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littlebluedog
littlebluedog
Tim
Wednesday, January 13th, 2010 10:27 am
rehoming

2010 is shaping up to be a year of changes. In addition to getting married this summer, Nic and I will be moving across town in early spring.


We'll be moving into the townhouse on Mt. Tabor that she occupied before joining me in the purple hizz. It's owned now by her folks, who live in SoCal, and who haven't been successful in selling it.

Several reasons. First, more efficient. For all its charm, the hizz is an old, drafty house that has a comparatively high upkeep cost, for example in terms of maintaining the garden and required renovation on the house, and I'm wearying of the demands it places on my time and wallet. It also costs a bit to heat. The Tabor house is new, energy efficient construction. It's a duplex structure that takes up most of a standard 50x100 lot, so there is a lot less ground to maintain - and the retired lady who owns the adjacent space loves gardening, so keeps it really pretty.

Second, safer neighborhood. I've never felt that mine is particularly dangerous, but the crime rate is certainly higher. This is of particular importance to Nic's folks, and to Nicole. It'll probably be quieter, too ... Nic says she rarely heard a peep from the neighbor, whereas our current neighborhood is a little noisy.

Third, a lot more room. We're not expecting, or really thinking about it while Nic is in school, but room to stretch out would be nice. The Tabor house is a townhouse plan with three bedrooms, each with a bathroom, a bigger kitchen, and a garage, in addition to a front room and an additional small room in the basement. We'll turn one spare into a study/guest bedroom, like we have now, and the other into a TV room.

Fourth, better financial sense. We approached Nic's folks with the idea of purchasing the Tabor house from them, and putting the purple hizz up for sale. Not a great idea in this market, but the house across the street from me sold almost as soon as it was put up, so who knows. I could float two mortgage payments for awhile if necessary.

However, when we discussed this, they surprised us by suggesting an entirely different arrangement: leasing the Tabor house, at least until Nic finishes school, at a price that would make selling the purple hizz unnecessary. In fact, because her folks have found rental properties to be pretty lucrative, they explained that the point of this arrangement would be so we could keep the hizz as a rental property. This would also offer us the freedom to move again in a couple years if we decided that, for example, we wanted a yard again. They're also assuring us that we should think of it as our home, rather than a rental, in terms of painting, installing cabinets, changing light fixtures, etc.

Realistically speaking, I'm skeptical about renting the hizz. I've never done it before, and I have a lot of research to do about what's necessary to make a rental property profitable. But I'm excited to see how and if it works out.

We're going to miss a lot about it. It's a block away from the city's prettiest public rose garden. Lots of great restaurants nearby. A 5-minute walk to a bus line, two neat coffee shops, decent pho, and a beer bar. Easy access to a bunch of lengthy bike routes. And when the yard is in full bloom, it's pretty incredible to see.

All that remains is settling the final details in a lease agreement, but otherwise it's a done deal. We'll move in late March. The Tabor house is vacant, so we can prep beforehand, in terms of planning how we're going to lay out the rooms, painting, gradually moving smaller and stored stuff over, etc. Post-move, I'd like to do a little more work on the hizz before putting it on the rental market - patching and painting some walls, a bit more trim. Nic is skeptical about this use of my time, but I feel strongly about it for some reason. Sentimental, most likely. I'm still in love with that house, and I figure that just a bit more work would enhance its appeal for renters (or future buyers).

Interesting times!

Tags:

17CommentReply


littlebluedog
littlebluedog
Tim
Thursday, January 14th, 2010 05:12 pm (UTC)

Woohoo! SE represent.


ReplyThread Parent
ellettra
ellettra
Na zdraví
Wednesday, January 13th, 2010 06:54 pm (UTC)

Yea! We'll be neighbors again.


ReplyThread
littlebluedog
littlebluedog
Tim
Thursday, January 14th, 2010 05:13 pm (UTC)

Sweet, we'll come over to borrow a cup of sugar and two eggs soon!

