Looking at a Condo Renovation and Flip
Have you thought about either renovating your condo, or buying a condo to flip (renovate to sell for profit) in East Van? Take a look at this recent example that I noticed when browsing through new listings on MLS. I saw the photos of the new interior, and was certain it was a flip. After checking the history of the listing, I was right. The new floors, extra lighting, new kitchen and staged-like appearance of the condo design style. The listing states that the renovation was done with all strata and city permits, which is good to know. Cost is always the bottom line when it comes to flipping a property, so you can bet that smart decisions were made to keep costs low.
The type of unit is a great contender for a flip – the floor plan is pretty typical in East Van condo buildings. The photo of the above floor plan is from a different property, but it’s basically the same layout. You walk in to the unit with the storage and 4 piece bathroom on your left, bedroom straight ahead and walk through kitchen on your right. Past the kitchen is the dining area, which opens onto the living space with access to the patio (which is large in this example).
The unit has good angles that are easy to work with and a decent amount of square footage to have some flexibility with design. The brick wall is a really unique feature – good for sound insulation and adds a nice hit of style. The extra large ground level patio is also a great outdoor space that really opens up the living space in the warmer weather months.
Property Details: #110 330 East 7th Ave
|Living Area||640 sq.ft.|
This sprawling loft-like condo, offers space, luxury, privacy, outdoor living and proximity to the best of everything the city has to offer. A stunning fully renovated masterpiece delivers 640 square feet of living plus 200 sf of amazing entertainment size patio. Situated on a quiet tree-lined street of Mt Pleasant, steps from the Main Street Corridor. No detail has been overlooked by the designer. The layout is superb. Fabulous open concept chef’s kitchen with stainless appliances, engineered hardwood floors, awesome lighting, parking, storage….move in now.
For more information and photos: #110 330 East 7th Ave.
The Renovation Explained
“Before” photos are on the left, “After” photos are on the right. What follows below is my explanation and thoughts on the reno – I was not at all involved in the purchase, sale or reno – I’ll just be commenting on the potential work involved.
Living Room Reno
This photo gives you a good idea of the renovation as this is where most of the work (and reno cost!) can be seen. Keep in mind, that’s a mirror in the left hand photo in the back corner. You’ll notice that the condo has new engineered hardwood floors, the wall separating the kitchen and living space was partly removed to open up the space and pot lights were added in the kitchen and over the dining room tables. Removing the wall in the kitchen is one of the biggest expenses, since that usually means moving some electrical work, heating, and getting permits from the city, which cost money and time. Only part of the wall was removed, I imagine that would be to save money on moving some of the electrical and heating components, and a portion of the wall may have been load bearing. Since the wall was removed, a ceiling mounted hood fan needed to be put in place.
Removing that wall (or at least part of it) is one of the biggest changes you can make in a space like this. It opens up the kitchen to the living space for open concept living (that everyone is looking for these days) and gives you lots of great options in the kitchen – now that the wall is gone, how about extending the countertop further out to create bar seating?
Here are two photos of the kitchen, though keep in mind they are taken from different angles. The fridge was moved to the opposite wall (it was previously against the wall that was removed), the dishwasher was moved a little further towards the dining space, and it looks like the sink was moved a few inches down.
The counter tops were extended into the dining area, which gives the kitchen more prep space and cupboard space. White cupboards were added which keeps the space bright and airy against the brick wall, and pot lights were added in the kitchen to really brighten up the space.
A backsplash was added and new finishings throughout. This work in the kitchen required plumbing work (to move the dishwasher), electrical work (to add new outlets) and work to install the new cupboards and appliances. It can be pretty easy these days to find cheaper appliances that will work in a flip (Scratch and Dented merchandise can be found for a good price).
Not much was done (or needed) in the bedroom, except a fresh coat of paint, new lighting and the engineered hardwood floors continuing throughout the space. Notice the difference in what good furniture (“staging”) can do for the online marketing of a home. The room looks bigger with more furniture in it.
The bathroom is another room that looks a lot better with some fairly easy upgrades. The small was very under-utilized before with such a small vanity. This was removed and a full length vanity was added with modern finishings, a new toilet and large wall mirror. Tiles were added to the wall to give the bathroom a clean look and the old light fixture and towel racks were used in the flip (cost saving). The bathroom cabinets match the kitchen as well. It doesn’t look like any plumbing or electrical was changed in this space.
Outdoor Space Reno
Not much was done to the outdoor patio space – the photos were taken at different times of the year. The deck looks cleaned up and re-finished. Flowers and plants could have been added to the garden area, but I’m sure the condo flippers decided against in order to save cost. That’s an easy project that many new home buyers might be excited about doing, since it’s a good chance for them to personalize the space.
The original unit was purchased in May 2014 for $286,500, while the new unit is currently for sale for $369,900. We’ll have to wait to see what the unit eventually sells for to see if this flip made some money.
If you’re thinking of doing a condo/townhome/house flip in East Vancouver, give us a call. Between the members of the WeLoveEastVan team, we have a lot of renovation experience under our belt and can ensure that the property you buy will have extra value when it’s flipped. We can give you tips on what buyers are looking for in homes these days, and we’ll make sure that you’re buying a unit in a solid building.