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Private Notes
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.
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.
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.
Peter 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.
Martin & 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.
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 a relative and began digging a hole in their basement to upgrade the old plumbing system.
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.
Heather is a teacher who bought a newly renovated bungalow with a “ready to rent,” two-bedroom basement apartment, which was the key to affording the house on her own.
Samantha and Andrew were smart enough to buy their first home with a fully functioning basement apartment. They were told the previous owner had been renting 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.
Sean bought his semi-detached, former boarding house with the intent of converting it into a duplex to help pay the mortgage. Disaster struck within 48 hours of moving in, when the drain in the basement overflowed and filled the basement apartment with sewage making it impossible to rent.
Expecting their first baby in nine weeks, Shawn and Sarah thought ahead when they bought their first home, purchasing one with an existing basement apartment. They figured they would need the income to make the mortgage payments in the short-term with a plan to eventually move Shawn’s mother and brother into the basement to assist with the finances in the long-term.
Brad and Nikki always knew what neighbourhood they wanted to live in, but they also knew they needed an income property to be able to afford to live in it. So when they found their first home with a basement apartment complete with a quality tenant, they thought they were set.
When Steve was searching for his first home, he knew exactly what he wanted: a triplex that would bring in double the rental income. For the past four years Steve has successfully rented out two units, but now his mortgage is up for renewal and in this credit crunched economy, it is estimated that tax values will increase on average by 20%. On top of this, Steve is renting out his basement unit well below the market value. Steve needs Scott’s help to update his basement suite to help offset his increasing mortgage and be able to charge top dollar for the apartment.
