Three Smart Home Makeovers That Boost Value and Income

Scott McGillivray and the crew of HGTV's Income Property help turn home improvements into cash value for three first-time homebuyers.

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November 25, 2014

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New Beginnings

The crew of Income Property turned a shell of a space in a small bungalow into this striking new living room.

A New Beginning for Rui

Meet the Homeowner: The crew of HGTV's Income Property comes to the rescue of this single father, Rui, as he attempts a renovation on a three-bedroom suburban bungalow. The rental income from the improved property could help Rui regain financial stability.

New Beginnings

Before: The washroom, prior to the renovation

New Beginnings

After: Here's the completed washroom. The homeowner opted for a renovation plan that maintained a three-bedroom layout and a variety of new features. This space smartly combines a washer/dryer station with a half bath.

New Beginnings

Before: Rui's living room, prior to the renovation

New Beginnings

After: The completed living room offers a comfortable and brightly lit space decorated in neutral tones and natural materials.

New Beginnings

Before: The living room, prior to the renovation

New Beginnings

After: The remodeled living room opens into the kitchen and makes use of a new fireplace, a key focal point in this remodel.

New Beginnings

Before: The dining room, prior to the renovation

New Beginnings

After: The completed dining room also makes use of the double-sided open fireplace.

New Beginnings

Before: The kitchen, prior to the renovation

New Beginnings

After: The completed kitchen offers a clean, simple design, and it provides casual seating for dining and conversation at the counter.

New Beginnings

Before: One of the three bedrooms, prior to renovation

New Beginnings

After: Here's a look at the completed bedroom. The total cost of this home renovation was about $35,000, but the anticipated return from rental income is $1,400 per month, an amount that covers the owner's monthly mortgage payment.

New Beginnings

Before: The master bedroom, prior to the renovation

New Beginnings

After: Here's the completed master bedroom. The homeowner paid $325,000 for this home and, following the renovation, it was valued by a real estate agent at an estimated $470,000. The agent suggested a rental price of $1,650 for the newly renovated rental unit.

Lost Focus, Found Focus

Meet the Homeowner: Andrew is undertaking a renovation on a duplex while he works toward completing his master's degree. His hope is to convert his home back into a single-family residence, renovate it in a way that restores its historic roots and get roommates to help offset his mortgage. However, his busy schedule has brought the remodel to a standstill. It's time for Scott McGillivray and the Income Property crew to step in.

Lost Focus, Found Focus

Before: Here's a look at the dining room, prior to the makeover. Andrew bought this row house in an older neighborhood from his grandparents for $400,000. His mortgage is $2,000 per month.

Lost Focus, Found Focus

After: The completed dining room

Lost Focus, Found Focus

Before: The living room, prior to the makeover, is in disarray and serving as a temporary home to a claw-foot tub. The homeowner had hoped to complete the bulk of the home renovation on his own, and he thought he could complete it in three months. In reality, things turned out differently. With half-finished rooms, the home was in a state of chaos.

Lost Focus, Found Focus

After: Here's the completed living room. With the help of the Income Property crew, the homeowner selected a renovation option that maintained the home in its original form as a single-family dwelling. The cost for the complete home reno under that plan is about $50,000.

Lost Focus, Found Focus

Before: The living room, prior to the makeover

Lost Focus, Found Focus

After: The completed living room

From: Scott McGillivray

Lost Focus, Found Focus

Before: The breakfast area, prior to the makeover

Lost Focus, Found Focus

After: The completed breakfast bar

Lost Focus, Found Focus

Before: The sunroom, prior to the makeover

Lost Focus, Found Focus

After: The completed sunroom

Lost Focus, Found Focus

Before: The bathroom, prior to the makeover, is one of several rooms that the homeowner had begun to work on himself. Like many of the spaces, this one is clearly still a work in progress.

Lost Focus, Found Focus

After: The newly renovated bathroom incorporates the original claw-foot tub, chair rail molding, and neutral shades of gray and off-white.

Lost Focus, Found Focus

Before: What was formerly a kitchen in one of the duplex units is about to become a bedroom.

Lost Focus, Found Focus

After: The kitchen space is now transformed into a stunning new bedroom. The complete renovation of this home, purchased originally for $400,000, cost about $50,000. According to a real estate pro, the new estimated value on the renovated home is about $700,000. By taking on two roommates, the owner should also be able to expect a $1,500-per-month income stream to help meet his mortgage and student-loan debt.

Josephine's Security Plan

Meet the Homeowner: Josephine is a working mom with two teenagers at home. After losing her job she decided to establish a financial backup plan in the form of an income suite — a rentable basement apartment. But with no working knowledge of renovation and remodeling, she needs help getting the basement into shape. The Income Property crew is there to help.

Josephine's Basement Conversion

Before: The bathroom, prior to renovation, had linoleum counters, dated tile and vinyl flooring that actually extended into the shower. Josephine paid $426,000 for her home, and her mortgage payment is $1,500 per month. She hopes to convert her large basement into a rentable apartment that will provide a stream of income to help her out financially.

Josephine's Basement Conversion

After: The completed bathroom brings a much cleaner look and a less-cramped feeling to the space.

Josephine's Basement Conversion

Before: This open space, with its drab vinyl-tile floors and dated paneling, is about to become a bedroom. The owner's teenage son had actually been using this space to play indoor hockey.

Josephine's Basement Conversion

After: The former rec-room space is barely recognizable in its new incarnation as a completed bedroom. For the entire basement makeover, the homeowner opted for a $50,000 renovation plan that could potentially net an additional $1,300 per month in rent income.

Josephine's Basement Conversion

Before: This is another bare and dilapidated portion of the basement that's about to get re-envisioned as a bedroom.

Josephine's Basement Conversion

After: A newly created second bedroom

Josephine's Basement Conversion

Before: Before the kitchen makeover, the floor was covered in the same unattractive vinyl tile, and the stove was nonfunctional.

Josephine's Basement Conversion

After: The remodeled kitchen comes with hardwood flooring, attractive dark wood cabinetry and sleek contemporary appliances.

Josephine's Basement Conversion

Before: The kitchenette and adjoining space will form the basis of the new kitchen and living area.

Josephine's Basement Conversion

After: In the newly renovated kitchen and living room, the structural support beam has been effectively concealed and the supporting pole forms the anchor for the new kitchen island. The floor plan keeps an easy, open flow between the kitchen, living and dining areas.

Josephine's Basement Conversion

Before: The home office, prior to the makeover, is essentially just a desk, a computer and some shabby storage space.

Josephine's Basement Conversion

After: The completed office is comfortable, attractively lit and well-designed, with attractive shelving and workspace.

Josephine's Basement Conversion

Before: A portion of the basement that's about to become the living room

Josephine's Basement Conversion

After: The new basement living room is a highlight of this remodel. In total, Josephine's complete basement conversion boosted her home's estimated value to $650,000 — more than $200,000 above her purchase price — and should provide an income stream in rent of $1,400 per month.

From: Scott McGillivray

Income Property

Three Smart Home Makeovers That Boost Value and Income

Related To:

Shop This Look

New Beginnings

A New Beginning for Rui

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

New Beginnings

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Lost Focus, Found Focus

Josephine's Security Plan

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

Josephine's Basement Conversion

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