The hunt is over...we had an offer accepted on a house last night. Instead of explaining it all myself, I'm going to plagiarize an email David sent to some people (it is almost like David posting!):
So, Liz and I made an offer on a house yesterday and it was accepted by
the owners. There were 6 other offers, and two were actually $7,500
higher than ours! The owners chose us for a couple of reasons: 1) we
were the only buyers whose agent presented their offer to the owners in
person (which Beth said the owners' appreciated), and 2) we wrote a
letter that really appealed to the owners (the wife actually cried...
she is very emotionally attached to the house - it's been in her family
for a long time). So, that means we are closing on the house in two
weeks and we're scrambling to get our condo ready to go on the market
next Tuesday.
Anyway, the house is in a good neighborhood with close proximity to the
UW. It's close to the #71 bus line, which Liz can take to and from the
university and also goes downtown. The UW is also conveniently located
between the house and my office, so I can drop Liz off at the
university as I commute to work without straying from my route (in
other words, the house is ideally located for our commuting needs).
Because at least two other people were willing to pay more than us for
the home, that means we bought it for less than market value... that
means instant equity! The bathroom and kitchen need to be updated,
which will also add significant value for resale. Then, of course, the
good location means it will appreciate more than a home further away
from downtown... currently the appreciation rate is about 12% per year.
So, this should prove to be a good investment for us.
The house is fairly spacious. There are two bedrooms (one will be a
dedicated guest bedroom... no more rearranging the living room for
guests!) and a bath on the main floor, along with a good sized kitchen,
dining and living room. There is also a basement with an attached
garage. The basement includes a rec. room where we will eventually put
some exercise equipment, the computer, our sleeper sofa, and a TV (will
probably be our movie watching room). There is also a utility room
down there and a third room that will probably become my shop.
The lot is fairly large for Seattle (5,080 SF... most are roughly 3,500
SF - 4,000 SF), and it has alley access in the back. That means we
could eventually add a second garage or outbuilding (accessory dwelling
unit, aka mother-in-law) at the back end of the lot. The backyard is
also large enough for Maggie to run and play, plus we are much closer
now to Maggie's favorite dog park, which means we can go more often!
It's not a very pretty house in my opinion, but it has excellent
interior space compared to all the others we viewed. Besides, at least
6 other people were willing to buy it as is. We'll fix it up and make
it much more appealing... in time and as we get money. It's style
lends itself well to a very modern remodel in the distant future. I
see going up a level over the north half of the house (a master suite
addition), and making a roof view deck over the south part of the
house. Supposedly there is a good view of Mt. Rainier from the living
room (the SE corner of the house), but it was overcast both times we
viewed the home and we didn't see it. For some reason Seattleites go
nuts for views, so that will be good for resale too. Personally, I
don't spend that much time staring out the window at a view, so I don't
care that much about views. But hey, it's a bonus that I'll take!
the owners. There were 6 other offers, and two were actually $7,500
higher than ours! The owners chose us for a couple of reasons: 1) we
were the only buyers whose agent presented their offer to the owners in
person (which Beth said the owners' appreciated), and 2) we wrote a
letter that really appealed to the owners (the wife actually cried...
she is very emotionally attached to the house - it's been in her family
for a long time). So, that means we are closing on the house in two
weeks and we're scrambling to get our condo ready to go on the market
next Tuesday.
Anyway, the house is in a good neighborhood with close proximity to the
UW. It's close to the #71 bus line, which Liz can take to and from the
university and also goes downtown. The UW is also conveniently located
between the house and my office, so I can drop Liz off at the
university as I commute to work without straying from my route (in
other words, the house is ideally located for our commuting needs).
Because at least two other people were willing to pay more than us for
the home, that means we bought it for less than market value... that
means instant equity! The bathroom and kitchen need to be updated,
which will also add significant value for resale. Then, of course, the
good location means it will appreciate more than a home further away
from downtown... currently the appreciation rate is about 12% per year.
So, this should prove to be a good investment for us.
The house is fairly spacious. There are two bedrooms (one will be a
dedicated guest bedroom... no more rearranging the living room for
guests!) and a bath on the main floor, along with a good sized kitchen,
dining and living room. There is also a basement with an attached
garage. The basement includes a rec. room where we will eventually put
some exercise equipment, the computer, our sleeper sofa, and a TV (will
probably be our movie watching room). There is also a utility room
down there and a third room that will probably become my shop.
The lot is fairly large for Seattle (5,080 SF... most are roughly 3,500
SF - 4,000 SF), and it has alley access in the back. That means we
could eventually add a second garage or outbuilding (accessory dwelling
unit, aka mother-in-law) at the back end of the lot. The backyard is
also large enough for Maggie to run and play, plus we are much closer
now to Maggie's favorite dog park, which means we can go more often!
It's not a very pretty house in my opinion, but it has excellent
interior space compared to all the others we viewed. Besides, at least
6 other people were willing to buy it as is. We'll fix it up and make
it much more appealing... in time and as we get money. It's style
lends itself well to a very modern remodel in the distant future. I
see going up a level over the north half of the house (a master suite
addition), and making a roof view deck over the south part of the
house. Supposedly there is a good view of Mt. Rainier from the living
room (the SE corner of the house), but it was overcast both times we
viewed the home and we didn't see it. For some reason Seattleites go
nuts for views, so that will be good for resale too. Personally, I
don't spend that much time staring out the window at a view, so I don't
care that much about views. But hey, it's a bonus that I'll take!
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