Ep 6. First Time Parents Seek Extra Income
- June 6, 2010
Income Property is a Canadian television show that focuses on helping homeowners turn their homes into income-generating properties. The show is hosted by Scott McGillivray, an experienced real estate investor, contractor, and designer.
In season 3 episode 6, titled "First Time Parents Seek Extra Income", Scott meets with a couple, Chris and Rachel, who are new parents and looking to generate extra income to support their growing family. They are currently living in a small bungalow and struggling to make ends meet on Chris' salary alone.
Scott takes a tour of the couple's home and assesses its potential for generating rental income. He notes that the basement is currently unfinished, but has good ceiling height and could be renovated into a separate living space. He proposes that Chris and Rachel convert the basement into a rental unit, which could generate significant additional income for the family.
As part of his assessment, Scott also takes a look at the local rental market to determine what type of rental unit would be in high demand in the area. He finds that there is a high demand for smaller, affordable rental units, which gives Chris and Rachel the opportunity to create a studio or one-bedroom apartment in their basement.
After coming up with a design plan for the basement renovation, Scott provides Chris and Rachel with an estimate of the cost of the project. He also explains the potential financial benefits of creating a rental unit, including the rental income they could earn each month and the increase in property value.
Throughout the episode, Scott works closely with Chris and Rachel to help them stay within budget for the renovation while still creating a functional and attractive rental unit. He also provides guidance on how to market the unit to potential tenants, including how to stage it for viewings.
As the project comes together, Chris and Rachel are thrilled with the final result. The basement now features a cozy living area, a bedroom, and a small kitchenette. They can't wait to start showing it to potential renters and generating extra income for their family.
Overall, "First Time Parents Seek Extra Income" is a heartwarming episode that highlights the power of income property to help families achieve their financial goals. It demonstrates the importance of thinking creatively about how to generate income from your home, and shows how a small investment in a basement renovation can pay off in a big way. Whether you're a new parent like Chris and Rachel or simply looking for ways to boost your income, this episode is sure to provide inspiration and practical tips.