Basement Sacrifice Means a New Apartment and a New Home

Episode HINPR-604H

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  • July 24, 2014

    6:30 PM e/p

  • August 14, 2014

    11:00 AM e/p

Diana is a flight attendant and flying solo as a recently single parent to two boys. She'd been living in Costa Rica and has returned to Canada to raise her children. While she was still away she found this 1940s detached brick home and decided it would make a great home to raise her children in. Her parents scouted it, then Diana put in an offer and unexpectedly got it - sight unseen! Her parents have helped finance the purchase by providing a second mortgage. Diana's plan is to pay down the mortgages by creating a basement apartment where she and her boys will live for a year or two and rent out the two story, 3 bedroom home above. When her finances are more stable, she'll move back into the upper unit and rent the basement as a long term 2nd income. For the past two months, she's attempted some of the renovations and hasn't finished any single task except to completely gut what was a finished basement. Diana needs Income Property's help.