Did You Know? Interesting Facts About Owning and Renting a Home In LA

11 Fun and Need-To-know Facts About Owning And Renting in Los Angeles

1. If you own your own condo in LA, your HOA can not tell you that you can't own a pet.  However, they can restrict the type of pet, size and number of pets you own.
2.  When buying a home you must show some type of proof that you have liquidable funds in an account to cover the down payment and closing costs at the time you make the offer.
3. If you buy a home while single, then get married, your spouse may automatically be half owner under our state's community property law.
4. If you are a renter, you may be legally required to obtain renter's insurance and provide a copy to your landlord.
5. When buying a home, the previous owner is suppose to not only disclose is someone passed away in the home in the past three years, but they may also be required to disclose if they have experienced any paranormal activity in the house.
6.  Here is California, home inspectors are not legally required to carry insurance, hold a license, or have any real background in order to perform a home inspection.
7.  If you are a renter, it can be considered a violation to smoke in or in close proximity to the home you are renting.
8.  When buying a home, just because you've been approved for a loan, does not mean they are going to give it to you when you put an offer on a home.
9.  If you are a certain age and live in LA, you may be able to transfer your current property tax amount to a whole new home in LA.
10. If you own your own home, you may be eligible to upgrade your doors, windows, roof, add insulation and solar panels and then attached that cost onto your property tax bill which will be spread out over many years.
11.  If you are thinking of buying or selling your home, you should work with someone who is in the know of real estate laws and regulations.  Call me today if you have any questions about these facts or would like to find out more about buying or selling your home.

                                                                                 

What Can $1 Million Get You In LA's Valley Today?

From Burbank To Agoura Hills, 

Here is what $1 Million will get you in today's market. 

This Burbank home is turn key has lots of style. The home is 3 bedrooms, 2 baths and 1,800 sqft.  It also has, what we consider, an average size lot which is about 7,000 sqft. 

Valley Village is the cousin of Studio City and North Hollywood.  It has some great neighborhoods and good schools and this is what one million gets you here.  3 bedrooms, 3 baths and 2,100 sqft.  It may need a little work on the inside, but here in SoCal, we spend a lot of our love on the outside space of our homes. 

This home is in Studio City, which along with Sherman Oaks, can be considered the pricier areas of the Valley for what you get.  3 bedrooms, 2 baths and 2,100 sqft.  

This is in the hills of Sherman Oaks.  This particular street may not have great street parking options or much of a yard, but you will get a great view. This house has 3 bedrooms, 2 baths and about 2,000sqft. 

Encino is home to cheesy 80's movies like "Encino Man" and also is home to the famous Jackson house where Michael grew up.  It really has everything from multi million dollar estates to small fixer-uppers. But this is what you could get for your million dollars here.  The house has 3 bedrooms, 3 baths and 1,854 sqft and lies North of the famous Ventura Blvd. 

Van Nuys has long had a stigma with the locals here.  But don't be too quick to judge...this home is in  what is called the "Midvale Estates".  This area is known for it's large lots and beautiful All-American looking homes. In fact, TV shows seek out homes here to do their shoots on since the neighborhood has such a clean, classic look.  We do have a little bit of touch up work that needs to be done on the neighboring major streets though. 

This home is in Woodland Hills.  This area is growing leaps and bounds over the past few years and when the more central valley areas become to costly, people like to look at Woodland Hills. This home has 5 bedroooms, 4 baths and 3,298 sqft. Quite a difference what a million dollars can get you here. 

This is a home in Calabasas. There are a large amount of homes in this area that were built around the same time and have a similar look to them.  This is a great example of what a million dollars gets you here.  The home has 4 bedrooms, 3 baths and 1,931 sqft.  The lot size here is just over 5,000 sqft. 

This Agoura Hills Home has 4 bedrooms, 3 baths and 2,347 sqft. You can see from the photos it needs a little TLC.  But the lot is just under 30,000 sqft which is where the value lies in this home. 

As the San Fernando Valley Expert, I can help you find your perfect million dollar home here. Call me anytime. I'm always here to help! 

