🏡Lessons on Home Equity – #Irvine

Home Equity Christina Khandan Irvine California - Realtor

Many Third Tier lenders are coming back and large institutions are starting open up their Mortgage options. Take your time and look at all possible options  when it comes time to lenders. Best thing to do is shop around.

Banks have started to get more relaxed about Home equity loans.That means that home owners are more confident about the future and about home values which is a good thing. However every year people come to me who want to sell their home for an unrealistic amount of money because they have to pay off the money they borrowed against it.

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I always tell my clients that the truth is you can not ask for more money for your home because you do not have enough equity to pay the selling costs. Once you pay off the loans and have enough money left over from escrow you can have funds for the down payment on another home or other expenses.

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The less equity you have on your home the more risky the home loans become from the banks perspective. If you barrow money you need to remember that you have to pay it back with interest. People do live different life styles, but I always preach to my clients to stay within your means and don’t stretch your finances. I would not like to be trapped in a house payment or a home which I can not sell for a good price.

 

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New Year possibly new home improvement projects? – #IrvineHome #IrvineLiving #Irvine #OrangeCountyLiving

Renovated Home

 With the New Year coming up you maybe thinking of changing up the house a bit.  Possibly adding on or maybe updating a few things.  I sure know I am so I thought I might share a few points that you may want to keep in mind when doing your projects.

 

  1. When thinking about renovating or updating your residence don’t ever go above and beyond either your pocket book or your abilities.  Always make sure to stay within budget and be realistic about what things you want done.  When you take on projects that are a bit more than you anticipated you may feel a bit overwhelmed and frustrated to say the least.
  1. Hire a pro. When it comes to home renovations especially you want to make sure you have a pro on your side.  You do not what to take on a project as a DYI and then end up paying thousands more than you initially would have if you would have started out with the correct person doing the job for you.  There are some jobs yes, you can do yourself but then there are those jobs that quite honestly you would be better off getting a pro to do it for you.
  1. Make sure you get the correct permits in line if it is needed for the particular job you are about to take part in. There is one thing for sure you don’t want to be caught half way through a project or when selling your home to find out that a permit was required.
  1. Don’t get stressed out…… inevitably all projects have stress that is a given but the amount of stress all depends on you.  Make sure you are not over doing what you set out to do and make sure you have a time line set and you stick to it.  If you have a professional that is going to be taking over your project make sure they too stick to a timeline.  Maybe even in your contract state that if they do not stick to a timeline and the project is overdue more than two weeks then you will start deducting from the fee’s that they are to be paid a certain amount per day that they are delayed.
  1. Last but not least make memories. Yes, all projects can be stressful but the ones that you make the best of it are the ones memories are made of.

The New year is always a great time to get new things done on your home and the best time to get your home updated.  Not only it will make you feel good but will add value to your home when you turn around to sell it one day as well if done correctly.

Christina Khandan
Keller Williams OC Coastal Real.ty
949-433-0803. Mobile
714-388-3771. Fax
Christinakhandan@gmail.com

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🏡Know the Rules about Rental Living – #Irvine #Home

For Rent S Microsoft Office

 Rent Increases

How often can rent be raised?

If you have a lease for more than 30 days, your rent cannot be increased during the term of the lease, unless the lease allows rent increases.

If you have a periodic rental agreement, your landlord can increase your rent, but the landlord must give you proper advance notice in writing. The written notice tells you how much the increased rent is and when the increase goes into effect.

California law guarantees you at least 30 days’ advance written notice of a rent increase if you have a month-to-month (or shorter) periodic rental agreement.

Under the law, your landlord must give you at least 30 days’ advance notice if the rent increase is 10 percent (or less) of the rent charged at any time during the 12 months before the rent increase takes effect. Your landlord must give you at least 60 days’ advance notice if the rent increase is greater than 10 percent. In order to calculate the percentage of the rent increase, you need to know the lowest rent that your landlord charged you during the preceding 12 months, and the total of the new increase and all other increases during that period.

If you are not sure about a new or current Rental Agreement, take the time and consult with your Realtor or Attorney to make sure you have all the facts. Reminder: All States will have different laws.

More Information regarding RENT INCREASES :
BASIC INFORMATION FOR TENANTS  – Department of Consumer Affairs (CA DCA site)

 

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🏡 How to Manager Your Tenants – #Irvine #Tenant #Rental

HomeforLease

Tips for Holding On To your Tenants

You always want to find the best tenant possible for your rental property. Click Here  for a PDF version to save for yourself

As a landlord you want to make sure you do everything possible to hold on to that Amazing Tenant. You feel lucky you have these tenants and are afraid to lose them, so take some steps to make sure you have a good relationship, communication and keep them happy.

