Condo Renovation: #307 1066 East 8th Ave

21.12.2014

Before and After of an East Vancouver Condo Renovation

In order to make money on flipping a condo (especially if you’re not going to live in the space) you need to find the ugliest condo you can. A condo that’s been foreclosed by the bank is another great option, since you can usually find a deal – as long as the banks make their money back, they aren’t as strict on the price as typical sellers. You also need to make sure that the building is in good shape and won’t require any large special assessments in the short term, which would really put a dent in your profits.

This condo renovation in East Vancouver (Mount Pleasant) has all of these factors. The condo is clearly in terrible, aged condition. The unit was a foreclosure by the bank. The building is undergoing an expensive, full scale upgrade (including windows, doors, siding and balconies – a rainscreen project – that will make the exterior look better than ever) that is not paid for by the Buyer.

Take a look below for some before and after shots of this unit, along with my interpretation of the renovation. We have not represented the Sellers or Buyers in any of these transactions, but we know a good reno when we see one, and I wanted to shed some light into the process.

The finished, renovated condo is currently for sale: #307 1066 East 8th Ave.

List Price $323,800
MLS®# V1095124
Type Apartment/Condo
Built In 1977
Living Area 647 sq.ft.
Bedrooms 1
Bathrooms 1 full
Maintenance Fee $235.91/mo.

A few other points: The unit has in suite laundry that was installed with permits and strata approval which adds significant value to the unit. One dog or two cats are allowed, and rentals are not allowed – this is dangerous for condo flippers as they can’t rent the unit out until it sells, which is a lost potential income source.

Here is the floor plan for the unit, which remained the same before and after the renovation. This is a pretty standard floor plan for older condo buildings in East Van:

1066_east_8th_east_vancouver_condo_reno-floorplan

Condo Kitchen Renovation: Before and After

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The kitchen is where the most money is spent in a reno and is where most Buyers are looking for great upgrades. As you can see, the previous kitchen was ugly, dark, missing appliances (typical in foreclosures) and closed in. The new kitchen is bright, clean, open to the living space thanks to a cut out in the adjoining wall and makes the most of the dining area for storage.

The cabinets were extended into the dining area as a full length pantry and the fridge was designed to fit perfectly within this new pantry area, thereby giving the kitchen good counter space, clean lines and a detailed approach to the design – people recognize and appreciate these details. All of the fixtures and finishings in the kitchen are modern and very trendy, with stainless steel appliances, a large sink, modern stovetop and light colours that work with any design scheme. Lots of pot lights were added to the ceiling to give the space good lighting.

A small window was added to the wall adjoining the kitchen and living space to give the space more natural light and to connect the two spaces. The whole wall was not removed, most likely because of the desire for cabinet space and the extra cost that it adds to the renovation – a city permit would be needed to tear out the entire wall and more electrical work would be required, however, the finished product would allow for a great island.

Condo Living Room Renovation: Before and After

East_Vancouver_Condo_Renovation-2

The living room in this condo have some great updates as well. Of course, the horrendous carpet was removed and replaced with great engineered hardwood floors, lots of pot lights were installed to ensure the area has a lot of light, and the unit now has furniture which makes a big difference in how people visualize the size of a space. Pot lights aren’t too expensive to add, especially is you require the services of an electrician for other reasons, and they really add value to a space, especially in these older condos that can feel dark at times.

Notice the scaffolding and green mesh outside the window of the “Before” picture – this photos were taken during the exterior building upgrades where new windows, siding, etc was added. Notice the new balcony in the “After” picture.

Condo Bedroom Renovation: Before and After

East_Vancouver_Condo_Renovation-1

In the bedroom, you’ll notice the engineered hardwood floors are carried throughout, with new closet doors (still mirrored to make the space feel lighter and brighter), a light wall colour was chosen and baseboards were added, and a new light fixture and fan was added. These are all very easy changes that anyone can do in their space (albeit except for the floors) and they make a big difference in the feel. The added touches like a modern fan for a light fixture and baseboards show that the renovators went the extra step to ensure the space was well planned.

Condo Bathroom Renovation: Before and After

East_Vancouver_Condo_Renovation-3

The bathroom is another area of the condo that adds a lot of value when it’s nicely renovated. New everything – vanity, mirror, toilet, bath tub, tiles, fixtures and paint were added to make the space clean and bright. You can save money in a bathroom reno if you don’t move any plumbing fixtures.

With the building maintenance items completed, this is a brand new unit (with in suite laundry!) in a significantly updated building, in a great Mount Pleasant location.

 

Search all 1 Bedroom Condos for Sale in East Vancouver or contact us and we’ll show you the best units that work within your budget and requirements!

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