This spectacular property is located in one of Vancouver’s most prestigious neighbourhoods: Point Grey. Originally a luxury home, the house itself was built in 1915 on 1.5 acres of land.
Property Land Value: $9,717,000
Size: 2,700 sq.ft- 3 Bedroom, 3 bathroom
Area: Point Grey (Vancouver)
The owners recently purchased this property with the intent to build their dream home. Due to several years of neglect, what was once a beautiful luxury home had fallen into a state of disrepair. It was also uninhabitable in its current state. In the City of Vancouver, the wait times for the building permits were well over six months. With an unlivable house and months of wait times to build, the homeowners were going to be on the hook for over $420,000 in Empty Homes Tax. The Property Sage solution for them was to repair the house and find short-term tenants.
The owners reached out to us for a free consultation. We outlined their options along with our zero-cost solution.
After signing a lease to become their new tenants, we went to work restoring the home. We invested over $50,000 of value into the existing house at our own expense over a short amount of time.
Restore 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 this Point Grey location, the house needed repairs in many areas. The heating was our biggest concern. The house had radiant in-floor heating and needed an update. We asked our experts to help source new parts from all over the world. It was a tricky puzzle to solve but we managed to find a solution to bring that element of luxury back to the house.
We pride ourselves on our ability to take on large cosmetic restoration projects and accomplish them not only quickly but also at a fraction of the cost of our competitors.
While the radiant heat floors were being taken care of, our crew simultaneously went to work on other areas of the house. We worked to provide:
- New carpeting in various rooms.
- Updated bathroom and shower.
- Updated kitchen with new appliances.
- Fresh paint throughout the house.
- Updated and modernized bedrooms.
- New laminate flooring.
- Plumbing updates and repairs and new toilets.
- Extensive exterior landscaping.
- Tennis court restoration.
- New lighting fixtures and window coverings.
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 would become vacant for demolition. Once the restoration was complete, we reached out to our network of tenants and subleased the house to a group of young professionals. We helped the new owners save on Vacancy Tax and also helped an amazing group of people find a lovely and renovated home.
Point Grey Owners Benefits:
- Avoided $420,000 from the 3% Vancouver Vacancy Tax & 0.5% BC Speculation Tax.
- Saved them over $50,000 in property repairs.
- Avoided paying future maintenance costs.
- Peace of mind knowing trained and dedicated professionals are repairing and managing the integrity of their property 24/7.
- Found quality tenants on fixed term lease completing before demolition date.
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.