Jamie was a unique income property shopper for a lot of reasons. This was his first property and he was banking on a mixed commercial/residential property to help him supplement his sometimes irregular income as a documentary filmmaker. Not a lot of first time buyers even consider a commercial property, let alone actively seek one out, so his enthusiasm got me excited. Jamie’s mother had success with commercial properties, so this was a case of mother (and Scott!) knows best.
This was also a unique project because the apartment we were renovating was actually for the homeowner (with the income being generated by the commercial tenant), so creating a space that was perfect for Jamie and his son was important and a very different type of challenge for our team.
Design Theme: Modern Retro
Purchase Price: $495,000
Realtor Appraisal: $650,000
Increased Property Value: $155,000
Chosen Renovation Option: $90,000 – Switch the layout to accommodate a new kitchen, formal dining room, large washroom, and 2 bedrooms. Jamie’s mortgage, including reno cost $1450.
Alternate Renovation Option: $60,000 – Give every room a facelift, keeping the layout the same. Jamie’s mortgage, including reno cost $1250.
Estimated Monthly Rental Income: Not applicable