Whoa, baby! With 4 children under 7 years old, Sherief and Christine knew a thing or two about taking on big responsibility. But they’d outgrown their current home and were looking for an upgrade. The problem? With Christine at home with the kids, they needed an income property to help bankroll that upgrade.
Picking a house with an unfinished basement was an attempt to avoid any unforeseen issues and start from scratch. But you know what they say about the best laid plans… Just when they thought they all they had to do was enlarge some windows and start the build on a cash-flow maximizing apartment, melting snow surprised everyone and threw a monkey wrench into the plan. A temporary fix put the reno back on track and the result exceeded everyone’s expectations.
Design Theme: Urban Suburban
Purchase Price: $750,000
Realtor Appraisal: $900,000
Increased Property Value: $150,000
Chosen Renovation Option: $75,000 – Three bedroom open concept space with higher end upgrades. Estimated rental income $1300.
Alternate Renovation Option: $65,000 – Two bedroom basement apartment with fireplace. Estimated rental income $1100.
Estimated Monthly Rental Income: $1,600