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If one was looking at a place that would be their weekend or vacation home and a rental the rest of the time. Would that change the 3 stall garage possible conversion thought?
If one was looking at a place that would be their weekend or vacation home and a rental the rest of the time. Would that change the 3 stall garage possible conversion thought?
NO, it's just tacky IMHO. Especially for a new build! You don't see conversions like that in newer homes. And if you might be renting it as a vacation home, then definitely go with the 3 bedrooms that are good sizes over the small 4 bedrooms so that you could fit 2 twin beds in each or bunk beds to accommodate more people.
As far as resale goes, most people don't like conversions of what used to be a garage turned into living space. If you want the space, then build the space!
More bedrooms are typically also better for resale, but if it's just you I would think 3 bedrooms that are a good size is plenty unless you always have a lot of guests. People would rather have 3 good size bedrooms instead of 4 small rooms, especially in a 1400 sq ft house!! Number of bathrooms is also a huge plus. Make sure you have at least TWO FULL! Most people also prefer a garage and definitely a two car (not one)! Space for the car and storage.
If it was me......I'd have 3 good size bedrooms, 2 bathrooms, good size living room, nice size kitchen and a 2 car garage. $200sq ft in Michigan is high unless you're actually on the lake. I see existing homes listed in Traverse City with 1,500sq ft around $210k. If you're building do your research. I think you can get that price lower.
It is on a lake. Not sure why that would change the cost per sq ft. to build
Michigan and Traverse City are not synonomous. Serious labor shortage in TC. Plus lumber costs are up.
You may casually be seeing 1500 sq homes for 210k but take my word for it, they are tri-levels usually which is a non starter for me, or they are old, on busy roads, need serious updating, on small lots, are a ways out of town or well I havent seen manywhile I was looking this past year. That said I think the market is cooling a tiny bit, maybe time of year, maybe a small correction. 1000 sq ft decent house at 195 went fast. I should preface that by saying I was not looking at houses on most lots in town. Only lots that back up to some sort of open space. 1500 sq foot on a nice lake is 300,000 minimum. A 1169 sq ft house on a nice lake, nice relatively level lot (a common issue) with WALL heat in the living room and a pellet stove, slab, no ducting to bedrooms or bathrooms, i.e. sort of a seasonal place was snapped up in a couple days, on the market for 297,000, see it sold for 254,000. Had I known I was moving into my mothers place I might have bought if for seasonal living. https://www.zillow.com/homes/for_sal...ct/14_zm/1_rs/
Vacations home situation is really what you want to track...
Quote:
Originally Posted by Giesela
I don't feel I should have to give a dissertation on all the personal details of my life, finances and all the ins and outs and whys of what led me to this place. Let me just say that, yes I know that building at this stage in my life is stupid and no it is not my preferred scenario. However, without writing pages and pages of the whats and whens and why's - just please accept it and stick to recommendations. If you want to help me make a questionable decision better. Thank you.
RamenAddict - it has been a hot market, that has been one of the problems. If you all are really that interested, its Traverse City Michigan. Knock yourselves out.
In terms of lake property being more resistant to recessions. I do realize that there is always a bottom where no one is buying anything. But I dont think its wrong to think that when, and there has always been some sort of when so far, when the market moves bac up, lake property in that area will be first in line. If there is no when on the market coming back, well all owners will be screwed.
Right now I think building costs are about 200 sq ft. So a 1400 sq ft house would be 280,000 which is really a max max. I would prefer to be at 250,000, less the better. The minimum build by township regs is 960, too small. I probably overpaid on the lot at 117,000. But the lake has a pair of nesting loons and I really really wanted that.
1400 really is I think the max for 3 bedrooms and 1 and 3/4 baths. I don't think there is any room for a bonus/family room. Hence the wondering about the garage. I suppose siting the house so that there is a place for a 1 car detached garage would allow for the option of finishing out the garage if some future buyer wanted to get creative. Siting is my least favorite part and will be hard. .84 acreas but the area near the lake is spongy wet and there are a lot of setbacks and easements. Hopefully the builder has some ideas. Septic will be a pump back which is expensive.
People sometimes recommend making the attic such that is future possible space. The roofline would certainly be more expensive but I dont think that matters as I think something about modern building trusses it can't be done anymore? At least not cheaply.
