"Taking a house that has a solid structure and good-sized footprint and making some basic renovations can drastically increase the home's value," says Mr. Wells.
This three-bedroom house was recently rewired and a new back deck was added. The previous owner also replaced the furnace and bought all new appliances. At the same time, most of the 1925 home's original character remains intact, including its original oak floors, nine-foot coved ceilings and a wood-burning fireplace.
"There is terrific potential here," Mr. Wells says.
The only potential flaw he sees is the positioning of the stairs in the middle of the home, which created a relatively small kitchen (8 feet by 17 feet). "If the new owners were to reposition the stairs and redo the kitchen, it would transform the house."
The house is a 10-minute drive from both downtown and the University of British Columbia. The ground-level basement is unfinished but could be suitable for a revenue generating suite, he says.
Because the house is directly on King Edward Avenue, a relatively busy collector route, it was priced slightly lower than a house on a quieter side street, the agent says. But he sees the location as a positive attribute. "It offers an added bonus of extra privacy to have a large boulevard out front," he says. "It's like having a park in front of your house."