A beautiful and well-maintained Vancouver home has been listed for an asking price of less than half the assessed value.
Listed for $1,150,000, 4180 Salish Drive is well under the average cost of a Vancouver home. The current assessed value of the house is $2,589,000.
The home has been listed for so cheap because it’s a leasehold property, and is in the same neighbourhood as a different leasehold property we covered, both listed by Dexter Realty.
Dexter Realty
According to Zealty, the home was built in 1975, and features four bedrooms, four bathrooms and 3,297 sq ft of space.
Dexter Realty
Pictures of the property reveal a home that has been very well taken care of, especially considering its age. It’s clear that the home underwent some fairly recent renovations.
Dexter Realty
The listing states the home is on a non-prepaid lease until 2064 and that the lease is subject to increases in 2035 and 2055.
Dexter Realty
The three-level split has a huge living room and fireplace, and a nicely carved-out outdoor space, perfect for the summer.
Dexter Realty
Leasehold properties offer pros and cons, one of the major pros, of course, being the cost.
In essence, the new owner is buying the lease to the land and house, not the land or property themselves. The buyer or lessee essentially becomes the tenant, a tenant with slightly more power than a renter, according to Canadian Real Estate publication Wahi.
“There are a few advantages that leaseholders have over the average tenant. Namely, since they are living in the property for a longer period of time, they can make home improvements as they see fit,” Wahi writes.
“The catch with leasehold agreements is that at the end of the lease, the property reverts back to the original owner, along with any improvements or additions that have been made,” it adds.