They say “third time’s the charm,” right? Well, for investors Cory & Julie, it was really their last chance. They had tried investing in an income property twice before with the best of intentions, but just couldn’t seem to get it right. Negative cash flow and an over-budget renovation had gotten the best of them.
Because of past mistakes, every penny counted on this reno. We found some surprises along the way and had to come up with clever solutions to keep the budget in check. Another way to keep costs down? Putting the homeowners to work. I put Cory and Julie to the DIY test on not just the demo of their space, but also some projects to help with sound separation between the units – something that was a big concern for them.
Design Theme: Modern Country
Purchase Price: $547,000
Realtor Appraisal: $650,000
Increased Property Value: $103,000
Chosen Renovation Option: $60,000 – One bedroom with den, includes a new kitchen and 4-piece bathroom. Estimated rental income $900.
Alternate Renovation Option: $95,000 – 3-bedroom apartment with new kitchen, ensuite, and updated bathroom. Estimated rental income $1200.
Estimated Monthly Rental Income: $1,000