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.