This was “back-in-the-day” before the fire.
Its a pretty town!
This was “back-in-the-day” before the fire.
Its a pretty town!
Real estate agents who are active in the business meet at different locations each week to present properties that are for sale or to try to find the right homes for their customers. Mike Schlunegger from our office is sitting in the center of the pic looking over his shoulder. Often discussed at these meetings are local housing issues, the ever-changing loan programs and qualification standards and upcoming properties.
Here’s a local meeting taking place.
Here’s a tour of 3700 Dean Drive #2410 in mid-town Ventura. We just rented it.
The movie required editing, and then a lot of other post-data production so that youtube shows the 360 degree views.
Like new technologies, its a little gee-whiz right now, and if you ask me, it isn’t quite as easy to make work as I thought.
The video quality is poor on this even though the camera shoots super-high quality videos.
But press the scroll button on the image picture. You’ll see above, below, behind and to the sides of the camera. The camera somehow even takes its own picture.
There is no sound – still working on that – The images were filmed in super high quality, but the quality that was rendered to youtube is less than that. I also had to remove the titles because when they were rendered for youtube, they became fish-eye like. Finally, please know the fish-eye lenses don’t help the beauty of the guy showing the property.
Here’s the goal: up our game and easily deliver high quality branded videos to prospective home renters and home buyers.
Prop 10 will not do what they say it will. Prop 10 is a wrong solution for a state that desperately needs to create more affordable housing and middle-class housing.
Affordable housing experts all oppose Prop 10 because it will make housing less available and less affordable!
Its even clear to both the major candidates for Governor: the Republican candidate for Governor, John Cox, and the Democratic candidate for Governor Gavin Newsom both oppose Prop 10.
Prop 10 will result in even fewer rental housing units as many mom and pop owners will take their rental property off the market. Many affordable-housing builders will stop building affordable-housing.
Prop 10 will restrict what single-family homeowners can do with their property.
It could allow governments to charge homeowners to take the property off of the rental market.
Here’s a short video on it.
I’ll write my thoughts it in the coming days.
Its true, but keeping ants in your home is not a very good way to keep the termites away.
Our friendly pest control operator suggested that when I see ants, I set out this inexpensive bait station. Its basically liquid borax (old-school stuff). They sell it at most stores and if you buy it on line you’ll get it delivered to you.
The ants are attracted to it for some reason, and take it back to the hive. The process isn’t instant, but it has proven to be pretty effective for us through the years, and we’re not spreading poisons around our home.
Imputed Rent? Buyers Be Aware!
On top of the many financial benefits (we’re not even counting social and emotional ones) to owning a home, the biggest one that people do not generally know, or think about is “imputed rent” – that as a homeowner you get rental income and pay it… to yourself, tax-free.
Wait what? It’s a little hard to get your mind around this, but the idea is that when you live in your own home, you don’t have to pay taxes on rent that you pay yourself. Again, what? Ok, imagine if you and your neighbor owned almost identical homes and you decided to switch because you each liked the color that the other home was painted in. You each have now become both a landlord and a renter and pay the identical rental income to the other person, so nothing changes right?
Well, no. Since you are now being paid rental income, you must report that on your taxes and pay a portion of that income to the government. This is the imputed rent. If you then decided – wisely, to switch back to your own houses you now pay yourself that tax instead of the government.
Homeowners in some other countries do pay taxes on this income that they pay to themselves, but in the United States we decided that homeowners should not pay taxes on this income, that people pay themselves. If you live in your own house, you are generating an implicit income that is tax free.
Despite changes to the tax-code that reduced the Mortgage Interest Deduction, and deductions on state and local taxes, imputed rent remains a big financial advantage of owning, and the excess imputed rent, on top of normal appreciation, is money that becomes net wealth that is built through homeownership.
Of course, there are extra costs associated with owning that renters don’t have: property taxes, insurance, HOA dues or condo fees where applicable, and dealing with repairs and normal wear and tear. All factors that take time, energy, and hassle. But as a renter many of these costs do get passed directly to you from your landlord. But even disregarding property value increases, the financial benefits of owning can and do outweigh the costs for many homeowners.
So how much does this imputed rent come to? Well it depends on your financial situation, interest rates, likely appreciation, and maintenance.
For California, it would go something like this: The median price of a home is now $600,000, and the median rental is $2500 per month.
So, the imputed annual rental dividend would then be ($2500 * 12) / $600,000 = 5%.
From this you subtract local and state property taxes, insurance and general maintenance, but add the annual appreciation for homes (in California, for 2018 it has been 7.5%, but in your local area it will, of course vary). What remains after this is an after-tax return of owning outright. Of course, most people do not buy out-right, so you have to take into account (or subtract) the cost of the mortgage: the interest rate. All of these taken together represents the costs and benefits of owning.
“Buyers beware” but also “be aware” of the financial costs and benefits involved in homeownership!
Brought to you by:
Dennis Goldstein REALTOR®
Dennis Goldstein Realty 2674 E Main Street #G Ventura, CA 93003
Office: (805) 654-8237
DRE License: 00816158