I don't want the house to end up a bizzillion dollars per sq ft. I'm going to try to do quality structural things like good windows, lots of them facing the lake etc. and go cheap with formica and laminate which suits me as I like formic and hate tile. That is something and can be remodeled more easily than cutting in windows. Of course it will be more expensive per sq foot. argh.
Left up to me I too would have small bedrooms and large living spaces, especially with no basement option. What is considered a small bedroom in a 1400 sq foot or less house? And as a poster above who also feels this way, yes, my house in NE had the walk through living room and I had a hard time with furniture placement. That was my least favorite part of the house layout. Could have islanded the furniture in a much bigger walk through room but the house was...1472? Loved everything else though. Bathrooms were small by todays mega standards but that didn't bother me personally at all. I think the buyer changed might have combined the two small into one big to accomodate a wheel chair. I did make doorways and hallways wider than builder standard so it did have that going for it to the buyer.
I can't find a forum on city data for people building. Years ago Garden Web was hopping with builders. Now that is Houzz? Anyone know of good I'm building forums?
My other option is just to live in my mothers old house (passed to me, my sister and nephew who all have houses). That is where I'm moving in an interim hop north. Spend 30 thousand on tree removal, driveway, camping pad, electric and get the 6 month permit for camping that the township allows. The neighbors won't be happy but more importantly I'm not sure how much I'd like that. I went to a RV world and spent some time hanging around in campers and it just didn't thrill me.
I'm very familiar with the regional market in Traverse City and surrounding areas. There is HUGE premium for sites that are on Lake Michigan, the enormous Torch Lake, Crystal Lake in Frankfort, or Glen Lake east of the Sleeping Bear Dunes. Smaller lakes just do not have the same marketability. The further fact is that even the most desirable properties have NOT seen much increase -- there is an enormous difference between what sellers think they can get for their "dream home" and what even the most easy spending buyers are willing to pay. Ask the local real estate agent not for their current listings but a summary of closed sales to really see what is happening. Of course there are lots of sentimental reasons why someone might want a vacation home that has family memories and if you have such a property in your family I completely understand the desire to keep the tradition going but unless you have unlimited financial reserves this is ought to be tempered by the actual cash needed. I really would not put any weight on the local waterfowl, one season to the next those could end up on a hunter's table... Unfortunately when it comes to new construction the building costs are generally going to be the same whether you are considering a top notch site or a far less desirable location and that really impacts the decision of whether you should consider trying to sell the existing lot you have and use the money to perhaps buy a place that is going to make more financial sense especially as you age.
It is clear that you are not up to date on the options that exist for building a home that would have easy to finish story and half configuration -- these are very common and popular for both new construction and appropriate remodeling -- https://www.menards.com/main/buildin...4448818714.htm I fear that you also have lots of other misconceptions. You need to talk to local builders who can assess the true costs of what kinds of work you should consider for either mom's old home or any other property.
Realistically you absolutely should consider the potential renovation costs of either the existing home that was your mom's as well as any homes that might be in your price range. You can certainly bring along an experienced remodeling contractor to help decide what the expenses would be in either case. Depending on how much cash you are willing to put into a property the options for essentially doing your version of "Beachfront Bargain Hunt" should be considered -- putting money into a older property that will give you a better long term return is almost certainly a better decision than trying to "build for myself but hope somebody else appreciates the choices I've made" in a location that is not likely to ever have the appeal of other areas...
I'm very familiar with the regional market in Traverse City and surrounding areas. There is HUGE premium for sites that are on Lake Michigan, the enormous Torch Lake, Crystal Lake in Frankfort, or Glen Lake east of the Sleeping Bear Dunes. This is true but its a whole different market entirely. The million and above market
Smaller lakes just do not have the same marketability. They have great marketability in their price range and distance to Traverse City. Waterfront is always desirable up there.
The further fact is that even the most desirable properties have NOT seen much increase -- there is an enormous difference between what sellers think they can get for their "dream home" and what even the most easy spending buyers are willing to pay. I have seen houses sell less than for the dream price, or have to come down from the dream price. But the rate of appreciation/price has exceeded most non waterfront although that varies greatly by the type of waterfront.
I really would not put any weight on the local waterfowl, one season to the next those could end up on a hunter's table... There is no hunting season for Loons. Yes, something could happen to the current pair but hopefully another pair would move in. It is a possibility that there will be no loons at some point. A risk I have to take. I love Loons, its what I want, whats it to you?
