Millennial Couple Snags Abandoned Cottage For Half The Price Of Nearby Homes

With housing prices sky-high and wages that haven’t followed suit, many millennials are finding their dreams of becoming homeowners out of reach, especially if they want to live near a city.

But short of moving to the middle of nowhere, what are they to do?

Buying a fixer-upper in a neighborhood you love is an increasingly popular strategy. This millennial couple decided to do just that. Although it was lots of hard work, the two of them found that their DIY endeavors were worth it in the end.

Keep going to see how they pulled it off.

The start of a new chapter

For Greer Gagnier, a property manager, and Kyle Verma, who works in finance, the last year has been packed with milestones. After years of dating, they got engaged and found their dream starter home in Pawtuxet Village, near Providence.

Finding the Perfect Fixer-Upper

Their “cozy little cottage” had been foreclosed and abandoned. “He just stopped making payments on the house, moved into an RV or something, and got out of town,” Gagnier explained. They had seen the house before, but it wasn’t until Gagnier’s sister urged them to check it out that they fell in love with it.

A Scary Beginning

The house was in rough shape. “It was probably empty for about a year, at least. But it honestly looked like it was empty for 40 years,” Gagnier recalled.

Despite the grime, dust, and dog hair, they saw potential. “The bones were really good, and it just had a really nice flow,” Gagnier said.

They made an offer in the low $300,000s, which was accepted in early 2024. Despite dealing with a slow-moving bank, they got a great deal compared to the area’s median listing price of $684,500.

Gagnier noted, “We figured, ‘OK, if we buy it for low threes, we can put maybe $75,000 to $100,000 into it and then be within our budget.'”

Built in the 1920s, the house had beautiful hardwood floors, an original fireplace, and a basement bar. “You open the front door, and the living room is actually fairly big,” Gagnier said. They expanded the kitchen and are converting one of the three bedrooms into a study.

Location, location, location

white boat on sea during daytime — Photo by Rick Monteiro on Unsplash

Pawtuxet Village, known for its quaint shops and riverside restaurants, was the perfect location. “We’ve been coming here since we were little just for vacationing in the summers,” Gagnier said. Now, they live close to family, making the village feel even more like home.

Home prices in Rhode Island have soared, making their fixer-upper a real find. “We looked around, put in an offer on probably six or seven houses, lost them all to cash buyers,” Gagnier said. The struggle was real, but their perseverance paid off.

DIY Renovations

Gagnier’s background in real estate and her dad’s experience with renovations helped immensely. Verma, new to DIY projects, has been adjusting. “We’ve learned so much along the way,” Gagnier said.

The biggest project has been the kitchen, which dated back to the 1950s. They hired professionals for the heavy lifting but tackled many aesthetic changes themselves. Gagnier has been documenting their journey on Instagram, sharing their progress with over 155,000 followers.

The Home Stretch

Now, they’re almost ready to move in. “We definitely have those days where we cannot see the light at the end of it all and want to give up, but we have to keep going,” Gagnier said. Soon, they will have turned the worst house in the best neighborhood into a charming starter home.

“We hope to be in the next three to four weeks,” Gagnier said. “We’re in the home stretch.”

h/t Business Insider