Bubbles bursting
Jan. 11th, 2014 08:05 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
vicarz2 posts this coffee-fueled morning: I may start using tags for the first time in ages.
Note to self - it's long past time I ran an LJ backup!
Yesterday I toured the house with Jason, his partner Scott, and a contractor. It was a day of good and bad news, mostly bad in the hopes and dreams sense. I consider myself hugely adjective and adverbly lucky to be working with Jason and Scott - they spew out so many good ideas, points, and potential futures - especially around the contractor, that I feel like I'm getting thousands of dollars of consulting for essentially free. I act like I don't care, but I consider it a big deal that I'm there with two friends/professionals while I talk to a contractor - I have no reason not to trust the contractor, but with 2 guys there showing tremendous knowledge, one step ahead or or behind the guy on everything he says, plus their reaction to various prices, makes me think I'm going to get the "educated price range" by association. I may have anyway, and the contractor seemed really knowledgeable and fair without any prompting, but it could still be based on them being there.
As of yesterday I'm really looking forward to working with Scott too, more formerly. I sat with him yesterday, rubbing a lovey-dovey little pitt in my lap, and time after time his little side comments were things that made me see decisions that cost tens of thousands make instant sense - things I hadn't even thought of. You know what? Knowledge and experience is worth money, and having it saves money. Just saying. I'm also thinking my time is worth money, and having someone who can cover items that are beyond my scope, when I'm on travel, or just advise if I'm in la-la land seems really good right now.
The contractor I was talking to yesterday really seemed to know his shit. Happily he was well versed in DC occupancy/rental code and the permitting process. He's younger than I would expect, but at every turn he was picking things out - he impressed my guys too. Sadly he noticed a point in the house that appeared to be "settling" more than others, and showed some indications that a supporting wall or beam may have been stupidly damaged or removed. It's ok, but it's something to address as I deal with structure. Bad news, a problem, good news, it's identified and can be prevented from getting worse at a reasonable cost. Fun fact - he reports finding human remains more than once. Man skeletons in the basement, before I add my own, would be awesome!
The big bad news is my pie-in-the sky ideas of the possible bottom ranges are pretty much out the basement window bars. Right now estimates for a basement digout are not the 10-15k sweet spot I saw referenced in various google searches; no the 20-40 range seems far more common and likely. I do have one happy advantage - at least 2 neighbors have done digouts within a half a block, making information likely available and the soil likely not to be a disaster (I've run into someone who is doing a digout and run into poor soil problems that cost 10s of k in expenses - still doable, but far more difficult). Also, my time ranges are downright stupid - 6 weeks, no way in hell. 6 months? Maybe.
For every rough estimate, there are always potential holy-shit surprises. We already see lots of not-to-code electric, plumbing, and even structural mods. So we know to expect shit-work, shortcuts, and god-only-knows stupidity before we run into regular potential issues like soil, foundation, and other known unknowns.
Items from yesterday: super rough non-obligated ballpark estimates (wish I jotted down timelines)
Digout - 24k without major issues.
Finish the basement (kitchen, bathroom, drywall, floor, ceiling) 40k on top of digout (my count - 75k to cover contingencies)
Reno a bathroom or kitchen: 15k
This is the HGTV range of prices which I was hoping to avoid - in my pie-sky situation I was going to reno the basement for 25-35k complete, though I knew 6 figures was possible - I was hoping that was the high end. This means I'm not going to do the luxury things I was thinking of like paying others to fix and redo the kitchen, bathrooms, and my silly master bath idea.
Odd that there is clearly still rental activity going on in the place.
However while this is a head-chesting financial reality situation, at least I'm forming more solid plans and expectations. It hurts, but it actually feels better to have more information and a firmer plan than the constant what-if that spins my head away form the pillows.
Ballpark plans today:
Digout basement, finish with floor tiles (the kind that look like wood flooring - saw this on someone's porch last night and it locks my decision - good combination of smart for a basement without looking like your mom's basement), save some upgrades for later on appliances and counters etc but keep all upgrades in mind for all work done today.
