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Income Property: Grant & Eve

Grant and Eve had traveling on the brain. Annual visits to Australia to see Grant’s family run them $10,000, so they needed an income suite to make sure they could bankroll the yearly trips. When I met them, they were living with Eve’s dad, so the urgency to find a house of their own that could accommodate their family and help pay the bills was apparent. An extra catch? Wanting to stay in their current neighbourhood to stay close to Eve’s family and keep their kids in the same school. Grant was one of the most competitive homeowners I’ve ever met and his enthusiasm was contagious. A water mystery almost sunk the reno ship, but in the end, it was a “g’day mate”.

Design Theme: Light and Bright

The Numbers

THE NUMBERS

Purchase Price: $537,000

Realtor Appraisal: $650,000

Increased Property Value: $113,000

Chosen Renovation Option: $50,000 – Two bedroom basement apartment with new kitchen and 4-piece washroom. Estimated rental income $1200.

Alternate Renovation Option: $75,000 – 3 Bedroom, 2 Bathroom apartment with large kitchen. Estimated rental income $1450.

Estimated Monthly Rental Income: $1,300

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