These are the three projects I am taking aim at doing for this house. One is the carport/workshop. Another is the south addition to the house, and the other is the front porch/ brick work.
Do we really need to do these projects? I think we should develop a comprehensive plan from three conceptual plans to continue improving this property. For one thing this is a 1928 Craftsman in the heart of the historic district. It can't be torn down. To me this is not much different from buying a small business and building up it's profitability.
This house was valued at about $94 per square foot when we bought it. Appraised at 1800 square feet the price was around 164-169K. The addition in back will add 372 square feet. The carport will add 432 square feet. All these improvements would boost the overall square foot valuation.
In this historic urban neighborhood, there are some expensive properties. The new, modern town houses and condos offered around here in the urban core on both sides of the river are priced around $200-$750 per square foot. These improvements could really make this a very strong property. Also, we have a yard and no property owner association fees. We are a block and a half from Main Street. Our house is the closest single family residence to a trolley stop. It's just steps away. In this light the idea does not seem so far fetched after all.
Most recent s.f. appraisal.....2000
addition s.f......................+ 372
new s.f. subtotal======= 2372
guesstimated new value x $220 per s.f.
sub total============ ==$474,400
garage: 432 @ $75 / s.f. + 32,400
New property value=======$506,800
That is absolutely the most we could hope for. I have no idea of the construction costs. Of course this is just euphoric crazy talk at this stage. I have this huge challenge to create three levels of improvement plans that we can "take to the bank". Getting that done is the work at the present and of this blog.
These are the three projects I am taking aim at doing for this house. One is the carport/workshop. Another is the south addition to the house, and the other is the front porch/ brick work.
Do we really need to do these projects? I think we should develop a comprehensive plan from three conceptual plans to continue improving this property. For one thing this is a 1928 Craftsman in the heart of the historic district. It can't be torn down. To me this is not much different from buying a small business and building up it's profitability.
This house was valued at about $94 per square foot when we bought it. Appraised at 1800 square feet the price was around 164-169K. The addition in back will add 372 square feet. The carport will add 432 square feet. All these improvements would boost the overall square foot valuation.
In this historic urban neighborhood, there are some expensive properties. The new, modern town houses and condos offered around here in the urban core on both sides of the river are priced around $200-$750 per square foot. These improvements could really make this a very strong property. Also, we have a yard and no property owner association fees. We are a block and a half from Main Street. Our house is the closest single family residence to a trolley stop. It's just steps away. In this light the idea does not seem so far fetched after all.
Most recent s.f. appraisal.....2000
addition s.f......................+ 372
new s.f. subtotal======= 2372
guesstimated new value x $220 per s.f.
sub total============ ==$474,400
garage: 432 @ $75 / s.f. + 32,400
New property value=======$506,800
That is absolutely the most we could hope for. I have no idea of the construction costs. Of course this is just euphoric crazy talk at this stage. I have this huge challenge to create three levels of improvement plans that we can "take to the bank". Getting that done is the work at the present and of this blog.
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