I am in the process of looking for primary resident and was thinking about getting a fixer upper. I am little nervous as I have never done this before (except for one of my rental where I had a property manager pretty much handled the whole thing.. so can’t count that one and it was at a different state)
And because of horrendous contractor cost in Seattle area I am wondering if I should do this.... very nervous. But I am kind of up for the challenge. I have been wanting to flip/brrr a rental house...so why not do it with a primary? Can you guys recommend some good contractors?
4. Kitchen remodel
5. Bathroom remodel
I also would love to seek professional designers guidance so maybe an architect or a designer?
Also, what’s a reasonable rate in Seattle for handy man?
@Jenna Lee , Architect from Seattle here. What you are describing doesn't sound too extensive and if you are not looking to expand the footprint or add square footage it should be pretty straightforward and more or less cosmetic (new siding should perform better but still straightforward).
From my experience you're looking at anywhere from $200 - $300 / sf for work in the city if you work with a full service GC. Prices are trending towards the high end of that range. I imagine you could find some savings by acting as the GC and hiring out trades individually, of course that will largely depend on your experience / comfort with that sort of thing and your local network.
Its been said on multiple occasions on this site but, as far as investments are concerned, a primary residence isn't likely to perform as well as another class of property, best to go into any project with your eyes open. That said, you get to use this building for yourself so there's plenty of upsides.
Do you have a property already? With how busy folks are it will be hard to pin down a number from anyone without a detailed scope of work.
Hi @Jenna Lee - as an investor definitely make sure your primary residence also performs well as a rental- even if you aren't "House Hacking" and just want a home to live in. I'm speaking from personal experience here - our first primary residence wasn't a great rental, and we ended up selling it (and paying commissions, excise tax, etc!) rather than renting it out when we moved. Always better to have options and to hold properties longer for those better late-term loan pay down rates.
We house hacked our way to 3 properties in Seattle and have 6 now - all fixers, so we have a pretty extensive list of contractors and handyman. I pay $20 for labor, $25 - $30 for handymen, and $40 for contractors. As a newer investor with less volume you may find that you have to pay more though.
Most investors or investor-agents in Seattle won't refer you to their contractor / handyman teams, out of fear they'll take your project, get too busy, and not be available for future projects. I'm the same way - As an agent I only give clients access to the folks we work with, sorry I can't help more! On that note - if you're looking for an investment-focused agent don't hesitate to drop me a line over messages!
Hey @Jenna Lee , I’m a West Seattle based Designer and Builder, General Contractor. I think I’m one of those expensive, busy contractors we always hear about. Haha! I’d be more than happy to give friendly advice anytime. Feel free to PM me with any questions!