Ep 3. Nadia & Gino
- May 16, 2012
Nadia and Gino are a young couple who have been renting an apartment in Toronto for a few years. They are eager to start building equity and owning a home, but the high prices of the Toronto housing market have made that dream seem impossible. That's where host Scott McGillivray and Income Property come in.
In this episode, Nadia and Gino explain their frustration with the Toronto housing market and their desire to own a property that will appreciate over time. They have a budget of $450,000 and are open to the idea of purchasing a fixer-upper, as long as the renovations are within their price range.
Scott shows them a few properties in different Toronto neighborhoods, explaining the potential for each one. They ultimately choose a two-bedroom townhouse in a developing area that is slightly over their budget (at $475,000), but has the potential for significant appreciation.
The townhouse needs a lot of work, so Scott and his renovation team get to work. They start by tearing out the old carpet and replacing it with hardwood flooring. The walls are painted a neutral color, and new light fixtures are installed throughout the property. The kitchen is completely renovated with new cabinets, stainless steel appliances, and a modern backsplash. Scott also decides to open up the wall between the kitchen and living room to create a more open-concept feel.
The bathroom is completely gutted and re-designed with a modern look, including a glass-enclosed shower and new fixtures. The bedrooms also receive a makeover, with new paint, flooring, and closet organizers.
Throughout the renovation process, Nadia and Gino visit the property to see the progress. They are thrilled with the changes and are excited to move in once everything is complete.
Once the renovations are finished, Scott explains to Nadia and Gino how the income property aspect works. They will be able to rent out the basement apartment, which has its own separate entrance, to help pay down their mortgage and potentially make a profit. Scott also shows them how to properly market the property to potential renters and calculates the monthly rental income they can expect to receive.
Overall, Nadia and Gino are extremely satisfied with the renovation and excited to move into their new income property. They are grateful to Scott and the Income Property team for helping them achieve their dream of homeownership in Toronto.
