Episode Theme: Income for the Animals
Kim wants to build an apartment in her basement where she can live while renting out her main floor. She needs extra money to pay down her mortgage so she can retire in 10 years and volunteer in Mexico.
Design Theme: Practical Comfort
Purchase Price: $335,000
Realtor Appraisal: $475,000
Increased Property Value: $140,000
Chosen Renovation Option: $65,000 – One bedroom with large kitchen, open concept living, oversized bathroom and large master suite. Estimated rent of $1000/month.
Alternate Renovation Option: $85,000 – Three bedroom apartment with U-shaped kitchen, large living room and small, 3pc bath. Estimated rent of $1500 per month
Estimated Monthly Rental Income: $1,300