First time homeowners Karen and Nick had big ambitions. A starter home wasn’t in the cards for them – they wanted to go all-in and buy their dream home. But big dreams come with big investments and what they thought was the house of their dreams turned out to be more of a nightmare. With the problems piling up and their basement becoming a swimming pool, they needed renovation advice from me to make their dreams a reality, not just a fantasy.
Design Theme: Midnight Madness
Purchase Price: $880,000
Realtor Appraisal: $960,000
Increased Property Value: $80,000
Chosen Renovation Option: $45,000 – One bedroom basement apartment with small built in office. Estimated rental income $1100.
Alternate Renovation Option: $65,000 – Three bedroom basement apartment with new layout. Estimated rental income $1400.
Estimated Monthly Rental Income: $1,500