Interior stairs go bye-bye, but would be a great closet upstairs (I may put drawers under the first stairs that go to the 2nd floor, nifty Houzz space saving idea and cute!), and a good closet downstairs too.
Basement goes 100% elec, sep meter, and the only shared utility becomes water/sewage (keeping an eye on that but most do not separate that based on lack of cost benefit or significance). Pending issues are what to do with utility room / hot water heater & boiler.
Upstairs: expect heating repairs of reasonable but known scope.
Ballpark on central a/c - 15k. Eff that, window units (sigh) it is.
Roof - replace, install skylight over stairs (with closure mechanism for summer light/heat). Need bids, ranges appear to be 4k roof alone to 15k roof alone, likely 7-10k skylight - very subject to revision.
Floor - easy as sin to pull up the flooring it's cheap, thin, and lock-in / pop-out. Remove all, do not destroy and keep the 6-10 boxes of additional unopened shitty matching flooring, and donate for tax write-off OR exchange for wood flooring from 2nd chance/reno-hardware place. Underneath it appears to be linoleum, indications it is not asbestos but that's still a possible issue (removal 3-10k addl if so, to code). Indications from staring up through the basement floor in the utility room that I may well have wood flooring under the crap, which would reduce the wood floor cost by thousands plus keep true to the home yay! Costs? 5-15k estimated today but stuipdly rough based on unknowns.
Kitchen - no reno, live with shitastic, but install an under the counter dishwasher - rather than trying to match it, go straight to woodblock as if the difference was on purpose. Cost appears under $2500 even done by professionals, and new dishwasher plus licensed install is mandatory for this always-on-water robot.
Basement rent: my peers thing my 2500 range is crazy, 1500 is more likely. However re-researching rates in the area is actually showing 23-3300 crazy or not. I will check with the direct neighbors who clearly have basement rentals for stronger indicators.
Happily it appears I'm mostly done with all research on utilities and insurance. With minor details pending, it's all done or not important. I had it pointed out the insurance covers any of my empty-house security concerns (it would suck if crackheads stole my copper pipes, but while it would life-long impact my rates, that would be covered by insurance) so ADT can shove it for now. The biggest headache appears to be the 1500 documents DC DMV wants to change my license and reg.
Minor note - cannot leave my car in front for weeks at a time even when zoned - street cleaning is Mon one one side, Tues on the other.
It's also only ballpark lobbed shot #1 with an itemized proposal to follow. Moving forward, I have to get off my ass and pull in more estimates - minimum 2 more. I will have to schedule nowish even if I can only get that done after settlement.
Long term overall:
1. Reno and rent out basement, with all work set for future plans or expansions. All cash, no loans for any of this work. Also do any safety/code work in the rest of the house, including the roof (I am sticking with the skylight), and flooring. No bathroom or kitchen mods unless I do it 100% myself (or something like 5k limit on help). Oh, fix all radiator issues.
2. Move in asap, rent out my condo. Expect a couple thousand in costs for minor work that may increase renter appeal. Condo rental in VA appears 2500 or more, but I need to verify. This is a slight profit, or flatline compared to the mortgage and condo fee PLUS expected minor unoccupied time between leases etc.
3. Pay down 2nd mortgage with all due haste (it's not large for my world, but I went with that option for the minimal overall costs compared to the convenience of cash now / not selling more stocks). Paydown to include all profit on VA condo and fact my mortgage in DC could be embarrassingly small.
4. WHEN VA condo income coming in, basement income coming in, and 2nd mortgage killed, start in on stupid luxury mods - save up 15-25 k at a time and then whallop things like: redo bathroom (consider radtiator to floor heat conversion, fix poor design, consider stupid luxury upgrades, must make actual exhaust fans), redo kitchen completely (but may consider complete layout change from laundry/bath/kit redesign), then stupid stupid things like deck (upgrade existing, possibly full roof deck too).