Here are a few tips to keep in mind:

 

  1. Problems & Requests – If you have a call from your tenant regarding a problem make sure you follow up as soon as possible.  Tenants are usually not allowed to make repairs to property unless you have prior arrangement with the Tenants. Follow up with any issues and resolve them to relieve frustration by your Tenants.

 

  1. Appliances & Equipment – If you use higher quality appliances, Material and workmanship you will always get better results. Don’t break the bank and spend wisely. This applies to your own home or to your Rental Property. Tenants will appreciate the quality of work you put out and when it comes time to Increase rent or renew your lease they will remember all aspects of the quality you placed on your property.

 

  1. Response – With Technology these days, you can reply to requests pretty quick and let you tenants know you are there and will take care of issues. Make it a priority to at least acknowledge tenant comments. Since we are all connected these days use your email, text, phone, voicemail or whatever and start the process quickly.

 

  1. Landscape – If you have a garden at your Rental Property, make sure you are taking care of it with your standards. Hire a professional Gardner and make sure they are doing their job and the property keeps up its curb appeal.

 

  1. Maintenance – Take time and perform regular maintenance on all appliances needing work. Any common areas you might have which are your responsibility along with Vents, lighting, electrical, pool/spa etc.

 

  1. Communication – Keep in touch with your tenant. Some landlords would like to have minimum talk with their tenants wondering if they will bother them on each call regarding an issue. It’s best to keep the lines of communication open and let them know you are there if they need anything.

 

  1. Rent $ – Raising the monthly rent is a question each Landlord needs to answer based on their own situation. If you have obligations which need to be addressed every then you have to do what makes sense to you, but be aware raising rents on renewal might cause that good and amazing tenant to start looking. Take the time and see if you really need to raise rental rates and do your research in the market to see what is the going rate before you approach the tenants prior to renewals.

 

  1. Privacy – Do not be a nosy Landlord. Do whatever background and credit check, sign the lease and leave your tenants alone. Do not enter the property just to check up on tenants. If you want to visit call in advance and setup and appointment time, this way even if you are being nosy it’s planned and your are not invading on their privacy.

 

 

Final Thoughts : Take the time and find that amazing tenants, knowing all along that they will leave at some point for whatever reason. When you do sign them up, do your best from the above list and add your own as you go along and keep your Tenant Happy.

If you have additional questions or comments Please contact me. I provide my Realtor services to my clients in Southern California (Irvine, Newport Beach and Surrounding Cities). Also, if you are relocating (Internationally) or looking for vacation rentals let me know.

 

 

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🏡 Know Your Property Tax & Mello-Roos – #Irvine

Mello Roos Pic

In 1789, Benjamin Franklin wrote, in a letter to Jean-Baptiste Leroy, “ . . . in this world nothing can be said to be certain, except death and taxes.”

Click here to Access Orange County Property Tax Site (Click Here)

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And one certain thing about taxes is that, once imposed, they are usually increased, seldom reduced, and almost never go away.

In 1978, California voters passed Proposition 13, which restricted the ability of local public agencies to raise funds by increasing property taxes. To provide an alternate method of financing public improvements, state Senator Henry J. Mello (D-Watsonville) and Assemblyman Mike Roos (D-Los Angeles) co-authored the Community Facilities Act of 1982.

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This Act made it possible first to define a community facilities district (CFD) and then to tax all of the parcels within that district as a means of paying the principal and interest on bonds used to fund facilities—such as parks, roads, and schools—for that district.

Thus, rather than forcing builders to pay upfront for projects to meet the needs their developments created, it was possible for government agencies to borrow hundreds of millions of dollars for those projects and to pay off that debt through Mello-Roos taxes collected over decades.

MelloRoos Def

 

Mello-Roos is a form of financing that can be used by cities, counties, and special districts (such as school disricts). Mello-Roos Community Facilities Districts (referred to as “CFDs”) raise money through special taxes that must be approved by 2/3rds of the voters within the district. A CFD is formed to finance major improvements and services within the district which might include schools, roads, libraries, police and fire protection services, or ambulance services. The taxes are secured by a continuing lien and are levied annually against property within the district

All new communities in Orange County will impose some level of Mello-Roos tax to support their Education, Parks and more. Communities that do not impose this tax are always older homes within the community. That is not to say older homes in Irvine or rest of Orange County are in less quality school districts.

