Nick Volkov and Jenna Phipps came across a unique listing for a house in Vancouver, British Columbia, Canada, in October 2023. Although the listing described the house as a “tear-down” and only included pictures of the exterior, the couple was drawn to the property because it was undervalued, had a water view, and was not a standard modern house. Upon seeing the house in person, they realized that it was in much worse condition than expected, with holes in the roof, high levels of moisture, and overall neglect. Despite the flaws, they saw the potential in the architecture and decided to make an offer.
The house, a single-family home built in 1961 with three bedrooms, 2.5 bathrooms, a pool, and 0.30 acres of land, was in such a dilapidated state that the couple had to sign a waiver before entering. The realtor warned them about the poor condition of the property, which had been empty for four years. The couple was determined to restore the house instead of tearing it down and successfully bid $2.1 million CAD or $1,525,923 USD for the property. The unique mid-century modern design of the house stood out to them, and they were excited about the opportunity to transform it.
Due to the house’s condition, Volkov and Phipps were unable to obtain a traditional mortgage and had to opt for a private two-year loan instead. They split the 20% down payment evenly and plan to use the two years to repay the loan, fix up the house as much as possible, and then refinance with a traditional mortgage. The property was valued at $3.4 million CAD or $2.5 million USD and was considered a good deal by the couple for their desired neighborhood, where the median list price of homes was $1,578,540 in March 2024.
After closing on the house in January 2024, the couple started the renovation process by clearing out the home and putting tarps on the roof to prevent further water damage. They found original furniture, old photos, and a record player from the house’s past, which added to their excitement about restoring the property. Despite encountering mold and hazardous areas, the couple was determined to tackle the renovation themselves to save money. With an estimated investment of $10,000 CAD to date, they hope to keep the full renovation under $300,000 CAD and plan to preserve the house’s mid-century modern design while updating the interior with modern features.
Volkov and Phipps are focused on keeping costs down by doing much of the work themselves and have enlisted the help of their parents to clear out the house. They are working on getting the necessary permits for construction and are currently focused on replacing the roof before winter. The couple is dedicated to transforming the neglected property into their dream home and are committed to living frugally over the next two years to invest everything they have into the renovation. They are excited to witness every stage of the construction process and look forward to the finished result that combines the original design of the house with modern updates.
