Income Property Episodes
More Than a Coat of Paint
Connie and Sebastian are hands-on first-time homeowners. As soon as they moved into their new home, they were lifting carpets, peeking behind walls and dreaming up plans for every square foot of this 100-year-old Victorian that used to be a rooming house. Having stripped away the remnants of the former apartments, they're now left with holes and cracks here and there and the potential for an income property that's going nowhere.
Bursting at the Seams
When Jay and Kathryn moved into their new home, they never thought they would outgrow it so fast. With two kids in the family, space is at a premium. Kathryn and Jay have decided to incorporate a rental suite to increase the value of the house and to help them save money for a bigger home.
Upgrading a Basement Rental Unit
Kirk and Stephanie bought their dream home three years ago and have since spent every waking moment improving the condition of each of its three rental apartments. Now that they've begun to think about starting a family, they want to explore their options for taking over most of the house for themselves, while keeping the basement as a rental. With changes and upgrades, they believe that can charge a higher rent and make the most of the basement apartment.
Waterworks
Peter purchased an expensive, fully renovated Victorian in a hip downtown neighbourhood last year. Adding a potential rental suite in the basement was his plan and the key to bringing down his substantial mortgage. Multiple water issues are discovered as the renovation gets under way - adding unexpected costs to the project.
The Pressure's On to Renovate A Basement Apartment
Martin and Isidora have found their dream home, but the basement needs a lot of work. Their closing date was pushed up by three months, and they promised their renter that she could move into their basement apartment 15 days after they take possession. Problem is, it's going to take all 15 days to get it up to a standard that their tenant and her seven-year-old daughter can live in.
Green Solutions for a Rental Unit Renovation
Tai and Beatrice have dug themselves into a hole, both literally as well as financially. They went way over budget when they purchased their home, and as soon as they moved in, they took the advice of a relative and began digging a hole in their basement to upgrade the old plumbing system. They're looking for solutions that will save them money in the short-term and ultimately bring in more money for their rental unit in the long run.
Low-Cost Solutions for Sprucing Up a Rental Unit
Elliot has big dreams for his first home. Unfortunately, he's learning that bigger isn't always better. His elaborate plans are taking way too long and costing way too much, and on top of it all, his girlfriend will soon be moving in. Host Scott MacGillivray shows him how to spruce up his rental unit without breaking the bank.
Do It Right the First Time
Heather, a grade school librarian, did everything by the book when she bought her first house. It had a basement apartment ready to rent so she could offset her mortgage payment. However, not everything was as it appeared. Over the course of a year, the apartment slowly fell apart, adding up to $40,000 worth of repairs. The only way Heather can keep the house now is if she finally gets the job done right and finds a renter.
Attracting the Right Tenant
Recently, Samantha and Andrew bought a home complete with a basement apartment to offset their mortgage. When they first moved in, they realized that the basement was in no condition to rent. Instead of focusing on getting the rental suite, they've spent all their money renovating their own living space. Now they're out of cash and don't know where to start to get the income they need out of their basement apartment.
Earning Money to Help a New Couple Get Started
Sean has made some major decisions in the last year. He bought his first home, he proposed to his girlfriend Ania, and he started to turn his basement into a rental suite. Now, with the wedding coming up, all the plans are becoming a blur, and Sean and Ania really need the income from the basement to get their life started on the right track.
A Rental Unit for a Couple Expecting Their First Child
Sarah and Shawn are two months away from becoming parents. They just moved into their first home, and there's lots to do to get ready for the baby. To add to the pressure, Sarah's going to stay at home with the baby, so they'll be living solely off Shawn's income. By converting their basement into a rental apartment, they think they'll be able to afford their new family.
Competing For Renters in an Upscale Neighborhood
Brad and Nikki always knew what neighborhood they wanted to live in, but they also knew they needed an income property to afford it. So when they found a home with a basement apartment complete with a quality tenant, they thought they were set. Two years later, the tenant has moved out, and the apartment has fallen into disrepair. In order to get the rent they need, Brad and Nikki need help in creating an apartment competitive with the other rental units in their upscale neighborhood.
Staying Competitive in a Home With Two Rental Units
When Steve was searching for his first home, he looked for a triplex that would bring in double the rental income. For the past four years, Steve has successfully rented out two units. However, with a change in both his mortgage and his property taxes, he's facing a financial crunch. Steve asks host Scott MacGillivray for help in updating his basement suite so he can charge top dollar for the apartment and offset his own expenses.
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