by "Dr. Zoidberg - RIP Oppo" (thetomselleck)
Published 01/29/2017 at 21:44
by "Dr. Zoidberg - RIP Oppo" (thetomselleck)
Published 01/29/2017 at 21:44
Tags: personalopnik
STARS: 3
Hi all! We had our real estate agent stop by for a very important pow-wow. Much was discussed. And much is left to sort through.
Basically my wife and I have reached the point where we have made the home inhabitable and are considering making additional improvements. Our home has some nice equity because we bought it right before the recent housing spike and we’ve been mulling over what is worth even doing. We’ve also thought about (for quite some time) the potential of just selling it as it is now and collecting the equity and throwing it at another home.
I’ve always been browsing the local and regional housing market to try to pick up on what’s the haps. And I’m sure I’ve never shared this before several times a day, but my career does vaguely revolve around homes and the housing market and whatnot.
Our agent explained that our house, with it’s large lot and all, is basically continually value constrained because of our very limited square footage. And more importantly, because this house has *one* bedroom. So we could throw 4 digits at a new kitchen but the yield would be minimal if any. It was suggested that we throw 5 digits at an addition on our home and a full remodel, to get a 6 digit bump in equity. And of course the added bonus to actually enjoy our home, one we could comfortably afford. Talks of home equity loans and whatnot...
The other major factor in this was looking at what we could get by trading up. The answer: it’s not pretty. Even with my sizeable bump in pay with my last promotion, and throwing a huge percentage at another house in the future, our mortgage payment would be still double what were paying now, on a potential home of $325,000. And just so you know, $325,000 does not get you a lot of house these days in this area, even in good old Everett. Dare I say,
especially
in North Everett. I’m also not at a point in my life where I want to find cheap land in bum-fuck nowhere and commute two hours a day to my job.
My agent agreed with my pessimism, believing strongly that this bubble will last longer than most people suspect because Amazon and Google are still hiring in droves, and that developing in Seattle and in Eastside is becoming continually limited, thus increasing demand for housing in Snohomish county suburbs (with lower taxes to boot) such as Lake Stevens, Everett, Mukilteo, and Marysville. My agent is not a fortune-teller — nor am I. But I have always respected her opinion and we could have never gotten this house without her (I’ve also known her for a decade or so). Have you ever worked in a house worth $925,000 in Lake Stevens of all places? Because I have. Insanity.
And even if the bubble DID pop sooner rather than later, guess what that would do to us? That’s right: potentially cripple our income because, again, some career involving houses here by me. So we’d be in no position to trade up whatsoever, or afford a large mortgage payment.
Anyway, here’s some good news: driveway expansion talks for this house are not only back on the table, but they have finally green-lighted by the Mrs.! The one car garage will probably stay... Perhaps if I budget correctly, there will be some left after the remodel for an improvement on that front.
I haven’t made any real decisions and probably won’t for some time. But hoarding money and having existential crises with every minor home improvement decision is getting old. Hopefully 2017 will be a good year for us and we’ll get closer to an actual choice.
"gmporschenut also a fan of hondas" (gmporschenut)
01/29/2017 at 21:47, STARS: 1
No doggo? SAD!
"jkm7680" (jkm7680)
01/29/2017 at 21:47, STARS: 0
Also consider horrible neighbors and the purging of them.
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 21:47, STARS: 3
The buzz is that Mr. “You Got Four Cars Now” is about to remodel his house and sell it in the summer.
"wafflesnfalafel" (wafflesnfalafel1)
01/29/2017 at 21:50, STARS: 0
Our neighbors two doors down across the street are selling and had an open house today. The block was filled with very expensive cars, (new MBs, BMWs, a Bentley, etc, etc) full of older Chinese women wanting to make cash bids on the house. I live in a crappy 1968 neighborhood with nothing but little split level homes. The market, especially since the recent Canadian restrictions up in Vancouver, it absolutely bonkers.
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 21:52, STARS: 0
The house across the street from me had an open house today. 1200 square feet, 3 bedrooms, asking $300,000....
