Income Property - Show Format

Show Format

The show follows new homeowners each week by assisting with the renovation of a rental suite within the home. Usually the basement level of the home, but has done an upper unit from time to time.

McGillivray meets with the homeowners to see the space in its current form. Usually, the space is dull, boring and in much need of repair. The space usually looks intimidating to tackle alone without a contractor. McGillivray then provides two options for a possible redevelopment. One option is generally grander in scope and cost, giving the homeowner and option to spend more or less of their savings.

Each potential option has an estimated return on investment by way of a monthly rent received. McGillivray shares the homeowners' mortgage payment and subtracts the estimated market rents to provide a "lower" mortgage payment.

Once the homeowners decide on which option they prefer, the Income Property team goes to work to demolish and rebuild. The homeowners are usually involved in the renovation but then are kept out of the space during the final stages of completion to provide some element of surprise.

McGillivray generally gets an opinion of value from a real estate appraiser or real estate agent who then provides a generously high home value which provides some shock to the homeowners.