Debt – we’ve all got it. But Adrian & Jennifer had a little more of it than they were comfortable with. A $20,000 wedding and honeymoon quickly doubled in price, and with Adrian transitioning jobs, they needed a home with an income property more than ever. But if they were going to get their dream home, they needed to make a smart investment.
The took a risk and went for a house they could grow into, but it needed one important thing: a separate entrance. And, as sometimes happens, one thing led to another and the discovery of inadequate drainage was another hit to the pocketbook. But once they finished wrestling with their renovation, they ended up with an “extreme” reveal.
Design Theme: Modern Bachelor
Purchase Price: $365,000
Realtor Appraisal: $420,000
Increased Property Value: $55,000
Chosen Renovation Option: $40,000 – Basement bachelor apartment including separate sleep area, kitchen with peninsula and new floors. Estimated rental income $800.
Alternate Renovation Option: $50,000 – Full one-bedroom apartment with new entrance, reconfigured bathroom and large living area. Estimated rental income $1000.
Estimated Monthly Rental Income: $925