Edited at 2010-01-14 05:13 pm (UTC)


ReplyThread Parent
circumambulate
circumambulate
Circumambulate
Wednesday, January 13th, 2010 07:29 pm (UTC)

That's pretty huge. I got over my love of old houses after my second renovation. Having a house you can just live in is kinda nice.

I'm sure this is already in your mind, but do make sure the agreement between you and Nic's parents is crystal clear, especially around what happens to proceeds when you sell - I've seen this drive a wedge down the middle of a couple different families, one to the point where they don't even talk anymore.


ReplyThread
littlebluedog
littlebluedog
Tim
Wednesday, January 13th, 2010 07:37 pm (UTC)

Maybe I'm missing something, but I'm not seeing a need for that. We'd retain ownership of the current house, so proceeds from that sale aren't involved in this arrangement. The agreement in question would be a lease of the Tabor house, perhaps with an option-to-buy clause in it. If we do purchase, title would then be ours, and proceeds from that sale would be ours as well. We're not going to be building equity in the Tabor house while the lease is in effect, so if we don't purchase and they sell to another party, no question of proceeds there either.


ReplyThread Parent
circumambulate
circumambulate
Circumambulate
Wednesday, January 13th, 2010 07:43 pm (UTC)

ah - that's good. I thought it sounded like you were potentially doing some changes to the Tabor house that could increase the value during the lease period.


ReplyThread Parent
littlebluedog
littlebluedog
Tim
Wednesday, January 13th, 2010 07:49 pm (UTC)

OK gotcha. For the most part, the planned improvements would probably contribute minimal value (adding an interior door, storage shelves or cabinets in the garage). But you make a good point that I hadn't thought of, so thanks!


ReplyThread Parent
wuweibaby
wuweibaby
touching now
Wednesday, January 13th, 2010 08:04 pm (UTC)

think pretty seriously before you decide to rent out your nopo house; lotsss can happen that ain't good unless you're really keeping close tabs on it.

my ex-husband and i were apartment managers for several years, and some of the most innocuous seeming people do extraordinarily weird stuff, damage-wise.

hey! you guys be closer then again now. soon. :D


ReplyThread
littlebluedog
littlebluedog
Tim
Thursday, January 14th, 2010 05:14 pm (UTC)

Will do.


ReplyThread Parent
obsqurity
obsqurity
owner of this corner, and not much more
Wednesday, January 13th, 2010 08:55 pm (UTC)

Wow, big news!

I think you're just determined to follow Amanda around the city. ;-)

I look forward to the new house-warming though.


ReplyThread
littlebluedog
littlebluedog
Tim
Thursday, January 14th, 2010 05:14 pm (UTC)

So do I! It is an excellent party house.


ReplyThread Parent
cienna74
cienna74
cienna74
Wednesday, January 13th, 2010 09:30 pm (UTC)

Wow! Exciting news! Room to stretch out is always nice. And it's cool that her parents are letting y'all lease instead of buy right away. Gives you time to figure out if you really want to sell/lease the other house and buy the Tabor house.


ReplyThread
remix79
remix79
remix
Wednesday, January 13th, 2010 10:40 pm (UTC)

Awesome! Sounds like good times.


ReplyThread
cheekyassmonkey
cheekyassmonkey
tori
Thursday, January 14th, 2010 03:38 am (UTC)

wow.

sound reasoning all around, but still ... wow.

you'll be closer to us :)


ReplyThread
littlebluedog
littlebluedog
Tim
Thursday, January 14th, 2010 05:14 pm (UTC)

From the responses, sounds like we'll be closer to everyone!


ReplyThread Parent
bellybalt
bellybalt
Belly
Thursday, January 14th, 2010 10:13 pm (UTC)

YAY! The Dawg and Sassy Lass in SE! Welcome to my quadrant! :)

When I was looking to buy a house, my parents suggested buying a duplex and renting the other half. I wasn't even sure how to be homeowner at that point, so I'm sure being a landlord was out of the question. :)


ReplyThread