"garagemonkee" (monke)
01/29/2017 at 21:53, STARS: 1
Funny, cause as a single dude with no interest in cohabitating and children, a 1-bedroom house would be wonderful.
"jkm7680" (jkm7680)
01/29/2017 at 21:53, STARS: 1
Seize his property and claim it as your own. Boom. Problem solved.
"Manwich - now Keto-Friendly" (manwich)
01/29/2017 at 21:57, STARS: 0
Yeah... 1 bedroom house when the sweet spot is 3-5 bedrooms, definitely add on to the house to get up to at least 3 bedrooms IF you can use the space and you plan on selling/moving at some point.
I suggest that if you have enough space with one bedroom for now, make a 2-3 bedroom addition, with an extra bathroom and an kitchen and design it so it’s a separate rental unit, but can be easily converted back to one big house if you or the next owner wants.
That way you can make the reno pay for itself.
"Manwich - now Keto-Friendly" (manwich)
01/29/2017 at 21:59, STARS: 0
That’s cheap compared to the cost of detached 3 bedroom houses in Toronto.
Source: I live in a detached 3 bedroom house in Toronto
"TheHondaBro" (wwaveform)
01/29/2017 at 22:00, STARS: 0
Finding a house in Lynnwood was beyond difficult. All the bad ones were too expensive and needed a lot in repairs, and all the good ones were extremely competitive.
"Manwich - now Keto-Friendly" (manwich)
01/29/2017 at 22:00, STARS: 1
Only thing sadder is not having a CAT!
"Deal Killer - Powered by Focus" (dealkiller-ii)
01/29/2017 at 22:01, STARS: 0
Ya’lls market is nuts. This is what something in the mid $300K range looks like in my immediate neighborhood.
http://www.zillow.com/homedetails/3412-River-Rd-Toledo-OH-43614/34628388_zpid/
It’s owned by an ex Cincinatti Bengals player. One of the nicer homes in the area. Most are in the $100 - $150K range for a 1,500 sq.ft. 3-4 bed home. You know, reasonable prices for a house.
"Deal Killer - Powered by Focus" (dealkiller-ii)
01/29/2017 at 22:03, STARS: 2
Check zoning first. Nothing gets people in trouble faster than an illegal use of a property.
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:04, STARS: 0
I used to live in 2 bedroom apartment in Mountlake Terrace. It was $875 between four of us. That was six years ago. I shudder to think what that same apartment costs now.
"Tazio, Count Fouroff" (tazio0625)
01/29/2017 at 22:04, STARS: 0
Personally, I’d offer to help haha
(Based on previous ZB posts)
btw Puyallup seems nice?
"Manwich - now Keto-Friendly" (manwich)
01/29/2017 at 22:06, STARS: 0
+1
I was assuming that if he’s doing that much change to the house, he will be hiring a contractor which also means getting a permit from the city.
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:07, STARS: 0
Not crazy about Puyallup or the horrible rush-hour traffic to and from there. I live 9 miles from my office. It is admittedly nice.
"Tazio, Count Fouroff" (tazio0625)
01/29/2017 at 22:10, STARS: 0
Understood
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:10, STARS: 0
I love the scenery too much to ever leave this place.
"TheHondaBro" (wwaveform)
01/29/2017 at 22:10, STARS: 0
ONE. JILLION. DOLLARS.
"Deal Killer - Powered by Focus" (dealkiller-ii)
01/29/2017 at 22:11, STARS: 1
Ha, ha. Permits. That’s funny.
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:12, STARS: 1
The dream would be to move to Whidbey -- but where the hell am I going to find work on Whidbey? I’m certainly not going to commute from there...
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:13, STARS: 0
A one-bedroom apartment in Everett can run over $1400 now... Which is, literally, 1 jillion dollars.
"Deal Killer - Powered by Focus" (dealkiller-ii)
01/29/2017 at 22:17, STARS: 0
Ain’t telling you to move. Just saying $550K for a 1,500 sq.ft. bungalow (sister-in-law in L.A) on a postage stamp lot boggles my little appraisers mind. At some point, and it won’t be too far off, people will just stop paying that much, and the market will re-adjust itself. The higher the climb, the greater the fall.
