Ep 3. Maternity Leave Money Maker
- October 19, 2011
In the third episode of season 5 of Income Property titled "Maternity Leave Money Maker," the host, Scott McGillivray, helps a couple turn their basement into a rental property that will generate income while they are on maternity leave.
The couple, Jennifer and Mark, are expecting twins and need additional income to support their growing family. To achieve this, they plan to rent out their basement as a separate unit. However, the basement is currently unfinished and requires significant work to turn it into a livable space.
Scott begins by assessing the basement's potential and discussing the clients' needs and budget. He proposes a plan to create a modern and functional space that can be rented out for a significant return on investment. Scott suggests dividing the basement into three zones: a living area with a kitchenette, a bedroom, and a bathroom. He also recommends adding a separate entrance to ensure privacy and easy access for renters.
After receiving approval from the clients, Scott and his team begin the renovation process. They start by removing the old carpet and installing new flooring. They also add insulation to ensure the space is energy efficient and soundproof. In the living area, they build a custom kitchenette with modern cabinets and appliances, including a stove, refrigerator, and dishwasher. They also install a countertop and a sink with a modern faucet. To create a cozy atmosphere, they add a fireplace and a large sectional sofa.
In the bedroom, they add a king-size bed with high-quality bedding and a large closet. They also install a window for natural light and airflow. In the bathroom, they install a modern vanity with a vessel sink, a large mirror, and a sleek faucet. They add a glass-enclosed shower with a rainfall showerhead and modern tiles that create a spa-like feel.
As the renovation process nears its end, Scott and his team receive a surprise request from the clients. Jennifer and Mark ask if they can include a small workspace in the living area, as they plan to work from home while taking care of the twins. Scott agrees to the change and adds a small built-in desk and shelving unit.
Once the renovation is complete, Scott and the clients are thrilled with the outcome. The basement has been transformed into a modern, functional, and stylish rental unit that can generate substantial income for Jennifer and Mark while they are on parental leave. The final reveal of the renovated space is an emotional moment for the clients, and they express their gratitude to Scott and his team for their professionalism and expertise.
In conclusion, "Maternity Leave Money Maker" is an inspiring episode of Income Property that showcases Scott McGillivray's expertise in turning a basement into a profitable rental unit. It highlights the importance of careful planning and budgeting, as well as the value of creative solutions to meet the clients' needs. Overall, it is a must-watch for anyone interested in real estate investing, home renovation, or interior design.
