All Forum Posts by: Ryan Wittig

Yeah, what @Lien Vuong said... Also even if you did what she describes in the ideal scenario I believe there would still be some depreciation recapture for the 2-3 years after you move out of one of the units and start collecting rent again. Keep it simple and talk to a good accountant who understands real estate.

That definitely does sound questionable. Sounds like you are in all kinds of gray areas. 

I would start by speaking with someone in inspectional services (ISD). In the olden days you could go to 1010 Mass Ave. and speak to someone in person. They aren't always helpful for zoning related info because they're afraid of misrepresenting and getting in trouble, but for something like this it's definitely the best starting point.

Hi Colleen,

Is there an existing curb cut to the empty lot? If not, it might not be legal to park there. It’s also nearly impossible to get a new curb cut approved as you are taking away from street parking. If there is a curb cut, then I’m not sure what’s to stop you from parking on your own property… There are ordinances for renting out parking, but I’m not familiar enough with your situation and neighborhood.

Of course the builder is going to say that... Consider the source. If all the neighboring houses are 2000-2500 sq. ft. I doubt you're going to see a good ROI on a 4500-5000 sq. ft. house. Are there no houses of such size anywhere else in your town to offer a comp?

The more interesting/profitable question is could your lot be subdivided to allow for building another house as of right or would zoning allow for construction of another house or dwelling unit (rental/AirBnB) somewhere else on the lot?

Curious to know the town or region as a frame of reference.

Scott Forest, Forest Structural Engineering. He lives in the South End, so I'm pretty sure he'll be happy with the commute. I'll send you his contact info.

Thanks for sharing @Jean Soo. All of the points your highlighted are concerning for landlords, but #3 is particularly egregious. So we're supposed to freeze rent increases for the next year? As if our costs won't be going up in the next year especially as towns look for more ways to bring in revenues (taxes).

I agree with Ian's number. $60K is more likely in the ballpark. If it's up a hill the water table probably isn't a concern, but you will still need to have someone validate where the water table is. Somerville does not want people digging down too deep and using sump pumps to drain the earth around them.

Not sure how to answer your question about how the buildings and foundations are connected. Talk to an architect. Khalsa and Peter Quinn Architects are two popular shops we've used.

Get a contractor out there who can give you real numbers.

Hate to say it, but IT DEPENDS a lot! If zoning permits you to build another detached structure, you should definitely do that. You can certainly do slab on grade, but the basement space doesn't count towards your livable sq ft if you don't have a bathroom or bedroom. It could be a media room, exercise area, kids play area and storage, which are all valuable. If you need to connect to the existing building this will have significant structural implications for your current building. If you are attaching to your existing building, your new basement can not be deeper than the seasonal high water table, which may affect your ceiling height (doesn't apply to new construction with certain requirements). You are going to want to know the water table height regardless if digging. You're also probably going to want a geotech engineer to look at your soil to determine if any remediation will be needed to build a new foundation...

Is 600 sq. ft. the footprint of the building or total sq. ft. that you can add. If it is, it sounds like you could build a roughly 1800 sq. ft addition, correct? Assuming 600 sq. ft. is the footprint your basement would roughly cost $25-50K to complete which consists of at a minimum digging the hole, creating the proper draining and pouring the foundation.

Interested to hear if anyone else can fact check me or give their experiences.

Good luck

All things being equal, the cost should be the same, but contractors tend to bump up their price when they see the name Weston or Wellesley versus Natick or Waltham. They figure you can pay it. One would also assume that you would be using higher end materials and finishes in the nicer towns. It helps to have either the experience or a GC who can call subcontractors out on inflated prices and negotiate better. $175 per square foot is pretty optimistic for even a basic build (Waltham/Natick), and anything north of $300 a square foot is custom home builder territory.

@philip ganz is a good independent voice on what’s realistic these days. Hey Phil!