Watch Income Property
Income Property is a show on the HGTV Network, starring Scott McGillivray. Scott, a carpenter by trade, has renovated over 20 income generating homes that he converted and renovated himself. Each week, he assists homeowners, by offering design options to renovate an otherwise unused space and create a potential income suite. The goal is to generate income that will lower the homeowner's monthly mortgage payments, and add value to the property. The space selected to renovate is usually the basement area.
In each episode, Scott meets with the homeowners to assess the space. Generally, the space has electrical, plumbing, code, and layout issues. He provides them with two options, each having an estimation of return on investment by way of monthly rent received for it. The homeowner decides which option will work best for them based upon their budgets. Once an option is selected, Scott, the homeowners, and a team of electricians, carpenters, and plumbers get started with the renovation. The spaces often will require that walls be demolished, changes in the electrical wiring, and flooring resurfacing. Because of these extensive renovations, quite often, an inspector is required to visit the property to ensure the wiring, plumbing and firewalls are up to code and comply with the housing authorities. Once inspections are approved, the next phase of the renovation continues. Scott asks the homeowners to stay out of the space when the renovation is nearly complete, so they will be surprised at the final reveal.
Once the renovation is complete, a real estate appraiser comes in to assess the value of the income suite with the new changes. They also provide an estimation of the amount of rent the homeowners should charge. A stager brings in furniture, appliances and accessories that will show off the space, and give it the wow factor to potential renters.
By the end of the episode, the newly developed space is revealed to the homeowners. Scott informs them of the increased value of the home and the estimated market rents. He also advises the homeowners of what features should be included in a newspaper ad to rent out the space.