From Rundown to Rental Income: How Sunwise Property Transformed a Demo House

Transforming an outdated, rundown property into a beautiful, habitable space can be a daunting task. But what if we told you that you could generate rental income while leaving all the heavy lifting to someone else? That's exactly what Sunwise Property did for the owner of a 3,700 sq/ft demo house valued at $3,000,000.

This house had seen better days; it was outdated, had leaky plumbing, worn-out carpets, and even an entirely unfinished area of the house that someone had attempted to renovate years ago but gave up. Understandably, the owner couldn't rent it out in its condition. That's where Sunwise Property came in.

Sunwise Property rented the house on a fixed-term lease, agreeing to take on all the cosmetic updates at their own expense. Installed new drywall, repainted the entire house, installed new carpeting and baseboards in various rooms, updated the lighting fixtures and plumbing, and even furnished the entire house with couches, beds, tables, and new window coverings. In short, they transformed the space into a beautiful, habitable home.

As the tenant, Sunwise Property 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, Sunwise Property reached out to their network of tenants and rented to a group of young professionals. This not only helped the new owners save on Vacancy Tax, but also helped a group of people find a lovely and renovated home.

The owner of the demo house benefited in several ways. They avoided a potential $165,000 from the 5% Vancouver Vacancy Tax and 0.5% BC Speculation Tax. They saved over $40,000 in repairs and updates and avoided paying future maintenance costs. They also had peace of mind knowing that trained and dedicated professionals were repairing and managing the integrity of their property 24/7. Finally, they found quality tenants on a fixed-term lease to complete before the demolition date.

Sunwise Property specializes in problematic vacant properties, no matter the timeline or condition of the house. Their commitment to helping property owners get a clear picture of savings and rental income for their property is unparalleled. So, if you have a vacant property that needs some TLC, reach out to Sunwise Property for a free consultation. With their help, you can turn your rundown property into a beautiful, habitable space generating rental income.