"Highlander-Datsuns are Forever" (jamesbowland)
01/29/2017 at 22:19, STARS: 1
My wife and I did the trade up with a bigger mortgage move in 2005. We did get into a larger house in a slightly better neighborhood, but I also tripped my mortgage payment. We could have added 500 SF and central heat and air to our house for around $50,000 and it would have worked out better for us in the long run.
As it turned out when we sold the more expensive house in 2012 our initial $140k in equity we used as a down payment had vanished and we sold the more expensive house for a profit of wait for it............................... ............................... ............................. $4,000. Yep, enough to buy a new refrigerator and some furniture.
"Cash Rewards" (cashrewards)
01/29/2017 at 22:25, STARS: 0
God, that’d be nice. This is my neighborhood:
http://www.zillow.com/homedetails/103-Patrick-St-SW-Vienna-VA-22180/51807985_zpid/#
"Tazio, Count Fouroff" (tazio0625)
01/29/2017 at 22:26, STARS: 1
That sounds pretty good
Actually funny that you wrote that...fwiw the San Juan Islands personally have been my dream of where to live ever since having visited. Like in your post, though, there’s that one small matter of employment...haha
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:30, STARS: 1
I have to afford my partially-running cars somehow. I need moniez
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/29/2017 at 22:31, STARS: 0
These days, one fridge and 0.75 couches.
"smobgirl" (smobgirl)
01/29/2017 at 22:53, STARS: 0
I got rid of my stalker that way! He has too many DUIs to make it back to the neighborhood when he doesn’t live down the street.
"smobgirl" (smobgirl)
01/29/2017 at 22:57, STARS: 1
Sounds like a similar situation to me/similar market. I have “two” bedrooms...but not really. I’m nowhere near about to commit to anything at the moment but I’ve been pondering whether it would be structurally possible to extend the second floor over the kitchen to add another bedroom (with -gasp! - an actual closet) and possibly bathroom upstairs. Maybe someday. Maybe I’ll just move somewhere cheaper instead.
"OPPOsaurus WRX" (opposaurus)
01/29/2017 at 23:01, STARS: 0
Add a second bay. add a second floor iver the garage with 2 beds and a bath and open up the existing bedroom for more livinspace
"Highlander-Datsuns are Forever" (jamesbowland)
01/29/2017 at 23:06, STARS: 0
I suspect you are an individual who can pull off a remodel that results in more bedrooms and a larger garage. Probably also find some nice looking lighting fixtures and oddly shaped windows.
"shop-teacher" (shop-teacher)
01/29/2017 at 23:59, STARS: 1
Wait just a damn minute there Spacecrab! You told us you were a veterinarian now three days ago. That’s right, I read the tags.
"Nothing" (nothingatalluseful)
01/30/2017 at 00:14, STARS: 1
We moved last year. We bought our previous house at the bottom of the market in 2009 and got really lucky. We also bought this house during late fall last year, and managed a good deal for the neighborhood. We’ll be here a while, walking distance to my son’s K-12 school, and he’s in first grade. If you would have every told me a decade ago I’d spend anywhere near what we spent on our house, I would’ve told you that you were crazy. The Denver market is stupid.
Of course now I’m just a typical suburban dad with an almost 3 car garage, and an anonymous, but nice, 4 bedroom house. My dreams of property and an outbuilding/shop were dashed.
"Dr. Zoidberg - RIP Oppo" (thetomselleck)
01/30/2017 at 00:21, STARS: 1
Maybe I just get fired a lot
"shop-teacher" (shop-teacher)
01/30/2017 at 00:31, STARS: 1
I don’t think that’s how it works.
"RPM esq." (rpm3)
01/30/2017 at 03:06, STARS: 1
I have to buy a new roof this month with money that I did not budget for house things, but really I just want to sell the fucking thing and move, not that I can afford anything I’d want to move into. Maybe to a different continent? Too bad my education (to some extent) and the license that allows me to do my job (to a much greater extent) are very location-specific.
"NJAnon" (NJAnon)
01/30/2017 at 22:06, STARS: 0
#numbers #excelspreadsheetswithbudgetcharts
welcome to real world Neo....