Choosing The Right Realtor

Ok, so you've met or already know a few Real Estate agents.  And you're not sure which direction to go in when it comes to who you want to work with.  Start with the basics and make sure the agents you have in mind seem to be good at their jobs and knowledgeable about any questions you may have for them regarding buying or selling.  Then, your next step is to follow your instincts.  Ask yourself, "Is this someone I want to spend the next 6 months working with?".  Yes, this can be a long process so make sure you are up for spending that much time with them.  Then just get a feel for how professional and responsive they are to you. After you met with them, did they follow up with you?  Did they call to thank you for your consideration or sent you a nice note?  And this is important because, not only is it a kind and professional thing for an agent to do, but you want to work with someone who wants to work with you too, right?  Do you really want to be calling them a week later to see if they remember who you are?  Probably not.  Fact is, I've met with a lot of different people and personalities types myself and not everyone I meet is right for me either.  It's not a good idea to work with someone because you either feel it's your only choice or you somehow feel pressured or guilted into it.  After all, buying and selling your home is going to be a big move that can bring on stress. So make sure you are comfortable leaning on, being with, and communicating openly with the person you've chosen to work with.  As always, if you have any questions about buying and selling your home in LA, feel free to call me.
                                                                         

Shedquarters

Every heard of the term "Shedquarters"?  Well, it's not a new concept here in LA where we've been adding space to our homes and converting garages for the longest time.  But this is a new twist on adding much needed space.  They are prefab structures that you can buy to add office space of even a guest house in your backyard.  With the concept of working from home on the rise, Shedquarters are going to be a term you will be hearing more and more of. Check out this article on Shedquarters and a little about a couple companies that have made their mark in building them http://lightersideofrealestate.com/real-estate-life/cool-stuff/shedquarters-new-trend-for-home-based-businesses

                                                                         

I've Been Quoted In Another Article About Real Estate

A writer from "New Home Source" contacted me and wanted my expert opinion on the advice I give my clients when they are looking for a new home.  Read the article here... New Home Source

Two Great Reviews From My Clients

I'm so lucky that I enjoy what I do for a living but I must say that I really love my work when I get to work with people that are just a joy to work with.  And both of the people from these two reviews were just terrific people and I was happy we found each other and that I got to find them both their first home.  

 Yelp Review from Erica

Yelp Review from Marcus

                                                                   

What Does This Year's Real Estate Market Look Like?

This year is starting off hotter than ever, and I'm not just talking about the weather.  People are out wanting to buy with the interest rates so very low.  And sellers are taking advantage of this time knowing that the ball may be in their court if they play their cards right.  The stock market's mood swings have not taken much effect on LA's real estate market.  And developers are still coming out of the wood-works for the opportunity to make a profit on this growing market. So as a home owner, what does this mean?  Well, have you thought of taking your equity and buying investment property?  Or how about selling to finally get into something bigger?  Or perhaps paying rent has you turned you into someone who's just paying another person's mortgage and you're ready to pay your own?  Let's talk about all these possibilities and what it means for you.  And is this the right time for you?
                                                                         

                                                                                               

Rumor has it, the Playboy Mansion is going up for sale

Whether you agree with everything Playboy stands for or not, there is no arguing The Playboy Mansion is one of LA's most well known homes.  And it seems as if this Hollywood landmark is going up for sale near the asking price of $200 million according to Curbed LA This mansion has been home to some of the hottest parties for decades which included a guest list of some of the hottest and most famous people from around the world. The Gothic style mansion was built in the late 1920's and became Hugh Hefner's home in 1971.  While the price of the home is no where near comparable sales in the area, there is great hope that who ever purchases the home will pay a bit more than the actual value of the house itself AKA The Grotto tax!  And I can actually say that I too, got to be on the guest list to The Playboy Mansion for a charity event years ago. Glad I was able to see the house and be a part of Hollywood history before it changes owners.

Porter Ranch Gas Leak: State of Emergency

Porter Ranch, CA has been swimming in a gas leak for months now.  The nearby Aliso Canyon storage facility has a problem on their hands and it seems as if no one has a definite answer or date as to when or how this will be resolved.  Residents in and near Porter Ranch have complained of the smell coming from the gas as well as possible health issues resulting from the leak as well.  As a real estate agent, I have received many calls asking to help relocate people from the area while they are searching for a solution. All of this is taking a huge effect on the people that live there, the businesses that depend on that area, the schools, day cares and much much more. If you're not familiar with Porter Ranch, it is an area in the northern part of Los Angeles located within the San Fernando Valley just above Encino, Van Nuys, and Northridge and just below Santa Clarita which is separated by the Santa Susana mountains. Residents of this area are relying on relocation companies to help them pay for temporary housing while the issue is being addressed.  But Porter Ranch is by no means just a few houses. It holds a lot of people.  And LA already has a tight rental market so this whole process has left many families calling local hotels home for now.  Governor Brown just declared this a State of Emergency http://abc7.com/news/gov-brown-declares-state-of-emergency-in-porter-ranch-area-over-gas-leak/1148790/.  But we all wonder, what are the effects of this that have yet to be seen?  We know this will have an effect on the home owner's property value, at least for the near future, but how long will last?  And what about the animals that live in and around this mountain range? And by the way, with all the rain we are having, does that wash the gas into the soil and streams?  I'd sure like to know!
                                                                           

