Tips

10 Tips for Turning a First Home Into an Income Property

For the past ten years, Scott McGillivray, a 30-year-old real estate entrepreneur, has made a living by transforming houses into income properties. The 30-year-old currently manages 18 properties with over 100 tenants, and now he’s coming to HGTV to help a “house poor” generation create legal income suites and help offset their rising mortgage payments.

Whether it’s a 100-year-old Victorian home, a multi-apartment property or a fully renovated unit in a hip urban area, this entrepreneur can do it all. Check out 10 tips we learned from McGillivray by watching the first episode of HGTV’s Income Property:

    1. Make sure it’s worth it
      As McGillivray says, the cost of renovations has to be able to pay itself back within two years rent. Scout out local markets, get a professional opinion, and be sure to watchIncome Property. Because, hey, who doesn’t want to make a couple of bucks on something they need anyway?
    2. Tag team, if you can
      To use a cliché, two heads are better than one, and home-owning is no exception. Getting to your desired final product is a journey, and having a teammate to share frustrations, anxieties and most importantly, costs with is invaluable.
    3. The best way to learn is to go through the experience
      As one homeowner in the show puts it, “you can read as many books as you want, but you have to experience it.” Every home is unique, and every home will reveal its own problems and potential solutions.
    4. Whatever you budget, add 25 per cent
      When renovating your space, despite what a professionally quoted budget says, add 25 per cent, just in case. If you don’t go over, nothing lost. But if you do, at least you were expecting it.
    5. Houses are like onions
      The more layers you peel back, especially while demolishing, the more problems you’re going to find. Count on hidden gems like mould, live wires and any other hidden costs, just in case.
    6. Consider all the options
      If you have a three-story plus basement house, why just rent out only the basement? As we learn in the first episode, doubling the space not only allows you to live mortgage-free by increasing the rent, it also increases the value of the home. But it also may not be the option for you, especially if you plan on expanding a family or you want access to your backyard.
    7. Make sure the space is livable
      If the kitchen has zero counter space and the bedroom can only fit a bed, not only is it going to be hard to find someone to rent out your unit, but think of the types of people who might be wanting to rent out your unit.
    8. Don’t skimp on the drywall, especially on the ceiling
      Not only do you want a fire barrier between you and your new housemates, you might be thankful for a little bit of sound-proofing in the long run.
    9. Start on the outside
      A separate entrance is key when renting out a basement, especially if you don’t want to mingle too much with your new lessees. And you might want to make sure there are no potential lawsuits hanging around — such as slippery stairs or rotting wood.
    10. Don’t turn your house into a home… right away
      If a long-term investment is what you seek, turning your space into a home right off the bat isn’t going to help pay those accumulating bills. Your No. 1 priority should be making your home into an income source, or at least a manageable entity.

Posted By: Jake Fortinsky

THIS BLOG claims no credit for any images posted on this site unless otherwise noted. Images and content on this blog are copyright to its respectful owners. If there is an image appearing on this blog that belongs to you and do not wish for it appear on this site, please E-mail (info@trocanada.com) with a link to said image and it will be promptly removed.

Getting the Most Out of Your Basement

The Dream is Within Reach

Basement renovations have become incredibly popular for many reasons, but the main reason has been to take advantage of the extra square footage that you have sitting below your main floor. Basements are being renovated with more sophistication. Whether it is a new home office, gym, bedroom, family room, or even sometimes a kitchen!  The basement has given many families the square footage they need to turn their home into a dream home! With more complex basement renovations, means more opportunities for poorly renovated basements. To eliminate the possibilities of a poor renovation, asking a professional to work with you on your renovation plan is significantly important. A professional can help guide you in the right direction. A professional can also take care of all the stress that is attached to performing a renovation. Most likely you have a budget for this basement renovation, and having a professional show you your options in that price range is important as well. Beginning a renovation that is clearly out of your price range can lead to you spending much more dough than you had originally planned to spend. Hiring professional costs money, but this initial investment will allow you to stick to your budget and to renovate your basement perfectly.

Lighting Changes Everything!

I am only going to discuss one significantly important factor to consider when performing a basement renovation. Many people looking to renovate their basements forget to add quality recessed lighting. This means installing lights into the ceiling of your basement. The reason I am emphasizing this aspect of the basement, is due to the fact that most basements have little natural light. Windows tend to be quite small in basements, therefore giving off a dark and sometimes dingy feel. Adding excellent lighting in your basement will give your basement the brightness it needs to be a welcoming space for your family and friends. Recess lighting also saves a lot of space that would otherwise be wasted on lamp space. Saving on space for lamps will give you the ability to truly take advantage of the extra square footage you are accumulating through your basement renovation.

O Canada

Our next blog will include more tips on basement renovations. Living in Canada may give us a tough winter, but having the extra square footage is excellent for us Canadians. We should all use our basements wisely, and this is why we will be creating another blog on basement renovation! We want to help you create your dream home! Remember, if you are going to dream, you might as well dream big!

Written By: Jake Fortinsky

THIS BLOG claims no credit for any images posted on this site unless otherwise noted. Images on this blog are copyright to its respectful owners. If there is an image appearing on this blog that belongs to you and do not wish for it appear on this site, please E-mail (info@trocanada.com) with a link to said image and it will be promptly removed.

