Ep 7. Low-Cost Solutions for Sprucing Up a Rental Unit

In this episode of Income Property, titled "Low-Cost Solutions for Sprucing Up a Rental Unit," host Scott McGillivray helps a young couple, Catherine and Isaac, turn their underutilized basement into a profitable rental unit. With Catherine's background in interior design and Isaac's construction expertise, they plan to create a space that is stylish, functional, and attractive to renters.

The couple's budget for this project is limited, so Scott suggests some low-cost solutions to help them achieve their goals without breaking the bank. He advises them to use affordable materials like laminate flooring and pre-fabricated cabinetry, and to focus on making the most of the available space by installing built-in storage and multifunctional furniture.

One of the challenges Scott and the couple face is that the basement has a low ceiling height, which can make it feel cramped and uninviting. To address this, they install recessed lighting and create an open-concept layout that maximizes natural light and creates a sense of spaciousness. They also choose light, neutral colors for the walls and decor to brighten up the space and make it feel more welcoming.

Another issue they face is that the basement doesn't have its own entrance, which can be a major drawback for potential renters. To solve this problem, they install a separate entrance at the side of the house, complete with a small deck and stairs leading down to the basement door. This not only improves the unit's functionality, but also gives it more curb appeal and helps attract renters.

Throughout the episode, Scott emphasizes the importance of creating a rental unit that offers value to tenants while also generating income for the homeowners. He suggests ways to increase the unit's rental potential, such as providing high-speed internet, including common area amenities, and offering flexible lease terms. He also stresses the importance of setting the right rental price to ensure the unit is competitive in the market and provides a good return on investment.

Overall, "Low-Cost Solutions for Sprucing Up a Rental Unit" is a helpful and informative episode of Income Property that demonstrates how homeowners can transform underutilized spaces into profitable and attractive rental units. With Scott's guidance and the couple's creativity and expertise, they are able to create a space that is both functional and stylish, and that offers excellent value to renters while generating income for the homeowners.