Before And After Photos of Homes

I should really start posting before and after photos of what some if my clients have done with their homes.  I am so impressed with the vision and follow-through of some of these!  So here is just a starter of my future blogs with some of these!  A wonderful couple bought a home in NoHo just a few months back and look at the love they have already put into it! 
                                                                            

Cheers to Erica and Nick!  I can't wait to see the inside. 

Rain Delay In LA

It looks like the rains are starting to come.  And this is a reminder that most automatic sprinkler systems have a rain delay setting which means it will skip a day of turning on to water your lawn.  Don't forget to use these or find out if you have one.  It will help with the water conservation and really help your water bill. 

Teal Pumpkins

I'm sure you wouldn't blink if you saw a pink dinosaur or a purple spider this Halloween...but what is up with that Teal Pumpkin out in your neighbor's yard?  Well, if you are into handing out candy at your home or taking your little ones out for Trick or Treats, you may be hearing about and seeing these Teal Pumpkins more and more.  With food allergies being such a scare for a lot of kids and their parents, some neighbors have decided to paint a pumpkin teal to let families know that they will have non-food items for our little ghosts and goblins to choose from as well.  And if you would like to hand out some crayons or spider rings too, just paint your pumpkin teal this year and give some parents a little less to be frightened about this Halloween. 

 

                                                         

 

                And if you are looking to make a move this Fall or Winter, call me. 

                                               I am always here to help.

Winds Of Change

If you haven't heard the new changes coming our way in real estate, maybe it's just because you're not in the real estate business, but this can have an impact on you if you are thinking of buying or selling any time in the near future. There are some new regulations that will be in place starting tomorrow that came from the Consumer Protection Act that was signed into law in 2010.  This new regulation is called by another wonderful acronym that we in the industry will start throwing around but let's call it "Know Before You Owe".  Without getting into too much detail, this new change will cause most buying periods to move from a normal 30 day transaction to 45 or more, at least for a while.  "Know Before You Owe" helps buyers to more clearly see what all their costs are going to be when purchasing a home. But at least for a while, loans will be a bit tricky, times to buy and sell could possibly be longer and because of this, deals may be a little less stable.  So my best advice is to work with a lender that you either know very well that has a great deal of experience or ask your realtor for a referral for a lender.  Also, make sure you are working a realtor that is on top of these changes, which is where I say, "Feel free to call me anytime.  I would love to help you in buying or selling your home"
                                                                            

One Escrow Closed and Another One Opened

I have two first time buyers this month.  One that just closed on a home and another that opened escrow on another.  Congratulation to them both! I couldn't be more excited to help some really great people find their first home. 
                                                                       

Top Things People Forget To Look For When Buying A Home

It happens to the best of them.  Buyers walk into a home, look around, get a good feeling about the place and forget to look for some important, and even needful, things they want in a home.  Here are some of the top things that people seem to overlook when looking for a home.
1. Kitchen Pantry
 Not all homes have them. So if yours doesn't, is there a place you can store your food?
2. Place to put/hang the TV
Some homes may have a smaller TV on display that you own.  Or some homes are staged with no TV on display.  So is there a good place to put yours in that home?
3. Garage or parking area
Garage conversions are common here in LA since so many people want more square footage or sometimes a guest unit ,and that is really useful.  But does it leave a place for you and your guests to park your car?
4. Bath tub 
Not all people need them but for the ones that do, make sure that you have one in your bathroom as opposed to just a standing shower.
5. Microwave 
The reason why I tell my clients to look for a microwave isn't because it's a very important item that needs to come with a home, but if there isn't one already there and you bought one, does that leave enough counter space in the kitchen for you?
6. Access door to the back yard 
 Some homes only have one door to the back yard and that door is through a bedroom. Nothing wrong with that, but does it work for you?
7. Central AC and Heat in every room
 Yup. Even as hot as it may get in some areas of LA, there are quite a few that either don't get hot enough for long enough that AC was ever needed by the previous owners, or some homes that are older just may not have put in central AC or heat...at least in every room.
                                                                             

      If you are looking to buy or sell, please call me.  I am always here to help!