A career change from corporate to entrepreneur forced Lysa to re-evaluate her financial situation. She saw downsizing and buying an income property as the key to alleviating some financial stress and providing her with the freedom to follow her dream. But you know what they say about the best laid plans? When it comes to renovations, sometimes they change.
Buying a house can be stressful. Renovations can be stressful. It’s easy to see how Lysa could get overwhelmed and we definitely ran into some issues with decision-making and expectations. It was frustrating, but also reminded me how important communication and extensive planning up front can help keep a renovation on track and on budget, while keeping everyone happy. In the end, Lysa got a space that she was happy with and she felt would attract the ideal tenant.
Design Theme: Femme Fatale
Purchase Price: $335,000
Realtor Appraisal: $400,000
Increased Property Value: $65,000
Chosen Renovation Option: $55,000 – A high end one bedroom with new kitchen, bathroom overhaul, and walk in closet. Estimated rental income $850..
Alternate Renovation Option: $65,000 – A two bedroom with new expanded bathroom and a new kitchen. Estimated rental income $1000.
Estimated Monthly Rental Income: $1,000