They were about to get stuck paying the BC Speculation Tax and the Vancouver Vacancy tax. We saved our Kerrisdale landlord $48,000 in just 6 months and this is how we did it.
Property Land Value : $2,915,300.00
3300 sq/ft, 5 Bedroom, 3 bathroom
Area: Kerrisdale (Vancouver)
This 1921 Kerrisdale house was purchased with an intent to build a dream home. Originally, the owners were not intending to rent it, due to significant plumbing and cosmetic issues. However, with looming Vancouver Vacancy Tax and BC BC Speculation Tax while waiting for their city building plans to be approved, the owners decided to work with us. We provided a free consultation, outlined our zero-cost solution, and went to work!
A clogged pipe between the city and the property caused water shutoff in the house, making the property unlivable. Plus, a diminished interior in need of cosmetic repairs.
Property Sage rented the house directly from the property owner on a short 6 month lease, securing them with over $48,000 in rental income and Vacancy & Speculation taxes combined. They also saved thousands in repair and restoration costs. With us as their tenant, we paid for all the repairs which included a very complex plumbing issue.
How We Did It:
We addressed the water pressure first. Our plumbing expert installed a sophisticated water tank and pressure system intended for cottages at a very reasonable cost. The end result was a safe and working water system without having to dig up the front yard!
The crew simultaneously went to work on the cosmetic side: restored hardwood floors, fresh paint, deep cleaning. We installed new toilets, removed old carpet, updated the lighting, refrigerator, dishwasher and washing machine, all at no cost to the owner. We pride ourselves on quick turnarounds to maximize promoting the property to suitable tenants.
We then reached out to our local, established network, and signed on a group of young professionals who agreed to our fixed term deadline.
We aim for this result with every property we take on: significant savings for the property owner(s), a great new home for the tenants (in a city that has a housing crisis, this is a big win for us), and a job well done by our team at Property Sage.
Summary of Benefits to Property Owner:
Avoided thousands in property repairs
Avoided future maintenance costs.
Secured rental income despite shorter lease and house condition
Exempt from the Vancouver Vacancy Tax & BC Speculation Tax
Peace of mind knowing trained and dedicated professionals are repairing and managing the integrity of the property 24/7.
Empty properties are our speciality. No matter your timeline, or condition of the house, we’re committed to helping you get a clear picture of savings and rental income for your new property.
Contact us today for a free consultation.