Dana Point Real Estate Values
Dana Point Home Improvement
Homeowners hear a lot about improvements that might add value to houses. But less attention is paid to what to avoid. Steer clear of renovations that will cost you money at resale time.
If an Dana Point home becomes conspicuously larger -- and more expensive -- than those around it will risk becoming hard to sell. Additions tend not to return their entire investment. The 2005 "Cost vs. Value Report" found that homeowners were able to recoup only 83% of the cost of a family-room addition and 82% of a midrange master suite.
Dana Point HOME BUYING PITFALLS TO AVOID
Sellers usually rely on sales of Dana Point homes of comparable value to determine a fair and realistic price to set for their home but many sellers feel their home is worth much more and price their home accordingly. Buyers must also be tuned into sales for comparable homes in Dana Point in order to judge the price of any home that is under consideration.
Being “House Poor” gets to be “Old New” real fast. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of income goes to the support of the Dana Point house wears thin very quickly and is a frequent cause of family stress. Pushing yourself right up to your limit leaves you highly exposed when the inevitable changes to the national or your personal economy occurs.
Dana Point Homebuyers Quandry
Before you begin your next home search, make sure the Dana Point you have is Market Ready. If painting or landscaping or repairs need doing, get them done. If you are going to go out house-hunting you may save yourself a lot of heartache and headache if your house is ready to be listed at a moment’s notice.
In many cases the amount you expect to realize from your existing Dana Point real estate will determine the price you can afford to pay for your next home. Start with a Comparative Market Analysis so you will know about how much you can afford to spend.
Buying a Dana Point Fixer-Upper
Finding the right Dana Point fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly.
Join my network of Dana Point buyers looking for specific types of properties. Call or Email me today.
The Benefits of Selling Dana Point
As you know, you are allowed to sell your Dana Point principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.
Dana Point INVESTMENT
Investing in Dana Point as a second home or as a rental has many advantages. But before you invest, it is a good idea to acquaint yourself with the actual sales price of similar properties and to get a picture of the Dana Point market in general. Please contact this office for detailed information on Dana Point market
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