Newly engaged couple Jessica and Aaron were looking for their first home together to start the next chapter of their lives as a couple on the right foot – and get Aaron out of his parent’s house. They had a big wishlist and didn’t want to bite off more than they could chew, so it was up to me to find them a happy medium.
A surprise announcement put an extra urgency to getting this renovation done quickly and on budget, but no renovation comes without its surprises. Electrical problems pushed Jessica & Aaron’s budget to the max and caused unexpected delays, so I used the opportunity to teach these homeowners how to tackle some projects themselves, but also when to call in the professionals – all in an efforts to make the most out of their investment.
Design Theme: Hot Classic
Purchase Price: $490,000
Realtor Appraisal: $570,000
Increased Property Value: $80,000
Chosen Renovation Option: $50,000 – One bedroom apartment with expanded bathroom, open concept living/dining area and renovated kitchen. Estimated rental income $850.
Alternate Renovation Option: $60,000 – Two bedroom apartment with new kitchen, bathroom, ensuite laundry, and open living space. Estimated rental income $1000.
Estimated Monthly Rental Income: $1,350