This week’s Income Property featured a couple intentionally building an in-law suite. However, even a two-minute buffer wasn’t enough to capture the final tally of the episode. What did Scott McGillivray’s work net this week’s client after the DVR cut-off?
This week’s clients are Matt, Sarah, and Sarah’s mom. Sarah’s dad died four days after receiving a cancer diagnosis. To help Mrs. Sarah’s Mom adjust to the next phase of her life, the couple decided to buy a house with income potential and have her live in the rental suite. They bought a lovely bungalow in the city for $260,000. However, just before the renovation project began, Matt lost his job. This forced the trio to go for the less expensive option, converting the basement to a 1-bedroom apartment and only fixing what was absolutely necessary.
There were very few pitfalls in this project. The bathroom had significant water damage, but that allowed the crew to install a tub, which Mrs. Sarah’s Mom wanted anyway. There was also an illegal carport built next to the house which had to be torn down. The good news about that: the base of the carport was infested with carpenter ants, so they averted a major crisis come summertime.
When all was said and done, the family spent just under $300,000 on the house and renovations. The return on investment was shockingly low for this show, with the appraiser quoting the new value at $310,000. However, the rental estimate was $1,000 which was higher than Scott’s ballpark of $850. Since Sarah and Matt aren’t charging rent for momsie, there was no aftermath card to screencap, other than to say that Mrs. Sarah’s Mom will be calling on Scott in a couple of years. You and me both, honey.