Jen and Brock were urbanites that live by the motto, “go big or go home”. However, after the purchase of an expensive downtown home, they were left with champagne taste on a beer budget. This house had everything – including hidden fire damage, compromised structure, and electrical problems. With the purchase of this property, they became first-time homeowners, first-time landlords, and first-time renovators all at the same time, and they need me to hold their hand and to show them how to make the most of their limited funds and take advantage of a rental in the city’s hottest neighbourhood.
Design Theme: Lofty Living
Purchase Price: $673,000
Realtor Appraisal: $800,000
Increased Property Value: $127,000
Chosen Renovation Option: $70,000 – High end 2-storey, 3 bedroom apartment with open concept main floor. Estimated rental income $2400.
Alternate Renovation Option: $50,000 – Two storey, 2 bedroom apartment using existing kitchen. Estimated rental income $2000.
Estimated Monthly Rental Income: $2,600