Ep 3. Buried Treasure in a Basement Apartment
- October 21, 2009
In this episode of Income Property, host Scott McGillivray meets with a couple looking to turn their unfinished basement into a profitable rental apartment. The couple is hoping to create an income stream to help cover the cost of their mortgage, and McGillivray is eager to help them achieve their goal.
The basement space is a blank slate, with only a concrete floor, exposed pipes, and a furnace in one corner. McGillivray first assesses the space and makes suggestions for how to partition it into separate living and sleeping areas, as well as how to add a bathroom and kitchenette.
The couple is initially skeptical about the cost of the renovations, but with McGillivray's guidance, they realize that investing in high-quality materials and finishes will help attract tenants and ensure long-term rental success.
As the renovation progresses, the couple discovers a hidden treasure in the basement: a large fireplace and chimney that had previously been covered up and forgotten. McGillivray suggests that they restore the fireplace as a unique and attractive feature that will add value to the apartment.
Throughout the episode, McGillivray offers expert advice on everything from demolition and electrical work to selecting flooring and fixtures. The couple is able to complete the renovation on time and on budget, and are thrilled with the results.
Once the apartment is finished, McGillivray helps the couple stage the space to showcase its potential to prospective renters. He emphasizes the importance of curb appeal and creating a welcoming atmosphere with thoughtful design choices and attention to detail.
In the end, the couple is able to find a tenant for their new basement apartment, and McGillivray calculates that they will be able to cover approximately 70% of their mortgage payment with the rental income. They are grateful to McGillivray for his guidance and expertise, and excited to begin their new life as income property owners.
