Ep 14. Taking Control
Income Property is a television series that follows the journey of homeowners as they take on the task of renovating their properties to create rental units. In season five, episode fourteen titled "Taking Control," Scott McGillivray is faced with a unique challenge when he meets a couple who wants to turn their unfinished basement into a rental apartment.
The episode begins with Scott meeting with the homeowners, Ana and Aaron, who explain their desire to generate rental income by renovating their basement. Scott quickly assesses the space and notes that it is a blank canvas that offers ample potential for transformation. He discusses various design options and outlines a plan that includes adding a full kitchen, bathroom, and creating a separate entrance.
Scott's philosophy is to maximize rental income, and he suggests features that appeal to potential tenants, such as soundproofing, adjustable lighting, and space-saving storage solutions. He also advises on the financial feasibility of the project, outlining the estimated costs and potential return on investment.
As the renovation gets underway, Scott is faced with challenges, such as the need to install a drainage system and remove an existing beam. However, he takes these obstacles in stride and works to find creative solutions to ensure the project stays on track.
Throughout the episode, Scott offers valuable advice for homeowners looking to generate rental income. He emphasizes the importance of doing research on the local rental market to set competitive rent prices and advises on how to identify potential tenants' needs and wants. Additionally, he provides tips on how to create a space that is functional, appealing, and low-maintenance.
As the renovation nears completion, Scott works alongside the homeowners to furnish and decorate the space. He suggests neutral colors and classic designs that will appeal to a broad range of tenants and recommends using durable, easy-to-clean materials to minimize maintenance costs.
The episode concludes with Scott and the homeowners reviewing the final product. Ana and Aaron are thrilled with their new rental space and eager to start generating income. They express their gratitude to Scott for his guidance and support throughout the project.
In summary, "Taking Control" is an informative and inspiring episode of Income Property that showcases how homeowners can transform their properties into valuable rental units. Scott's expertise, coupled with the homeowners' enthusiasm, results in a beautiful and functional space that is sure to attract tenants and generate income for years to come. The episode serves as a reminder that with the right guidance and a willingness to take on a challenge, homeowners can turn their properties into profitable investments.
