Ep 8. Failure To Launch
Income Property is a Canadian home renovation and real estate television show that helps homeowners turn their existing properties into income properties. The show shares tips on how to maximize rental income through renovations, using cost-effective materials and sound design concepts. In season 3, hosts Scott McGillivray and his team undertake yet another renovation, this time for a client named Aaron, who is struggling to turn his unfinished basement into an income-generating apartment.
In the eighth episode titled 'Failure To Launch', the team is faced with a challenging project as Aaron's basement has a lot of issues, including water damage and outdated electrical wiring. The basement also has low ceilings, which means they have to do significant structural work to make the space habitable. Aaron's dream of turning his basement into a rental suite seems impossible, but Scott is determined to make it work.
During the initial meeting with Aaron, Scott outlines the renovation plan, which includes fixing the water damage, updating the electrical wiring, replacing the old window, and installing insulation and soundproofing. To increase the ceiling height, the team decides to dig into the ground underneath the basement. This not only raises the height of the ceiling but also creates a separate entrance to the suite.
As the renovation progresses, the team encounters several setbacks, including the need for additional plumbing work and a persistent perimeter drainage problem. However, Scott and his team remain steadfast, and they continue to work towards completing the project despite the unexpected obstacles.
While the main goal of the renovation is to create a rental suite, Scott also shows Aaron how to use design elements to maximize the rental income. He advises that using neutral colors and modern finishes will make the space look more desirable to potential tenants. The team decides to install a contemporary kitchenette with marble countertops and stainless steel appliances, and a spacious bathroom with a modern shower and glass enclosure.
The finishing touches include new lighting fixtures, stylish floors, and a fresh coat of paint. The team works tirelessly to bring Aaron's basement to life, transforming it from a damp and cluttered space to a modern and bright apartment.
In the end, the newly renovated basement reflects Scott's vision of creating a comfortable and functional space for potential tenants. The apartment features a private entrance, a modern kitchen, a spacious living area, and a beautifully designed bathroom. The team also installed soundproofing materials to ensure that the tenants have their privacy. With these upgrades, Aaron's unfinished basement has been transformed into a fully functional rental suite that will generate a stable source of income for him.
Overall, the episode is a testament to the power of proper planning, good design, and expert workmanship in transforming an unusable space into a premium rental unit. It is an excellent example for anyone looking to undertake a similar project.
