Ep 5. Retirement Reality Check
In the fifth episode of season five of Income Property, titled "Retirement Reality Check," host Scott McGillivray meets with a couple who are nearing retirement age and are feeling the squeeze in their retirement savings. Scott sets out to help them by transforming their unfinished basement into a rentable space, giving them a new source of income and a boost to their retirement plan.
The couple, named Doug and Roberta, are both in their mid-sixties and have been diligent savers throughout their careers. They had hoped to retire comfortably, but have found that inflation, rising healthcare costs, and other factors have eaten away at their savings. They are still several years away from retirement, but are worried that they won't have enough money to support themselves once they stop working.
To help them, Scott proposes turning their unfinished basement into a two-bedroom apartment that they can rent out for additional income. The space is currently being used as a storage area and has no plumbing, electrical, or ventilation systems in place. Scott estimates that the project will cost around $40,000, but that the couple can expect to earn around $1,200 per month in rental income once the renovation is complete.
The episode follows Scott and his team as they work to transform the basement into a beautiful and functional living space. They install a kitchen, bathroom, and laundry room, as well as new walls, flooring, and lighting fixtures. Scott incorporates some money-saving strategies into the design, such as using inexpensive but durable materials, and installing energy-efficient appliances and lighting.
Throughout the process, Scott emphasizes the importance of creating a space that is safe, comfortable, and attractive to potential renters. He advises Doug and Roberta on how to price the apartment, how to advertise it to prospective tenants, and how to screen potential renters to ensure that they are reliable and trustworthy.
In addition to the renovation itself, the episode also touches on some of the financial and emotional challenges that come with retirement planning. Scott discusses the importance of having a solid retirement plan in place, and offers some tips on how to save money and maximize retirement income. He also encourages Doug and Roberta to take a realistic look at their retirement goals, and to consider ways in which they can adjust their expectations if necessary.
Overall, "Retirement Reality Check" is a practical and informative episode of Income Property that offers valuable insights into retirement planning and real estate investing. Scott's expert advice and the couple's journey to transform an unused space into a profitable asset provide a compelling narrative, and the renovation itself is inspiring and entertaining to watch. Viewers will come away from the episode with a greater understanding of the importance of planning for retirement, and some practical tips on how to do so.
