Episode Theme: A Savvy Savings Plan
John and Kate need to upgrade their vacation property in order to generate more income and create a stable financial future for their family.
Design Theme: Chic Retreat
Purchase Price: $392,000
Realtor Appraisal: $550,000
Increased Property Value: $158,000
Option 1: $55,000 -In the front area remove the kitchen and turn it into a rec room. New floors throughout, gut and expand the bathroom, turn the bedroom into a recessed mudroom. In the other space the kitchen will get a mini facelift and the living/dining areas get a refresh. Estimated rent of $2,500/week ($10,000/month).
Option 2: *CHOSEN* $70,000 -All of option one but the rec room becomes a master suite with walk-in closet. In the other space the kitchen gets a total gut job and upgrade, and new floors throughout. Estimated rent of $2,900/week ($11,600/month).
Estimated Weekly Income: $3,500 in the high season ($14,000/month).