What have I got myself into: PNW Edition

"Mid Engine" (jdlogan2006)
12/03/2018 at 15:55 • Filed to: None

Oh my... well. I live in Bothell and as much as it’s reasonably nice I really don’t like the ‘burbs. My wife loves being near water, and I crave space to build a 40 x 60 shop. This weekend we bought a seve n acre property on Wallace river in Gold Bar, due to close at the end of the month. In other words, we’ll be carr ying two mortgages for the next few years.

Current plan is to go there on weekends and hang out in the 670 sq ft cottage, while I begin the wo rk of getting a shop built. In the shop will be a bedroom and bathroom/laundry, allowing us a place to live when we bulldoze the cottage and build a 3000 sq ft A frame house on the river. So eventually , sell the house in Bothell, live in the shop, build the house. It’s worth it for a shop and some peace & quiet.

DISCUSSION (37)

MrDakka > Mid Engine
12/03/2018 at 16:09

Buy a boat next?

CarsofFortLangley - Oppo Forever > Mid Engine
12/03/2018 at 16:10

Welcome to the PNW! We should hang sometime

Mid Engine > MrDakka
12/03/2018 at 16:22

Wallace River is too shallow, however the nearby larger Snohomish river can be fun to kayak down.

Mid Engine > CarsofFortLangley - Oppo Forever
12/03/2018 at 16:23

Going on nin e years between Oregon and Washington State. I woulda bought property in BC but there was nothing remotely reasonable

CarsofFortLangley - Oppo Forever > Mid Engine
12/03/2018 at 16:26

Tell me about it. PlZ send money

NKato > Mid Engine
12/03/2018 at 16:37

Congrats. I live out in Everett (and work in Monroe). If you need a hand with anything, let me know.

Meanwhile, I’m envious that people can just up and buy houses and carry debt like that. I have little confidence in the State’s ability to help low income homeowners.

Edit: be careful in your construction. You'll want to account for river erosion. Seen too many news articles of people losing their homes when a river changes.

Dr. Zoidberg - RIP Oppo > Mid Engine
12/03/2018 at 16:40

This is pretty much our plan on Whidbey, where we hope to retire (feeling le$$ realistic as Whidbey is getting super expensive). Live in a shop/what’s there a build what we need, move in, give up.

Are you retiring soon? If so: nice.

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever
12/03/2018 at 16:51

No, you're doing better than me than when I was your age, therefore you will send ME money, thank you.

whatisthatsound > Mid Engine
12/03/2018 at 16:54

Mmm index, climbing, mountain biking, and rafting, skiing.

Mid Engine > Dr. Zoidberg - RIP Oppo
12/03/2018 at 16:57

I’m 57 so not gonna retire anytime soon (if I have any say in it). That said, working does suck

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo
12/03/2018 at 17:03

I can’t send you money, but I could drop off a nice Kia Forte.

Mid Engine > NKato
12/03/2018 at 17:05

Oh I know about the erosion, there’s a youtube video of a house falling into the river.

As for financing, the only debt we have is our mortgage(s), we certainly live within our means. We don’t go out to eat, god forbid brew our own coffee at home ,etc.. We have five kids and paid 100% of their college education, the youngest graduates in June. We can carry the extra mortgage relatively easily, we won’t have tuition/books/rent/food to pay for.

Thankfully we bought the property in Gold Bar for $274k, pretty reasonable. Once the shop is inhabitable we’ll sell the house in Bothell and use the equity to retire the Gold Bar mortgage and build the house. I’m hoping that’s in 12-18 months

Dr. Zoidberg - RIP Oppo > Mid Engine
12/03/2018 at 17:50

You get outta here with your completely responsible financial endeavors

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever
12/03/2018 at 17:51

Even my last Tercel had AC. I wouldn’t wish your Forte on my least-favorite acquaintance.

Mid Engine > Dr. Zoidberg - RIP Oppo
12/03/2018 at 17:52

I know, wh at a buzz kill.. I have no idea if I’m any fun at parties, I hibernate at home.

Dr. Zoidberg - RIP Oppo > Mid Engine
12/03/2018 at 17:59

It’s the only way to not spend money and save for things that matter (I GUESS) . I went shopping for Christmas stuff for the new house and I was like, “Oh, this is why I never buy things. Because it takes muh money.”

