Income Property Season 9 Episode 4 Life Changes Fast

In the ninth season of the popular HGTV show Income Property, viewers are introduced to the fourth episode titled "Life Changes Fast." This episode, much like the others in the series, follows host Scott McGillivray as he helps homeowners transform their properties into income-generating rental units.

In this particular episode, McGillivray visits the home of a couple named Ivan and Litsa. They are expecting their second child and are looking to renovate their home to make some extra money to cover the costs of their growing family. They are also hoping to create a comfortable and separate space for Litsa's mother to live in. The house is located in Toronto, Canada, and although it has great potential, it requires some serious upgrades to make it rentable.

First, Scott gets to know Ivan and Litsa and their goals for the renovation. They have a budget of $120,000, so Scott has to be strategic with his design choices. He recommends that the couple convert their basement into a legal rental suite to generate some extra income. This basement suite would also become Litsa's mother's new home.

The basement is unfinished, so Scott begins by waterproofing the foundation, insulating the walls, and installing new windows. He then works with Litsa to choose out all of the design elements, including paint colors, lighting, cabinetry, and flooring. They go for a modern and sleek look that will appeal to potential renters.

To make the suite feel more spacious, Scott raises the ceiling height, installs pot lights throughout, and creates an open-concept living area. He also installs a full-sized kitchen with stainless steel appliances, a large island, and plenty of storage space. The bathroom is also updated with modern fixtures and finishes.

While the basement suite is being renovated, Scott also tackles the main floor of the house. He updates the kitchen with white cabinetry, quartz countertops, and a glass backsplash. He also installs new flooring throughout the main living area and gives the fireplace a makeover with a new stone surround.

One of the unique features of this renovation is the addition of a hidden laundry room. Scott converts the hallway closet into a compact and efficient space for a stackable washer and dryer.

Finally, Scott turns his attention to the backyard. He installs a new deck and patio area for outdoor entertaining and creates a separate play area for the kids. He also puts in some landscaping to give the yard some much-needed curb appeal.

Throughout the renovation process, Ivan and Litsa are impressed with Scott's work and excited to see their home transform. They are also eager to start generating rental income from the basement suite. Once the renovation is complete, Scott meets with a local real estate agent to determine the potential rental income for the basement suite and assess the overall value of the home. The agent estimates that the basement suite alone could bring in $1,600 per month in rent.

In the end, Ivan and Litsa are thrilled with their renovated home and are excited to welcome Litsa's mother into her new space. With their new rental suite, they are able to cover the cost of the renovation and generate extra income to support their growing family. "Life Changes Fast" is another successful episode of Income Property, showcasing how renovating a home can not only improve its value but also provide a much-needed source of income.