This Couple Bought a Rundown Abandoned House for $1.5 Million and Plan to Make It Their Forever Home: Take a Look Inside

In October 2023, Nick Volkov stumbled upon a unique real estate listing for a rundown house in Vancouver, British Columbia, and felt compelled to share it with his girlfriend, Jenna Phipps. Despite the listing only showcasing the exterior and labeling the house as a “tear-down,” Volkov was captivated by the property’s undervaluation, its water view, and its departure from modern architectural norms. Intrigued, Phipps immediately fell in love with the property’s potential, prompting the couple to visit it. However, upon seeing the house in person, they realized the extent of its deterioration. Built in 1961, the 2,757-square-foot home was in dire need of repairs, including a new roof and extensive mold removal. Yet, despite the house’s poor condition, the couple saw beauty in its mid-century modern architecture and decided to pursue their dream of transforming it into their forever home.

The couple faced numerous challenges in acquiring the property, including the inability to secure a traditional mortgage due to the house’s state. Opting for a private two-year loan instead, they made an offer of CAD 2.1 million, which the seller accepted. This strategic purchase placed them in a desirable neighborhood at a significant discount, as the house was valued much higher. Upon taking possession in January 2024, they began an extensive clean-up, discovering original furniture and other nostalgic items like a vintage record player. With the help of their parents, Volkov and Phipps stripped the house down to its studs, aiming to preserve its mid-century modern charm while incorporating modern amenities. The couple plans to invest everything into the renovation over the next two years, maintaining a frugal lifestyle and doing much of the work themselves to manage costs. Their journey to restore this abandoned gem into a beautiful home symbolizes their commitment and vision for a unique and lasting abode.

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