Rents are going up! – I got a referral a few weeks ago to someone who probably had the ability to buy a home, but instead was looking to rent. There weren’t any extenuating variables such as an upcoming relocation, or jeopardy of job loss. This guy was the perfect candidate to buy something, but he thought that by renting he was making a better “financial choice.” I scratched my head and said “OK.” A good personal choice for him and his life? Who knows. A good financial choice? Nope. Doubt it. You can take your chances in a rising rent environment, or lock in a mortgage payment based on a combination of record low interest rates, and some of the most affordable real estate in decades. Take a look at the following L.A. Times article to see what’s going on out there. (Click Here)
This month’s mailer was all about home repair, the value of doing it, vs. not doing it. I’ve included a link here that gives a bit more detail about hiring professionals for regular maintenance. Check out this little follow up to the mailer. Avoid the High Cost of Wear and Tear. And Oh, By the Way… If you need a referral to a great contractor, plumber, electrician, chimney repair service etc. give me a call. I know everybody!
Sweet Bungalow in Highland Park – Just to illustrate further, what deferring maintenance does to you when you want to sell, I present this bungalow in Highland Park. I picked it up for only $215,000. I put in about $100,000 to bring it back to new, and I’ll be selling it in July for somewhere in the neighborhood of $400,000. How much more could the sellers have made had they only done regular maintenance on the property? $40,000? $50,000? You get the picture.