Income Property
Encyclopedia
Income Property is a home-improvement show which airs on HGTV
. The host, Scott McGillivray
, is a home contractor and renovation specialist who helps homeowners make their mortgage payments by adding a rental unit to their house.
The series premiered on HGTV on January 1, 2009 with new episodes airing Wednesday nights.
owns over 20 income-generating homes that he has converted and renovated himself.
In each episode, Scott offers design options, prepares plans for a conversion and manages the construction of a rental suite. The key is organization and planning. Scott communicates confidence and skill to help lead new homeowners through the ups and downs of renovating their income suite.
Scott 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. Scott then provides 2 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. Scott shares the homeowners mortgage payment and subtracts the estimated market rents to provide a "lower" mortgage payment.
Once the homeowners decide on which option, 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.
Scott 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.
In some episodes, the homeowners did not rent out for various reasons.
HGTV
HGTV , is a cable-television network operating in the United States and Canada, broadcasting a variety of home and garden improvement, maintenance, renovation, craft and remodeling shows...
. The host, Scott McGillivray
Scott McGillivray
Scott McGillivray is a Canadian carpenter and television host.McGillivray is the host of Income Property, a home renovation show on Home & Garden Television . He is also a co-presenter on HGTV's show All American Handyman with Mike Holmes.McGillivray is a trained carpenter and could previously be...
, is a home contractor and renovation specialist who helps homeowners make their mortgage payments by adding a rental unit to their house.
The series premiered on HGTV on January 1, 2009 with new episodes airing Wednesday nights.
About the show
Income Property is a series about first time homeowners and their goal to put an income suite in their home to help out with the mortgage payments and increase the value of their home. Host Scott McGillivrayScott McGillivray
Scott McGillivray is a Canadian carpenter and television host.McGillivray is the host of Income Property, a home renovation show on Home & Garden Television . He is also a co-presenter on HGTV's show All American Handyman with Mike Holmes.McGillivray is a trained carpenter and could previously be...
owns over 20 income-generating homes that he has converted and renovated himself.
In each episode, Scott offers design options, prepares plans for a conversion and manages the construction of a rental suite. The key is organization and planning. Scott communicates confidence and skill to help lead new homeowners through the ups and downs of renovating their income suite.
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.Scott 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. Scott then provides 2 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. Scott shares the homeowners mortgage payment and subtracts the estimated market rents to provide a "lower" mortgage payment.
Once the homeowners decide on which option, 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.
Scott generally gets an opinion of value from a real estate appraiser
Appraiser
An appraiser , is one who sets a value upon property, real or personal. In England the business of an appraiser is usually combined with that of an auctioneer, while the word itself has a similar meaning to that of "valuer." In the United States, the most common usage relates to real estate...
or real estate agent who then provides a generously high home value which provides some shock to the homeowners.
Reveal
During the reveal of the newly redeveloped space, Scott shows the staged rental suite and provides the new value of the home and the real estate professional's value of estimated market rents. The closing of the show has Scott verbally discussing the features of the suite much like a newspaper ad would sound. Then the show provides and inter-title of the result after filming showing the amount of rent the homeowners actually got once the unit hit the market.In some episodes, the homeowners did not rent out for various reasons.