Ep 11. Common Spaces Spruce Up

In Income Property season 5 episode 11, titled "Common Spaces Spruce Up," real estate expert and host Scott McGillivray helps homeowners in Toronto increase the value of their properties by transforming their basements into income-generating rental units.

This episode focuses on the common spaces in a home that can often be overlooked when it comes to renovation and design. Scott meets with homeowners who have turned their basement into a rental unit, but have neglected to update the common areas such as the entranceway, hallway, and laundry room. These areas are important to renters and can have a big impact on the overall value of the property.

First, Scott visits the home to get a sense of the areas that need improvement. He notes that the entryway is dark and uninviting, with no clear path for renters to take. The hallway is cramped and narrow, and the laundry room is outdated and inefficient.

Scott then sits down with the homeowners to discuss their budget and design goals. He emphasizes the importance of creating a cohesive design throughout the entire basement, including the common areas. He also suggests ways to optimize the space, such as removing unnecessary walls and installing more efficient lighting.

With a plan in place, Scott brings in his team of contractors to begin the renovation. He oversees the construction, making sure everything is up to code and on budget.

The first area to be tackled is the entranceway. Scott and his team remove a wall to create a more open and inviting space. They also install a new door with a large window to let in natural light. To make the area more functional, they add a bench and coat hooks for renters to use.

Next, Scott focuses on the hallway. He adds more lighting to brighten up the space and enlarges the entrance to the laundry room to make it feel less cramped. He also installs a built-in linen closet for added storage.

Finally, the team turns their attention to the laundry room. They replace the outdated machines with new, energy-efficient ones and install shelving for added storage. They also add a folding station and coat hooks to make the space more functional.

Throughout the renovation, Scott checks in with the homeowners to make sure they're happy with the progress. He also explains the value of these updates when it comes to renting out the space.

In the end, the renovated common areas make a big impact on the overall look and feel of the basement. The space is now more functional, efficient, and inviting for renters, and the homeowners can expect a higher return on their investment.

"Common Spaces Spruce Up" is a helpful episode for homeowners who are considering converting their basements into rental units. It showcases the importance of making updates to the entire space, including the common areas, and how small changes can have a big impact on the overall value of the property.