Note to self - it's long past time I ran an LJ backup!
Yesterday I toured the house with Jason, his partner Scott, and a contractor. It was a day of good and bad news, mostly bad in the hopes and dreams sense. I consider myself hugely adjective and adverbly lucky to be working with Jason and Scott - they spew out so many good ideas, points, and potential futures - especially around the contractor, that I feel like I'm getting thousands of dollars of consulting for essentially free. I act like I don't care, but I consider it a big deal that I'm there with two friends/professionals while I talk to a contractor - I have no reason not to trust the contractor, but with 2 guys there showing tremendous knowledge, one step ahead or or behind the guy on everything he says, plus their reaction to various prices, makes me think I'm going to get the "educated price range" by association. I may have anyway, and the contractor seemed really knowledgeable and fair without any prompting, but it could still be based on them being there.
As of yesterday I'm really looking forward to working with Scott too, more formerly. I sat with him yesterday, rubbing a lovey-dovey little pitt in my lap, and time after time his little side comments were things that made me see decisions that cost tens of thousands make instant sense - things I hadn't even thought of. You know what? Knowledge and experience is worth money, and having it saves money. Just saying. I'm also thinking my time is worth money, and having someone who can cover items that are beyond my scope, when I'm on travel, or just advise if I'm in la-la land seems really good right now.
The contractor I was talking to yesterday really seemed to know his shit. Happily he was well versed in DC occupancy/rental code and the permitting process. He's younger than I would expect, but at every turn he was picking things out - he impressed my guys too. Sadly he noticed a point in the house that appeared to be "settling" more than others, and showed some indications that a supporting wall or beam may have been stupidly damaged or removed. It's ok, but it's something to address as I deal with structure. Bad news, a problem, good news, it's identified and can be prevented from getting worse at a reasonable cost. Fun fact - he reports finding human remains more than once. Man skeletons in the basement, before I add my own, would be awesome!
The big bad news is my pie-in-the sky ideas of the possible bottom ranges are pretty much out the basement window bars. Right now estimates for a basement digout are not the 10-15k sweet spot I saw referenced in various google searches; no the 20-40 range seems far more common and likely. I do have one happy advantage - at least 2 neighbors have done digouts within a half a block, making information likely available and the soil likely not to be a disaster (I've run into someone who is doing a digout and run into poor soil problems that cost 10s of k in expenses - still doable, but far more difficult). Also, my time ranges are downright stupid - 6 weeks, no way in hell. 6 months? Maybe.
For every rough estimate, there are always potential holy-shit surprises. We already see lots of not-to-code electric, plumbing, and even structural mods. So we know to expect shit-work, shortcuts, and god-only-knows stupidity before we run into regular potential issues like soil, foundation, and other known unknowns.
Items from yesterday: super rough non-obligated ballpark estimates (wish I jotted down timelines)
Digout - 24k without major issues.
Finish the basement (kitchen, bathroom, drywall, floor, ceiling) 40k on top of digout (my count - 75k to cover contingencies)
Reno a bathroom or kitchen: 15k
This is the HGTV range of prices which I was hoping to avoid - in my pie-sky situation I was going to reno the basement for 25-35k complete, though I knew 6 figures was possible - I was hoping that was the high end. This means I'm not going to do the luxury things I was thinking of like paying others to fix and redo the kitchen, bathrooms, and my silly master bath idea.
Odd that there is clearly still rental activity going on in the place.
However while this is a head-chesting financial reality situation, at least I'm forming more solid plans and expectations. It hurts, but it actually feels better to have more information and a firmer plan than the constant what-if that spins my head away form the pillows.
Ballpark plans today:
Digout basement, finish with floor tiles (the kind that look like wood flooring - saw this on someone's porch last night and it locks my decision - good combination of smart for a basement without looking like your mom's basement), save some upgrades for later on appliances and counters etc but keep all upgrades in mind for all work done today.
