Serial renters Alexis & Craig were tired of living like college students. Both in their own small apartments, they wanted to invest in a house together and in a high-demand neighbourhood. This was the first foray into homeownership for both of them, and they had to do it in a smart way, since they were both freelancers with irregular income. They really needed my help.
Like many young, first-timers, location won out and they chose a house that required a ton of work. You never know what you’re going to find when you buy an old house and start tearing down walls, but you usually expect at least one thing to go right.
The reno started with good news (the subfloor was at least in good condition), but it went downhill from there. Mold, foundation problems, rodents, and incorrect plumbing made Alexis & Craig start to question their emotional decision.
Design Theme: Urban Retreat
Purchase Price: $460,000
Realtor Appraisal: $510,000
Increased Property Value: $50,000
Chosen Renovation Option: $40,000 – Cosmetic upgrade with new bathroom. Estimated rental income $1000.
Alternate Renovation Option: $65,000 – Enlarge the space to create a second bedroom and dedicated laundry area. Estimated rental income of $1300
Estimated Monthly Rental Income: $1,100