In October 2023, Nick Volkov discovered a unique listing for a property in Vancouver, British Columbia, which he thought would be perfect to show his girlfriend, Jenna Phipps. Despite the listing describing the house as a “tear-down,” Volkov and Phipps were intrigued by its undervalued price, water view, and unique architecture. Upon visiting the property, they found it to be in a severely dilapidated state, with a leaky roof, overgrown landscaping, mold, and high levels of moisture. Despite its flaws, the couple saw the potential in the property and decided to make an offer for $2.1 million CAD or $1,525,923 USD.
Due to the property’s condition, Volkov and Phipps were unable to secure a traditional mortgage and had to opt for a private two-year loan instead. They impressed the seller by sharing their plans to restore the home rather than tearing it down, and were able to purchase the property for a price well below its market value. With plans to renovate the house themselves over the next two years, the couple is aiming to keep the total cost of the renovation under $300,000 CAD. They are currently in the process of obtaining the necessary permits to begin construction and plan to maintain the mid-century modern look of the home while incorporating modern appliances and features inside.
After closing on the property in January 2024, Volkov and Phipps immediately began the process of clearing out the home. They secured the leaky roof with tarps to prevent further water damage and tackled the mold and hazardous areas themselves, wearing full-face gas masks for protection. The couple estimates they have invested $10,000 CAD into the renovation so far, with plans to continue funding the project themselves. Despite the challenges they have faced with the property’s condition, Volkov and Phipps are committed to restoring the home to its former glory and are determined to make it their forever home.
The abandoned property, which had been empty for four years before the couple purchased it, required significant cleaning and demolition work. Volkov and Phipps enlisted the help of their parents to clear the house down to the studs and are now working with an engineer to install a new roof before the winter. While the property’s grounds were overgrown, the couple plans to preserve as much of the original design as possible while updating the interior with modern amenities. By taking on much of the renovation work themselves and carefully managing expenses, Volkov and Phipps are hoping to create a beautiful, functional home within their budget constraints.
Despite the challenges they have faced with the property, Volkov and Phipps remain optimistic about the renovation process and are eager to witness every stage of the construction. While the total cost of the project is still uncertain, the couple is committed to putting their all into the home and living a frugal lifestyle to achieve their renovation goals. By combining their efforts and resources, Volkov and Phipps hope to bring the property back to its former glory and create a space that they can truly call their own.
