This picturesque 1930 Dunbar home was purchased with the intent to build a dream home. However, with the wait times for build permits over six months, the owners were going to be on the hook for Vancouver’s Empty Homes Tax. This is where Property Sage came into the picture. We renovated the existing house in a short amount of time to provide a fixed-term lease rental to a family in Vancouver, while also earning our landlord rental income.
Details:
Property Land Value : $2,055,000
Size: 2,075 sq/ft, 4 Bedroom, 2 bathroom
Area: Dunbar (Vancouver)
To be competitive in a rental market (which had been greatly impacted by COVID19), the house required updating. In addition, Vancouver city hall had recently approved a new 3% Vacancy Tax to unoccupied homes.
BEFORE
When the owners reached out to us for a free consultation, we outlined their options along with our zero-cost solution.
AFTER
After signing a lease to become their new tenants, we went to work renovating the home. We’re proud of the work our team did on this house!
Problem Solved:
After updates were complete, we subleased the house on a 12-month fixed-term lease. Our landlord earned steady rental income and saved thousands of dollars in repair and restoration costs, ultimately pocketing over $90,000. Not to mention, they avoided the headache of sourcing and finding contractors. As their tenant, Property Sage pays upfront for all current and future expenses while giving the owner peace of mind knowing exactly when their property will become vacant for demolition.
Our Goal – Restore the original features of the house and brighten everything up.
Our goal is not to overhaul the houses completely, but rather, to restore and refinish the aspects of what make the house unique to begin with.
For the Dunbar location, the hardwood floors throughout the main floor were in need of some care and restoration. We sanded, stained, and varnished every room. The end product was a cool and hip-looking distressed hardwood floor. These renovated floorboards sealed the deal for our future tenants. Once they saw the finished product they, “had to live here!”
While the hardwood floors were being taken care of, our crew simultaneously went to work on other areas of the house by:
- Adding an additional bedroom
- Freshening up the paint throughout the house
- Updating the appliances, wall insulation, laminate flooring and heating
- Installing new lighting, window coverings
- Completing plumbing repairs and installing new toilets.
Once the restoration was complete, we reached out to our network of tenants and subleased the house to a group of young professionals. Ultimately, we helped the landlord save on the Vacancy Tax and helped an amazing group of people find a lovely home.
Dunbar Landlord Benefits:
- Avoided $20,000 in property repairs
- Avoided paying future maintenance costs.
- Secured steady rental income
- Became exempt from the 3% Vancouver Vacancy Tax & 0.5% BC Speculation Tax
- Provided peace of mind knowing trained and dedicated professionals are repairing and managing the integrity of the property 24/7
- Found quality tenants who are on a fixed-term lease
Problematic vacant properties are our specialty. 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 property.