Scott McGillivray Shares His Top 5 Tips to Identify An Income Property
Updated: Feb. 26, 2024
The host of Income Property on At Home with Family Handyman is back with more home advice!
Looking to make a profit from extra space in your home? Scott McGillivray, renovator and host of Income Property on At Home with Family Handyman, shares his tips on what to consider when you’re thinking about it.
Check Your Local By-Laws
What are the legalities surrounding rental properties in the area? Can you legally create multiple units in a home?
Do the Math!
Look at comparable rentals in the area and make sure your investment will generate a desired/profitable return.
Look for Natural Divisibility in a Home
Are there separate entrances for separate levels? Is there access to a basement? This makes it easier to begin the conversion to multiple units.
Get Multiple Estimates
Do your homework to have the work done legally and create a rental space you can be proud of.
Plan it Out
Plan a design that adds to the overall value of the home.
Where Can I Learn More?
For more of Scott McGillivray’s helpful hints and tips, tune in to Income Property on At Home with Family Handyman, Mondays through Saturdays starting at 7 p.m. ET.
The channel is currently available on Samsung TV Plus, XUMO, The Roku Channel, LG Channels, Plex, fuboTV, and Sling Freestream. You can also stream At Home with Family Handyman for free through the Family Handyman app on iOS, Apple TV, Android, AndroidTV, FireTV and Roku devices.
