Latest on Mule House re-hab

MuleHouseSeptember 22, 2012

The fun goes on...... Flippin' insurance company anyway! This week they went from "Ok, you paid $45,500. for your commercial building and will spend $100,000. turning it into a residence, insurance cost $1,500. for 6 months" to "Oh, you say you only plan to spend $10,000. in remodeling, so now we are going to claim your building is really worth $120,000. and charge you $1,200. for 6 months".

The city building inspector who issued my permit felt 10K was a reasonable figure to bring it to residential code. The county property appraiser came to see me this afternoon and agrees. He said there was no way anyone could spend 100K in upgrades in that small a space and my purchase price reflects values in our area.

Next week I'm seeking insurance from other sources. For anyone who wishes to see the property in question, Google 182 W Reynolds Ozark AL and select the Zillow site for pictures.

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clg7067

Yeah, I'd go looking for another insurance company, too. But, Yikes!, that is still expensive for $120,000 building.

    Bookmark   September 22, 2012 at 8:46AM
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debrak_2008

Have you checked with your mortgage company or bank? Our bank who has our mortgage has a risk management division that deals with hundreds of different insurance companies. They have been able to always find us the best prices on coverage.

    Bookmark   September 22, 2012 at 10:33AM
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Gigi_4321

All I can say about the insurance is, that's ridiculous.
As far as your project, I love it! If I lived in a different area (I'm in SF bay area) I would buy a block of vacant commercial buildings and redo them for residential use. Please post again with updates and photos.

    Bookmark   September 22, 2012 at 12:53PM
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desertsteph

that's gonna be real cute when done. and convenient to shops and stuff? close to courthouse so it should be.

be sure to post what you do to it!

    Bookmark   September 22, 2012 at 5:07PM
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MuleHouse

Thank you for all the responses. : )

CLG6708, Yes, I'm really about to give up on the company I have. They have our 3 vehicles and our homeowners policy and will lose all of them if I go somewhere else.

Debrak, I haven't tried that but thank you for the suggestion.

Gigi, thank you. I'm from San Francisco myself. Roblee off Silver. It's so nice to be in a town that welcomes creating downtown residential conversions.

Desertsteph, we are so looking forward to actually living there. I work in that courthouse. I'm the county board of registrars chairman. Even now it's convenient as when I need to meet with someone there I can just pop out the back door and cross the street.

When I have no info I'll post it. Only news today is I bought a great china cabinet for the new dining room. That's the room with the garish green paint - which will be replaced by Weathered Wood wallpaper by Kathy Ireland.

    Bookmark   September 22, 2012 at 7:23PM
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