5 TIPS FOR TURNING UNUSED SPACE INTO INCOME
Ever imagine that your love of DIY could turn into a bona fide business venture? Income Property, a new show streaming on At Home with Family Handyman, will inspire you. Host Scott McGillivray is a triple-threat expert in real estate, renovation and finance. He’s rescued homeowners from the harsh real estate market by showing them how to create rental suites in their home as a way to generate additional revenue to defray mortgage costs.
In each episode, McGillivray presents his client with two design options. After they pick the one that meets their needs, the host and his team of contractors renovate the space, with the meticulous McGillivray overseeing a sleek and cost-effective makeover.
Want a few pieces of advice to get started? McGillivray revealed his top five tips to leverage your real estate as a source of income.
1. Check your local bylaws. What are the legalities of rental properties? Can you create multiple units in a home?
2. Do the math! Look at comparable rentals in the area and make sure that your investment will generate a desired/ profitable return.
3. Look for natural divisibility in a home. Are there separate entrances for each level? Is there access to a basement? This makes it easier to begin the conversion to multiple units.
4. Get multiple estimates to have the work done legally to create a rental space you can be proud of.
5. Plan a design that adds to the overall value of the home.
Income Property is streaming now on At Home with Family Handyman, available on Samsung TV Plus, The Roku Channel and more. Says McGillivray: “Not only does it inspire design and renovation ideas, it gives people a road map to real estate investing and the true potential of their home.”