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:09

I am gonna be one warm boi come spring.

NKato > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:12

My mother rents a little cottage on Whidbey. She’s considering moving out of the island.

So yes, Whidbey is fast becoming the du jour for middle aged folks who want to have a big city within reasonable distance but still enjoy “nature”.

You have no idea how bad the traffic gets on the holiday weekends. It rivals Seattle on a normal day.

Dr. Zoidberg - RIP Oppo > NKato
12/03/2018 at 18:14

Whidbey is a great place to live if you have nowhere to go, or work from home. Shop once every week or two, stay in. Maybe go to the beach.

NKato > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:21

So you're saying Whidbey is the Parents' basement for adults.

Mid Engine > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:22

The master bath rehab I finished not long ago reminded me, I should avoid nice things

Dr. Zoidberg - RIP Oppo > NKato
12/03/2018 at 18:23

Nah, if you love where you live you don’t need to leave all the time. And if you get a nice sunset/sunrise view, like Race Road, maybe Maxwelton, then what else do you need?

Dr. Zoidberg - RIP Oppo > Mid Engine
12/03/2018 at 18:24

You are correct, especially when it does little to the value of your home in a hot housing market. Conversely, if you have a spouse who likes things, keeping that entity happy probably supersedes my previous statement.

NKato > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:26

Good point.

Mid Engine > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:29

my spo use take s her lunch to work and shops at Goodwill.. ho using market is very quiet these days. Only properties I see selling are at the lower end of the price curve, I guess interest rates and multiple offers scared buyers away.

Dr. Zoidberg - RIP Oppo > Mid Engine
12/03/2018 at 18:34

I was at a pla t in Burlington last week , financing offered for a conventional 20%- down loan at 5.125%... O n a $430 ,000 home, that came out to $1,875 monthly in principle and interest alone. Goodness gracious.

Mid Engine > Dr. Zoidberg - RIP Oppo
12/03/2018 at 18:37

Add in a bit for insurance and a lot for tax (fucking governments can’t get enough), people simply can’t afford it. That said we’re sandwiched between Vancouver BC and the Bay Area, comparatively speaking this is much cheaper.

Dr. Zoidberg - RIP Oppo > Mid Engine
12/03/2018 at 18:38

Yeah they just raised property taxes in Everett a few months after I bought this home (hooray!), but I want to live here and I’m happier with my 25 minute commute over a 1.5 hour commute I was staring at renting up north, so it is what it is.

slipperysallylikespenguins > Mid Engine
12/03/2018 at 19:15

Congrats! That is just about what I am trying to do except I want property on the peninsula. I’ve been looking between Port Orchard and Port Townsend, possibly going all the way to Port Angeles if needed.

But a 40x60 shop is what I want with an apartment loft to live in as I build a small home. Not looking forward to two mortgages but will hopefully happen in the next 3 years.

Do you already have water/septic/power?

BaconSandwich is tasty. > Mid Engine
12/03/2018 at 22:58

I’ll be honest. I first read this as “I live in a brothel."

Spaceball-Two > Mid Engine
12/03/2018 at 23:44

Hello fellow Bothell resident!

NKato > Mid Engine
12/04/2018 at 00:01

By the way: https://www.king5.com/mobile/article/news/local/wildfires/western-washingtons-wildfire-risk-is-increasing/281-620537552

Mid Engine > NKato
12/04/2018 at 09:47

According to the POTUS, easily avoided with a rake!

Mid Engine > slipperysallylikespenguins
12/04/2018 at 09:48

Yes, the small cottage on the property is fully serviced, even has high speed internet and DirectTv.

NKato > Mid Engine
12/04/2018 at 14:48

All joking aside, what's the topography like on your property?

Mid Engine > NKato
12/04/2018 at 15:27

The p ro perty is 4 lots, a total of 7.2 acres. T wo out of the four lots are suitable to build on. The land is pretty level but the outer two parcels are kinda wet. There’s plenty of evergreen trees and the like as well, when it comes time to build the shop I’ll be having fun with a chainsaw.

NKato > Mid Engine
12/04/2018 at 15:41

Measure the height of the surrounding trees to figure out how much of the yard you'll need to thin out. That's my plan if I ever buy forested properties.