Not quite a duplex...
Hi, former lurker, first time poster. We own a house in West Seattle that had been used as a duplex in the past. There had been a fire downstairs a few years back, the former owner fixed the damage and put it on the market, so no lasting structural damage. We intended to live in the top unit, remodel and rent the bottom unit. The bottom unit is a bright daylight basement with the rooms studded out but no electric or water. The lot has two fenced yards, off-street parking plus two garden sheds. Cute little place, we mostly bought it for the potential income after renovation.
Fast forward three years. Bids to complete the downstairs were a great deal higher than we'd been led to believe, so the remodel hasn't happened. We went through the hoops w/the city to get it legalized as an 'official' duplex, as it had been an 'illegal' duplex since 1935 or so. Current building permits, signed architect plans, everything to keep the city happy. We may be moving out of state due to my mother's health before the end of the year, so we won't get the chance to finish the basement as we'd planned.
Question is, anyone have thoughts on pricing if/when we sell? The county has always considered it a duplex, the city will consider it a duplex the minute the inspector signs off on the finished basement. But at the moment, it's being used as a single family house with a great unfinished basement, two yards, addresses, mailboxes and meters. How much might the 'legal duplex' paperwork add to the value? I would think (hope) it would add something, as the paperwork costs ran into the thousands. But in this case, selling the potential is much easier said than done. Thanks in advance for any advice.
Fast forward three years. Bids to complete the downstairs were a great deal higher than we'd been led to believe, so the remodel hasn't happened. We went through the hoops w/the city to get it legalized as an 'official' duplex, as it had been an 'illegal' duplex since 1935 or so. Current building permits, signed architect plans, everything to keep the city happy. We may be moving out of state due to my mother's health before the end of the year, so we won't get the chance to finish the basement as we'd planned.
Question is, anyone have thoughts on pricing if/when we sell? The county has always considered it a duplex, the city will consider it a duplex the minute the inspector signs off on the finished basement. But at the moment, it's being used as a single family house with a great unfinished basement, two yards, addresses, mailboxes and meters. How much might the 'legal duplex' paperwork add to the value? I would think (hope) it would add something, as the paperwork costs ran into the thousands. But in this case, selling the potential is much easier said than done. Thanks in advance for any advice.