Ep 2. First-Time Homeowners Get a Green Reno and Green Income
- October 14, 2009
In this episode of Income Property, host and real estate expert Scott McGillivray meets with a young couple who are looking to purchase their first home. The couple is interested in buying a fixer-upper property that they can renovate and turn into an income property.
Scott takes the couple on a tour of several potential properties, discussing the pros and cons of each and offering advice on what to look for when buying a home with the intention of turning it into a rental property. The couple ultimately selects a spacious two-bedroom bungalow that has plenty of potential for renovation.
Once the property is purchased, Scott and his team get to work on transforming it into a rental unit that will be attractive to tenants who are environmentally conscious. They install energy-efficient appliances, lighting, and HVAC systems throughout the home. The team also adds eco-friendly building materials, such as bamboo flooring and recycled glass countertops.
Scott and his team put an emphasis on indoor air quality, making sure that all paint used in the home is low-VOC (volatile organic compound) and that the home is properly insulated to prevent drafts and energy waste.
Throughout the renovation process, Scott offers advice to the couple on how to manage their finances and how to make the most of their investment. He stresses the importance of setting realistic goals and timelines for the renovation process and encourages the couple to stay on top of their budget.
In addition to the eco-friendly renovations, Scott and his team also make sure that the income property is safe and secure. They install a new smoke detector and carbon monoxide detector and make sure that all windows and doors are secure.
Once the renovations are complete, Scott helps the couple set a rental price for the property and offers advice on how to market the income property effectively. He stresses the importance of finding the right tenants who will take good care of the property and pay rent on time.
Overall, this episode of Income Property offers a wealth of advice for first-time homeowners who are looking to turn their property into an income-generating rental unit. From finding the right property to creating a sustainable and environmentally friendly living space, Scott McGillivray and his team offer practical tips and insights that can help any homeowner make the most of their investment.
