Ep 5. The Pressure's On to Renovate A Basement Apartment

In season 1 episode 5 of Income Property, entitled "The Pressure's On to Renovate A Basement Apartment," real estate expert and host Scott McGillivray takes on a new project in Toronto. A couple named Michelle and Stewart are feeling the pressure to renovate their basement apartment in order to generate some additional income and pay off their mortgage faster.

As Scott meets with Michelle and Stewart, they explain that the basement apartment is currently outdated and in bad shape. The couple hopes that the renovation will increase the value of their property and generate around $1,400 in rental income per month. Scott takes a look at the space and notes that there are a lot of cosmetic and functional improvements that need to be made.

After discussing the priorities with Michelle and Stewart, Scott comes up with a plan to transform the space into a modern, functional and attractive apartment that will appeal to potential renters. The renovations will include updating the bathroom, kitchen, and living areas. There will be a major focus on maximizing storage space throughout the apartment and making the most out of the limited square footage available.

Scott and his team of contractors get to work on the renovation, and as with many home improvement projects, there are a few bumps along the way. However, Scott is able to handle the challenges with his trademark calm and problem-solving skills. As the renovations continue, the basement apartment begins to take shape and the couple starts to see the potential for increased rental income.

Throughout the episode, Scott provides helpful tips and advice for homeowners and potential landlords who are looking to turn their properties into income-generating assets. He emphasizes the importance of working with a budget, using good-quality materials and finishes, and creating a space that is functional and attractive for potential renters.

Overall, "The Pressure's On to Renovate A Basement Apartment" is a compelling and informative episode of Income Property that showcases the transformation of a neglected space into a valuable income source. Scott's expertise and easy-going personality make the renovation process feel achievable, even for inexperienced homeowners and landlords.