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Income Property: Yoni & Shannon

Yoni & Shannon were city folks through & through – no doubt about it. So their condo on the outskirts of the city just wasn’t cutting it anymore.

They wanted what every homeowner wants: lots of space, desirable neighbourhood, and to get their “forever home” right off the bat. All those things? Well they cost a lot of money. And because the house itself had a huge price tag, we all hoped that any bad news would be minimal. Unfortunately, once we pulled down some walls and the ceiling, turned out that this house had the most problems per square foot that we’d ever seen.

Because of the budget-busting renovation to save their house, the biggest question was: would they move into the basement and rent the upstairs to recoup some of that money?

Design Theme: Modern Glamour

The Numbers

Purchase Price: $805,000

Realtor Appraisal: $875,000

Increased Property Value: $70,000

Chosen Renovation Option: $40,000 – A bachelor apartment with new entrance, revamped washroom, extended kitchen and new partition between living room and sleeping area. Estimated rental income $1000.

Alternate Renovation Option: $45,000 – One bedroom apartment with full bathroom upgrade, new kitchen layout and new bedroom/office. Estimated rental income $1150.

Estimated Monthly Rental Income: $1,200

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