You’re a first-time homeowner in a hot real-estate market. You’ve bought a house but now you’re wondering, can I actually afford it? You want your investment to grow and you know you don’t want to be
house poor. Your mortgage is high and your cash is low, so what do you do?
Income Property is a series about first time homeowners and their urgent goal: to put an income suite
in their home to help
Income Property - Episode Guide
18 - 22 January
Connie and Sebastian
Connie and Sebastian are hands on first-time homeowners. A little too hands on. As soon as they moved
into their new home they were lifting carpets, peeking behind walls and dreaming up plans for every square
foot. This 100-year-old Victorian semi-detached used to be a rooming house. The bubbly couple got rid
of most of the evidence from the previous apartments, but are now left with some holes here, a crack
there and the potential for an income property that’s going nowhere.
25 - 29 January
Jay and Kathryn
When Jay and Kathryn moved into their new home they never thought they would outgrow it so fast! With
two kids in the family, space is at a premium. Kathryn and Jay need an income suite to increase the value
of the house in the marketplace and generate the income to pay the mortgage in full so they can start
saving for a bigger home.
01 - 05 February
Kirk and Stephanie
Kirk and Stephanie bought their dream house 3 years ago, and have since spent every waking moment
improving the condition of each of the three apartments in the building. Now they are thinking about
starting a family and someday would like to be able to take over the whole house. They intend to keep the
basement as an income suite to give them long-term security. With changes and upgrades made to the
basement apartment they know they can charge a higher rent and make the most of that space.
08 - 12 February
Peter
Peter Busse purchased an expensive, fully renovated Victorian in a hip downtown neighbourhood last year.
Adding a potential rental suite in the basement was his plan and the key to bringing down his substantial
mortgage. But with a demanding new job, lots of travel and new interests, Peter hasn’t gotten around to
getting that basement ready and rented out. He would like his rental suite to give him security and the
freedom to make a career change down the road – to maybe even fly solo.
15 - 19 February
Martin and Isidora
Martin and Isidora have found their dream home, but the basement needs a lot of work. Closing date has
been pushed up by 3 months, and they have already promised their tenant she can move into their
basement apartment 15 days after they take possession. Problem is, it’s going to take all 15 days to get
it up to a standard that their renter and her 7-year-old daughter can move into.
22 - 26 February
Tai and Trish
Tai and Beatrice have dug themselves into a hole, both literally as well as financially. They went way over
budget when they purchased their dream home, and as soon as they moved in, they took the advice of arelative and began digging a hole in their basement to upgrade the old plumbing system. Scott suggests
some green solutions that will save them money in the short-term and ultimately bring in more money in
the long run.
01 - 05 March
Elliot
Elliot bought his first home and has big dreams for it. Unfortunately, bigger isn’t always better. His
elaborate plans are taking way too long and costing way too much. Scott is going to show him how to
spruce up his income suite without spending his entire life savings. Money pressure, time pressure, and on
top of it all, there’s a girlfriend who is waiting to move in…
08 - 12 March
Heather
Heather is a teacher who bought a newly renovated bungalow with a “ready to rent,” two-bedroom
basement apartment- the key to affording the house on her own. A home inspection revealed some minor
fixes for which Heather set aside over $20,000. Unfortunately, it turned out that nothing was to codeminor
fixes turned into a rewiring of the entire house, costing three times more than she had planned for.
Heather needs to finish the basement just to get her money back; she needs the income from a rental
suite in order to even consider keeping her house.
15 - 19 March
Samantha & Andrew
Samantha and Andrew were smart enough to buy their first home with a fully functioning basement
apartment already built-in. They were told the previous owner had been renting out the basement for
$800 a month, which was exciting news to them. But when closing day arrived they were shocked to see
the actual condition of the basement. Now Samantha is between jobs and they are desperate to take
some pressure off of their finances. Fixing up this existing income suite seems the obvious solution, but
it’s going to take a lot of work and some brilliant design ideas.
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