Renovation Advice From Professionals

Significantly Safe

When performing home improvements, you must always ask yourself if it is an improvement that you can perform on your own. If it is a renovation that is more complex, hiring a professional is usually the safer way to go. This article will help you know your potential, and when you should call a professional to perform your home improvement.

Electrical Execution

When making electrical changes to your home, it is always best to hire a professional.There are many negative consequences that can result from you performing the electrical changes inappropriately. Hiring a professional will eliminate the negative possibilities such as; over-heated electrical wires, overworked circuit breakers, and many more. To ensure that all electrical standards are met; you will need to have in-depth knowledge of the electrical changes you are performing. Even though performing these alterations without a professional will save you money in the short-run, in the long-run you will need to spend endless amounts of money to fix the mistakes you made previously. It is best to spend more money at the beginning of a renovation and to perform these changes safely, rather than spending more money in the future.

Wild Walls

If you are planning to expand your kitchen, or simply create a more open-concept layout, you must understand which walls are load-bearing walls. Load-bearing walls are the walls that are supporting your home, and ensuring that your home does not cave in. Therefore, a renovation that is as simplistic as knocking down one wall, may lead to your entire home collapsing! I recommend at least obtaining information or advice on which wall you can knock down in your home. It may seem like a small change, but a small modification can lead to a large disaster. Unfortunately many of us do not know which walls are safe to eliminate, and therefore hiring a professional to perform this improvement is highly recommended. A professional will have greater knowledge of the structure of your home. You may be thinking, “Well how can they know more about my home, it’s my home!” It may be difficult to believe, but you do not know many things about your home. The professional will be able to identify a cosmetic wall versus a support wall, therefore notifying you of which wall you are able to eradicate.

Lesson Learned

This article discussed a few renovations that are safer when performed by a professional. There are still many other

types of renovations that you should ask a professional to accomplish.The goal of this blog is to expose you to the dangers of performing renovations without a professional. The lesson to take from this article is that, when you are unsure of a renovation or how it should be performed, contact a professional. The professional will be able to provide you with advice and tips for the specific renovation you are planning to execute. Stay safe, and may all your future renovations conclude in success and happiness!

By: Jake Fortinsky

THIS BLOG claims no credit for any images posted on this site unless otherwise noted. Images on this blog are copyright to its respectful owners. If there is an image appearing on this blog that belongs to you and do not wish for it appear on this site, please E-mail (info@trocanada.com) with a link to said image and it will be promptly removed.

Painting Your Interior Walls Successfully

When working on the walls of your home you must decide between two options for your walls. You can choose wallpaper or if you are willing to take on a slightly more difficult job, you can paint your walls. Using wallpaper

DIY: Planning on Creating a Plan

Measure Twice, Cut Once

DIY projects have become incredibly popular in recent years. Although there are many home buyers attempting to save money by performing DIY projects, they are often failing to successfully accomplish these projects. It is crucial that every DIY’er has a set plan before they begin their DIY project. As I was once told, “measure twice, cut once”. This refers to the idea that you should never perform your project until you are positive that you are fully prepared. Measure twice; review all your steps more than once, and then when you feel you are prepared to begin your DIY project, begin!

Building a Plan

Many DIY’ers create a plan for their DIY project, except the problem is that their plan is incohesive and unclear. All DIY’ers should build a plan that clearly identifies the goals that need to be accomplished for the project to be done exquisitely. A plan should “paint a picture” in your mind of exactly what you will need and how your room will look once it is completed.

The Vision…

Many times DIY’ers perform their renovations with their friends or family. It is important that everyone involved in the project have the same vision. Again, having a clear and concise plan will not allow for much interpretation and will therefore lead to everyone having the same vision. This ensures that all members know exactly what needs to be done to accomplish each and every goal.

You Snooze, You Lose

If you are the type of person that can lose focus after completing one goal, or losing interest once you are halfway done a project, a great way to keep you focused is to create multiple plans. You can create a thorough plan for each goal, and then once you complete a goal, you can move onto your next plan. This will eliminate the chances of you becoming uninterested in your project when you have not completely accomplished it. Since you will be working with a brand new plan for each goal, you will feel like every new plan is a brand new project, and you will not lose interest.

The Art of Excitement

Since DIY projects can be tough, and can sometimes take months or even years to complete, keeping them fun and exciting is always a great way to make them a more enjoyable experience. People perform DIY projects mainly for two reasons; budget, and the experience of accomplishing something on their own. Making a DIY project a great experience will also lead to it feeling like a fun activity, rather than a chore.

Make your DIY project clear, concise, and fun. Enjoy your next DIY project, and if you want to tell us about your project, please feel free to comment below. Need more tips on DIY projects?! We will be posting more blogs with tips for DIY projects!

Written By: Jake Fortinsky

THIS BLOG claims no credit for any images posted on this site unless otherwise noted. Images on this blog are copyright to its respectful owners. If there is an image appearing on this blog that belongs to you and do not wish for it appear on this site, please E-mail (info@trocanada.com) with a link to said image and it will be promptly removed.

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