My advice to my client purchasing homes in Orange County is:

  1. Plan for Minimum 1% Property Tax
  2. Your monthly Mortgage Payment
  3. Homeowner Association dues (HOA)
  4. Homeowner Insurance
  5. Always have your Agent Check for Mello Roos Tax

Knowing these basic rules when planning to purchase a home you should have a pretty good understanding of your monthly confirmed expense for your home purchase.

Usually you can put in a property address and see the breakdown of all the taxes if you go through the “pay your bill online” button. I have found searching by address to be a little unreliable though. By parcel number always works.

Resources:

Orange County Treasurer Tax Collector

 

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Single Level Homes – #IrvineHome #IrvineLiving #Irvine #OrangeCountyLiving

single-level-home
One-story house plans are striking in their variety. Large floor plans offer space for families and entertainment. Smaller layouts are ideal for first-time buyers. And cozy cottages make for affordable vacation retreats.  But what is truly ideal is that it is meant for us as we get old or have parents who are getting older.
I had a client today that was looking for a single level home so she and her husband have an easier time getting around as they age.  But to my surprise there not many options for this type of floor plan.
It is unfortunate that builders have not yet caught on to the fact that many families are either getting older or that they are looking to have their parents who are older to move in with them so they are able to take care of them.
As we age we are unable to climb up and down stairs or our family members may have walkers that makes it difficult for them to climb or get around stairs.

 

If you are interested in looking at new homes please let me know first so I can register your name and  take you on a tour.

So maybe it is time to bring a resurgence of these beauties back to the building industry.  We all desire a home that we can grow and adapt into so we don’t have to change when our needs seem to change.  Just an idea.

Have a great week.

 

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Wave of the future Multi-generational homes – #IrvineHome #IrvineLiving #Irvine #OrangeCountyLiving

In the past year or so a new area has opened up in Southern California that offers Multi-generational homes.  What do I mean by this? Well, in today’s economy it has become more and more prevalent that many generations of family live in one residence either due to economy, age or just tradition, but will this concept in housing make it easier for such circumstances.

I was able to view this new area and builder in Irvine and found it quite interesting how many people actually like the idea.  Now this idea can have its challenges and logistical issues.  How can parents, grandparents and kids survive under one roof?  Well, this new builder has come up with some quite interesting ideas.

In one home concept that they call  a two-home compound they sell a pair of adjoining homes without the typical wall in between. You get two deeds, two ownership of two fully functional homes sharing a backyard and a common area.   Can you imagine? I thought it was an awesome idea but what if the families don’t get along and or have disagreements? That would truly be an issue.  But at the end of the day if and when you are ready to sell you can have a wall placed in the middle of the two residences and sell them separately as two different homes since they are completely and utterly two separate self sustaining homes.

Another concept was an additional access door.  Yes, I a mean having two front doors. Outside of the traditional main entrance, off to the side, is another door giving access to what amounts to a one-bedroom suite.  This suit has a complete full bathroom and foyer. If you really liked you could have it  walled-off from the rest of the living arrangement, or simply separated by a locking door. It could serve as a private entrance for a relative or a guest — or, even a home office.

Yet another concept was having a “mother in laws suit” a complete suite built out of the main house and complete with own bathroom entrance etc….

I did find all of this interesting specially for a new home builder to take attention too.  It made me realize that yes this is not a new concept at all many cultures have been doing this for many years but now here in the states we are now taking this into consideration.

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🏡Preparing for El Nino – #Irvine

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El Nino is coming and what can we do to prepare?
For some time now everyone has been speaking about El Nino and how we should prepare our homes , cars etc….   Well, what can we do to prepare for this event? I for one have already started on my residence by doing some of the following.
1. Clean out window sills, you know that bottom track and the sliding glass door thresholds to allow the free flow of water.  you can take a brush and lightly brush/scrape solid dirt and vacuum the dust clean.
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2.  Make sure the deck, balcony or entry drains are not covered or clogged with leaves or debris.  You would be amazed living in Irvine with all the pine tree’s that are around how many pine needles are in your rain gutters.

3.  Clean around the yard and make sure the yard drains are clear of dirt or debris.  You sure do not want to end up with a flood in the backyard

4.  Look around the roof or inspect and make sure that you don’t have any leaks anywhere.  If you do discover a leak do the following:

What should I do if I discover a leak?