It is clear that you are not up to date on the options that exist for building a home that would have easy to finish story and half configuration -- these are very common and popular for both new construction and appropriate remodeling -- https://www.menards.com/main/buildin...4448818714.htm I fear that you also have lots of other misconceptions. You need to talk to local builders who can assess the true costs of what kinds of work you should consider for either mom's old home or any other property.
You know, I'm starting to be sorry I asked, or tried to reply to peoples concerns. Forget the possible attic thing. I personnally am not taking up any main grade realestate with a stairway.
Realistically you absolutely should consider the potential renovation costs of either the existing home that was your mom's as well as any homes that might be in your price range. You can certainly bring along an experienced remodeling contractor to help decide what the expenses would be in either case. Depending on how much cash you are willing to put into a property the options for essentially doing your version of "Beachfront Bargain Hunt" should be considered -- putting money into a older property that will give you a better long term return is almost certainly a better decision than trying to "build for myself but hope somebody else appreciates the choices I've made" in a location that is not likely to ever have the appeal of other areas...
Geezus. My mothers home is in Albion. Built in 1967 its probably not worth that much more than what it was then and that is probably not going to change much. You are making all sorts of faulty assumptions. Not because its not a decent house but because thats the market in Albion. I didn't ask for advice on my mothers house thank you.
So to recap. All pertinent responses; 3 bedrooms, 2 baths, 2 car garage. No other helpful tips to keep costs down and resalability high.
Ok.
If you're planning on renting, please talk to a local rental agent about the rental market on the lake. My SIL bought on a small no wake lake with the intent of renting the property out for most of the year. Problem is most people want lake rentals that include power boats for skiing or other water sports and all she could provide were kayaks. Needless to say her rental plans fell flat and now she's facing a huge expense every year instead of a property that pays for itself. She was impulsive, didn't do any research and now is paying the price.
That is true about rentals and I have thought about that. I am planning, or at least hoping, to never rent so it shouldn't be an issue. That said, people rent out houses that aren't on lakes at all more air bnb hotel style in the area too, I think at that point it becomes about pricing. And of course for houses, the closer to town, preferably in town, which this is not either. For the right price a place on a no wake lake would probably rent, but no not like the bigger houses set up for on bigger all sport lakes. This place would be even harder as it has a muck bottom, steep dropoff, etc. Not at all good for kids.
If I were to rent that would probably be because I wanted to snow bird. And of course the competition there is steep as well, many many seasonal rentals hit the market Oct-May.
I think my most like rental scenario is if I wanted/needed to sell and the market is at the bottom and I'm underwater. Then I would look at 12 month rentingm or snowbirding and renting Oct-May.
Hope your SIL finds her way through to some solution.
FYI I saw that the township this is in had an agenda item listed for restricting lake rentals. There is a lot of tension btw the tourism industry which is the main industry and people who live full time on lakes who are getting tired of living next to rentals where they have jammed a ton of beds into a place, the late nights, the drinking, the noise, the drunk jet skiiers. Some landlords are now restricting to no pre wedding weekends and the like in part probably out of trying to get along with neighbors and also to keep the damage down.
I thought about asking people's opinions on fireplaces but I'm a little afraid to.
I live on a lake, but in the south. I'd go for a variation of the 3rd car garage. Do a garage like stall, but equip it for boat storage--kayak racks, room for a Jon boat, life jacket closet, towel drying racks, etc. all with a floor drain for the water and the floor slanted towards the drains. And if it gets snow there, maybe room for a snowmobile too! And a ski and ski clothes closet, again with the floor drain.
And yeah I know this was not on the choice list...
I'm torn. As a person who has a family, I'd want four bedrooms for sure, even if it was a second home. It really does depend on the layout. There are ways to make a smaller home seem bigger even with four bedrooms. Bathrooms are non-negotiable, I wouldn't get a house without two full baths, even if I were alone. However, three good sized bedrooms would be great for just my husband and I.
Walked the lot this weekend. To have the home nearer the water the septic will have to pumped quite a long way up the center of the lot so....well, its all still sort of hard to tell. Maybe i'm sort of slow but trying to position the house, septic, leach field etc. in order to have room for a pole barn near the road may not be feasible. I'd like to leave that as an option but I also like a 3rd bay in the garage. On a personal level I think I'd prefer that over a pole barn or lawn mower shed.
Don't understand the need for 2 full bathrooms. What is wrong with a 1 and 3/4? I haven't taken a bath since I was a kid. Don't know many adults that do.
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Vacations home situation is really what you want to track...
