It's so complicated. The amount of money I'll have spent on the house by this fall is the same as the 80% usable value being extracted in the mortgage, so if you're balancing valuation against cost, I'm break even. On the other hand, how do you value the historic restoration-grade fixes being done and just living here? I dunno. I've got a helluva spreadsheet I'm gonna make some graphs out of some time soon.
4
Mt_GoatHead Cheezy KnobPflugerville (north of Austin)Icrontian
How much does the new valuation increase the taxes? Or is there a break on that for being a historical property?
@Mt_Goat said:
How much does the new valuation increase the taxes? Or is there a break on that for being a historical property?
Thankfully the city's valuation is separate, but Detroit has had an issue with over-assessed tax bills for a while now. The only things that trigger them to reassess is the house being sold or a city-wide reassessment. We just had the latter for the first time in decades, and my bill went down ~10% (and they'd knocked ~5% off previously as part of a blanket re-calibration prior to the formal assessments being done).
It's so complicated. The amount of money I'll have spent on the house by this fall is the same as the 80% usable value being extracted in the mortgage, so if you're balancing valuation against cost, I'm break even. On the other hand, how do you value the historic restoration-grade fixes being done and just living here? I dunno. I've got a helluva spreadsheet I'm gonna make some graphs out of some time soon.
@NiGHTS said:
No you're not, you're at +60K equity silly guy
I bought the house for 45K cash which I did not include in my break-even calculation. So +15K? Except that's about how much Icrontic chipped in so I feel like calling that gained equity is tenuous at best.
0
Mt_GoatHead Cheezy KnobPflugerville (north of Austin)Icrontian
@Mt_Goat said:
How much does the new valuation increase the taxes? Or is there a break on that for being a historical property?
Thankfully the city's valuation is separate, but Detroit has had an issue with over-assessed tax bills for a while now. The only things that trigger them to reassess is the house being sold or a city-wide reassessment. We just had the latter for the first time in decades, and my bill went down ~10% (and they'd knocked ~5% off previously as part of a blanket re-calibration prior to the formal assessments being done).
That's a lot better than around here. You need a permit for everything and after you are done the city sends an appraiser. The only saving grace is that all appraisals are dampened by in neighborhood comps, so you don't shoot up sky high.
SazbeanMadam President has a nice ring to itChelsea, MIIcrontian
@Linc said:
It was a shrewd investment by @Straight_Man since that humble laundry room will shortly become... a tap room.
Since I am currently refinancing the mortgage (again) for one last piggybank-smashing round of renovations, I will officially declare "last call forever" on sponsoring a room at ICHQ:
Backstairs landing ($450 - prominent & popular space between hallway & kitchen - about to be REPAINTED in 2017!)
Stained glass window ($350 - plaque would go just below - about to be REINSTALLED in 2017!)
Turret walkout ($200 - yes, you can stand in the ICHQ crows nest - NEWLY REBUILT in 2016!)
We're five years in! In five more will you wish you'd snagged a room "back in the day"?
@Sazbean said:
Where's my plaque for the hallway? hmmm?
Only wanna do 1 additional batch. When that plaque goes up, it means no more sponsoring rooms.
0
HumerusMegSomething, something medical professional, Fitness bitch, Sexy chefAustin Icrontian
edited June 2017
@Linc said:
It was a shrewd investment by @Straight_Man since that humble laundry room will shortly become... a tap room.
Since I am currently refinancing the mortgage (again) for one last piggybank-smashing round of renovations, I will officially declare "last call forever" on sponsoring a room at ICHQ:
Backstairs landing ($450 - prominent & popular space between hallway & kitchen - about to be REPAINTED in 2017!)
Stained glass window ($350 - plaque would go just below - about to be REINSTALLED in 2017!)
Turret walkout ($200 - yes, you can stand in the ICHQ crows nest - NEWLY REBUILT in 2016!)
We're five years in! In five more will you wish you'd snagged a room "back in the day"?
It just got scooped up a couple days ago, sorry! I hadn't updated here; out of town on a business trip til tomorrow. Backstair landing & turret walkout still available.
It just got scooped up a couple days ago, sorry! I hadn't updated here; out of town on a business trip til tomorrow. Backstair landing & turret walkout still available.
Probably stairs. One of us will let you know. ?
0
HumerusMegSomething, something medical professional, Fitness bitch, Sexy chefAustin Icrontian
@Linc we will take the stairs. Where can I send funds?!
@Linc said:
I think it would be very challenging to sell the house for over $110,000, even fixed up, in the next 5-10 years. The average range in Woodbridge seems to be 65-80K. Not that I'm selling it any time this decade.
@Linc said:
I think it would be very challenging to sell the house for over $110,000, even fixed up, in the next 5-10 years. The average range in Woodbridge seems to be 65-80K. Not that I'm selling it any time this decade.
👀
Well, that was before I found a pile of money and then bootstrapped my way thru 3 mortgages. Yeah it's easily triple that now, but the debt scaled with it sooooooooo.
Comments
You found a vanity you liked!? Praise be!!!!
600+% gainz bro
It's so complicated. The amount of money I'll have spent on the house by this fall is the same as the 80% usable value being extracted in the mortgage, so if you're balancing valuation against cost, I'm break even. On the other hand, how do you value the historic restoration-grade fixes being done and just living here? I dunno. I've got a helluva spreadsheet I'm gonna make some graphs out of some time soon.
How much does the new valuation increase the taxes? Or is there a break on that for being a historical property?
Thankfully the city's valuation is separate, but Detroit has had an issue with over-assessed tax bills for a while now. The only things that trigger them to reassess is the house being sold or a city-wide reassessment. We just had the latter for the first time in decades, and my bill went down ~10% (and they'd knocked ~5% off previously as part of a blanket re-calibration prior to the formal assessments being done).
No you're not, you're at +60K equity silly guy
I bought the house for 45K cash which I did not include in my break-even calculation. So +15K? Except that's about how much Icrontic chipped in so I feel like calling that gained equity is tenuous at best.
That's a lot better than around here. You need a permit for everything and after you are done the city sends an appraiser. The only saving grace is that all appraisals are dampened by in neighborhood comps, so you don't shoot up sky high.
~43% then
(aka GREAT)
I'd be interested in a walk through of your math.
Where's my plaque for the hallway? hmmm?
Only wanna do 1 additional batch. When that plaque goes up, it means no more sponsoring rooms.
@Linc
@Levex and myself want the window
Where can I send funds?
It just got scooped up a couple days ago, sorry! I hadn't updated here; out of town on a business trip til tomorrow. Backstair landing & turret walkout still available.
@Linc said:
Probably stairs. One of us will let you know. ?
@Linc we will take the stairs. Where can I send funds?!
destruction at gmail - thanks!
The very last sponsorship opportunity in the house:
Expo is the deadline.
If it isn't claimed by Expo, then I'll organize a cash pot at Expo so it can be sponsored by "Icrontic"
Closed on the new mortgage today!
Life skills you don't expect: Getting fast/good at mortgages.
👀
Well, that was before I found a pile of money and then bootstrapped my way thru 3 mortgages. Yeah it's easily triple that now, but the debt scaled with it sooooooooo.