Secondary Suite & Basement Suite Valuation in Nanaimo
How Nanaimo appraisers value secondary suites, basement apartments, and legal vs. non-conforming rental units.
Secondary suite value in Nanaimo hinges on one question
Secondary suite value in Nanaimo hinges on one question: is the suite legal, legal non-conforming, or unpermitted? A legal, self-contained suite with permits is credited at market rent; an unpermitted suite is typically treated as bonus space only.
Documentation that moves the value
Documentation that moves the value: municipal permits, occupancy certificate, fire-code compliance evidence, and separate entrance / utility metering. Send these when ordering.
Nanaimo-specific considerations
Nanaimo-specific considerations: Age-and-condition adjustments dominate — most comparable stock is 40+ years old with varied renovation levels.
Income approach overlay
Income approach overlay: where the suite is legal and rented, the appraiser may include a supporting income analysis using local market rent. This does not usually replace the sales-comparison conclusion for a single-family property but supports it.
Turnaround for a suite-inclusive report in Nanaimo runs 5
Turnaround for a suite-inclusive report in Nanaimo runs 5–10 business days; add 1–2 days if permit records need to be pulled by the appraiser.
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