Interior stairs go bye-bye, but would be a great closet upstairs (I may put drawers under the first stairs that go to the 2nd floor, nifty Houzz space saving idea and cute!), and a good closet downstairs too.
Basement goes 100% elec, sep meter, and the only shared utility becomes water/sewage (keeping an eye on that but most do not separate that based on lack of cost benefit or significance). Pending issues are what to do with utility room / hot water heater & boiler.
Upstairs: expect heating repairs of reasonable but known scope.
Ballpark on central a/c - 15k. Eff that, window units (sigh) it is.
Roof - replace, install skylight over stairs (with closure mechanism for summer light/heat). Need bids, ranges appear to be 4k roof alone to 15k roof alone, likely 7-10k skylight - very subject to revision.
Floor - easy as sin to pull up the flooring it's cheap, thin, and lock-in / pop-out. Remove all, do not destroy and keep the 6-10 boxes of additional unopened shitty matching flooring, and donate for tax write-off OR exchange for wood flooring from 2nd chance/reno-hardware place. Underneath it appears to be linoleum, indications it is not asbestos but that's still a possible issue (removal 3-10k addl if so, to code). Indications from staring up through the basement floor in the utility room that I may well have wood flooring under the crap, which would reduce the wood floor cost by thousands plus keep true to the home yay! Costs? 5-15k estimated today but stuipdly rough based on unknowns.
Kitchen - no reno, live with shitastic, but install an under the counter dishwasher - rather than trying to match it, go straight to woodblock as if the difference was on purpose. Cost appears under $2500 even done by professionals, and new dishwasher plus licensed install is mandatory for this always-on-water robot.
Basement rent: my peers thing my 2500 range is crazy, 1500 is more likely. However re-researching rates in the area is actually showing 23-3300 crazy or not. I will check with the direct neighbors who clearly have basement rentals for stronger indicators.
Happily it appears I'm mostly done with all research on utilities and insurance. With minor details pending, it's all done or not important. I had it pointed out the insurance covers any of my empty-house security concerns (it would suck if crackheads stole my copper pipes, but while it would life-long impact my rates, that would be covered by insurance) so ADT can shove it for now. The biggest headache appears to be the 1500 documents DC DMV wants to change my license and reg.
Minor note - cannot leave my car in front for weeks at a time even when zoned - street cleaning is Mon one one side, Tues on the other.
It's also only ballpark lobbed shot #1 with an itemized proposal to follow. Moving forward, I have to get off my ass and pull in more estimates - minimum 2 more. I will have to schedule nowish even if I can only get that done after settlement.
Long term overall:
1. Reno and rent out basement, with all work set for future plans or expansions. All cash, no loans for any of this work. Also do any safety/code work in the rest of the house, including the roof (I am sticking with the skylight), and flooring. No bathroom or kitchen mods unless I do it 100% myself (or something like 5k limit on help). Oh, fix all radiator issues.
2. Move in asap, rent out my condo. Expect a couple thousand in costs for minor work that may increase renter appeal. Condo rental in VA appears 2500 or more, but I need to verify. This is a slight profit, or flatline compared to the mortgage and condo fee PLUS expected minor unoccupied time between leases etc.
3. Pay down 2nd mortgage with all due haste (it's not large for my world, but I went with that option for the minimal overall costs compared to the convenience of cash now / not selling more stocks). Paydown to include all profit on VA condo and fact my mortgage in DC could be embarrassingly small.
4. WHEN VA condo income coming in, basement income coming in, and 2nd mortgage killed, start in on stupid luxury mods - save up 15-25 k at a time and then whallop things like: redo bathroom (consider radtiator to floor heat conversion, fix poor design, consider stupid luxury upgrades, must make actual exhaust fans), redo kitchen completely (but may consider complete layout change from laundry/bath/kit redesign), then stupid stupid things like deck (upgrade existing, possibly full roof deck too).
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Date: 2014-01-11 03:38 pm (UTC)no subject
Date: 2014-01-11 07:50 pm (UTC)