  1.  should you discover your ceiling leaks it is best to poke a small hole in the center of the leak to allow the water to drain out and make sure for goodness sake to have a bucket underneath.  If you allow the water to sit in the ceiling it will cause more damage and possible mold.

2.  Use towels, plastic or a bucket if necessary to prevent any further       damage.

3.  Cover your interior furnishings.  It is not fun to have soaked                     furniture and the damage and mold that could be caused by the             water penetrating in the furniture.

lastly pull back the wet carpet and lay a towel at the wall joint.  This will help soak up the water in the meantime so you can get an expert to come out and see what the issue is.

 

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If you have a lot of damage you may want to contact your insurance agency and make sure you are covered.   If you take steps to prevent problems then you will not have to deal with the leak or damage that maybe caused later.

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 A little prevention can go a long way.  Have a great week.

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🏡 🌲Holiday time Real Estate Planning – #Irvine

sophisticated-christmas-decoration-in-gold-10

Preparing your home is key to making sure you receive the best purchase offer possible.  This is one of the key responsibilities of a good Realtor.  Selling a home during the winter months is a little bit of a struggle BUT not impossible.  When the inventory and demand are down you need to make sure you are standing out.  Here are some ideas for you to make sure that you are maximizing your opportunity.

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Holidays can give you an advantage :) Tasteful holiday decor, lighting and scents can  give any prospective buyer a sense of home.  Have your front door be welcoming by hanging a simple holiday wreath or decoration. LIght some candles around the house with some holiday scents.  Just remember not everyone has the same taste so please keep it simple and tasteful and something that is appealing to all.

Keep your home welcoming and cozy.  What I mean by this is keep the temperature nice and comfortable.  Please do not keep your home cold or drafty… this can be the fastest way you can turn away prospective buyers.  Have the fireplace on if you have one.  Keep temperature at a cozy 73 if possible so it is not too hot and not too cold but “just right”.  Sound familiar. LOL

Lighting well what can I say about this….. lighting is very important when it comes to selling a home.  I don’t mean just inside but also outside of your home.  If you have clients coming when the lighting is not that well outside please turn on your lights on your walkway, driveway etc… not only will this make the house look better but it is also a safety issue so clients can see where they are walking.

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If you can add it to the budget add some color to some of the rooms. Use current fashion paint, visit home models or ask your Realtor for ideas.  During the winter months a splash of color can do wonders for prospective home buyers.

If you take advantage of some if not all of these ideas selling during the winter months is not that bad.  Just make sure not to give up.  At times it is slower during winter but also can give you the leg up as well because not so much inventory and not so many choices .  If you play your cards right you can sell your house in a short amount of time as well as for a price that you will be quite happy with.

Happy Selling :)

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🏡Keep it Proffessional- #Irvine

advisor_136190585_1

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It is important to always go to a professional who can attest to their service from experience. Its like you do your taxes and then take the draft that you completed and thought you are ready to file to the accountant for filing and in 20 short minutes, he worked his magic to save you an additional $3,500 in taxes. You’re not sure what you missed or what you did, but glad you ended up going to the professional to file it.

The key word for accountants is “taxes” and everything to do with taxes. They strategize to shelter to budget and tax preparation, this is their main focus and purpose.

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Financial planners are also usually focused on the big picture, but the picture in question is a little different from the one accountants look at. Financial planners are very goal-oriented, with an eye to building your wealth in the most effective manner while taking into account the life goals and needs of you as an individual or your business.

Financial planners like other professionals are experts in their filed and will identify opportunities that you not be aware of.

So would you go to your accountant or financial planner to ask if it is wise to invest in piece of property or if the market is good in that area and the rent that you would be getting paid correct?  Or would you go to a Real Estate Agent and listen to their expertise on the subject at hand.  Well, financial planner possibly but not necessarily to ask exact questions regarding real estate but as an expert that is taking care of your financial portfolio.

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As an individual or Investor it is wise to always build a team of experts who support you and your business, in their own field respectively don’t mix.  It is always wise to have an individual who takes care of your taxes, one that takes care of your financial planning, one that takes care of your legal affairs and last but not lease one that takes care of your Real Estate investments and purchases.

These experts have years of experience in their field and would be to your advantage to keep them separate.  Go to that particular expert for that particular question of concern.

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Personalized Service Beyond Expectation – by Christina Khandan

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