bedrooms, two bathrooms and nine-foot ceilings above an eat-in kitchen with an island, dining area and open living space with a fireplace.

The Agent's Take: "The Hamptons is one of the more prestigious areas in the west end … this [house] is just south of it," says agent Luc Cote. "It's a minute drive to get on the Anthony Henday [freeway] and another couple minutes to get onto Whitemud [Drive], and there's a brand new Costco nearby."

The rental income is an added bonus. "A lot of [area homes] are the same in a way, but this one is unique because it has a legal suite," Mr. Cote notes. "These are perfect as first-time buyer mortgage helpers and they're also what our clients buy as investment properties, so they're versatile for when you sell."

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