In general terms, I'm realizing that I need to spend $100,000 or so:
- Paint (implying carpentry repair)
- Roof and Gutters - particularly gutters and fascia, but roof is 20+ years
- Kitchen could be more efficient; make better use of corners
- Resolve the carport/workshop thing; fix driveway
- BA1 - skinny door? whirlpool tub?
- BA2 - yikes
- BA3 - Widen Casey's shower now that water heater closet is gone
- Finishes in living, dining--molding, paint
- Resolve laundry situation; ideally, make ADU work
- Windows--better energy, more openable
- Insulation--insulate floor? refurb. attic insulation?
Maybe $150,000, now that I think about it.
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| Noodling last night looks a lot like the pre-survey drawing I did in 2014. |
I got to thinking about the
Zoning Envelope again. Maybe a real garage is possible, and I could retire the canopy. I checked back with the city, and Tip #220, linked in the original post, still seems to apply, but they are generally more open to ADUs, following the national trend. I'm not sure why I decided that the existing front wall (29.1' setback) was the limit.
Expanding the workshop into a garage is great, but it means a new foundation, walls, garage doors, and basically building a new roof. I remember Shoreline builder Wally Fosmore telling me, among many nuggets of good advice, that if the breezeway was giving me trouble, he could remove it down to dirt in about a day. Build it back at whatever floor height and roof intersection we need. I said something like "But it's built on a concrete vault" and him just looking at me. "So?"
The Zillow zestimate for the house hit $1,018,100 recently (up 3.7% in the last 30 days). They have a new feature where they estimate closing costs and for me that's:
6% Agent commission $61,086
1% Selling concessions (?) $10,181
Closing fees $5,850
1.8% Taxes $18,123 (Real Estate Excise Tax--REET--is 1.28%)
Closing costs: $95,240
The REET changed in January 2020; it's now a graduated amount. Seattle charges 0.50%, double what some cities charge. But, anyway, the state now charges 1.1% on the first $500k and 1.28% on the remainder (it goes up after $1.5M).
Presumably, after a $150,000 remodel, the selling price (and closing costs) would be a little higher. In 2016, Zillow estimated
return on various improvements: insulating the attic returned 50.3% and garage door replacement got 36.8%. Kitchen remodel was only worth 7.7%, lower than window replacement (13.8%) and bathroom remodel (13.0%). Makes me think I should do the kitchen on the cheap--rearrange the existing cabinets, for example.
If I get any positive return on my $175,000 remodel, I'm looking at a $1.2M asking price. Let's hope the market stays high.
Hypothetical: House sells for $1,195,000 after I spend $200,000 on it.
Even at $982,500 and $250,000 invested, the ROI is 16.39%--better than a bank. God willin' and Rainier don' blow.