Income Property Season 1 Episode 2 Bursting at the Seams

"Income Property" is a home renovation show that helps homeowners turn their unused space into rental apartments to generate extra income. In season 1 episode 2, titled "Bursting at the Seams," host Scott McGillivray helps a young couple in Oakville, Ontario, who are struggling to afford their home. The couple, Sarah and James, are living in a small two-bedroom house and are expecting their second child. They have a lot of stuff and are constantly tripping over things. Their living space is cramped, and they're running out of room fast.

Scott meets with Sarah and James to find out more about their goals, budget, and timeline. They want to renovate their basement, which has a low ceiling and is damp and dark. They hope to turn it into a bright, modern, and functional two-bedroom apartment that they can rent out for extra income. Scott puts together a plan and a budget of $35,000, which includes waterproofing, insulation, flooring, lighting, plumbing, and electrical work.

Scott brings in his team of contractors and designers to get to work and transform the basement into a beautiful and practical space. They first tackle the moisture and insulation issues by installing a drainage system, waterproofing membrane, and spray foam insulation. They also raise the ceiling by removing the old ductwork and installing new, efficient heating and ventilation systems.

Next, they focus on the layout and design of the apartment. They divide the space into a living room, kitchen, bathroom, and two bedrooms. They use light colors, clean lines, and smart storage solutions to make the rooms feel spacious and airy. They install large windows to bring in natural light and add a touch of fun with a chalkboard wall in the kids' room.

Scott and his team also pay attention to details that will appeal to prospective renters, such as pet-friendly flooring, a separate entrance, and private laundry facilities. They add stylish finishes, such as quartz countertops, subway tiles, and modern fixtures, to create a high-end look on a budget.

Throughout the renovation process, Scott works closely with Sarah and James to make sure their needs and preferences are met. They have to make some tough decisions, such as giving up storage space and sacrificing a little bit of ceiling height. However, they are impressed with the progress and the quality of work and are excited to have a new source of income.

In the final reveal, Sarah and James are thrilled with the new apartment and can't believe how different it looks and feels. The new space is bright, comfortable, and functional, with plenty of storage and modern amenities. They estimate that they can rent it out for $1,100 a month, which will go a long way towards paying their mortgage and living expenses.

Scott congratulates them on their successful income property and reminds them to take good care of it and their renters. He also advises them to consult with a tax professional and a lawyer to make sure they are complying with the local laws and regulations.

Overall, "Income Property" season 1 episode 2 is an inspiring and educational show that showcases the power of smart renovation and real estate investment. It teaches viewers how to maximize their living space and generate passive income by renting it out to others. It also demonstrates the importance of collaboration, communication, and planning to achieve a successful income property.