Why, why and how did I buy an apartment in California?
The real estate crisis provided an excellent opportunity to exchange 42 meter odnushku in Kurkino (a city in the suburbs) for 100 meter two-storey apartments with a fireplace, two bathrooms and bedrooms on the shore of a pond with wild ducks and geese, squirrels and hummingbirds, secret pools, an outdoor pool and two tennis courts. All this magnificence is located on the territory of a closed condominium in the beautiful city of San Jose in Northern California. In the city, which is considered the unofficial capital of Silicon Valley and in which 300 sunny days a year.
How is this possible you ask?
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Very simple. In the US, there is a real, from the point of view of the classical economy, a market, and therefore the concept of supply and demand works as written in textbooks. As a result of the crisis, many were unable to pay mortgage fees and lost their homes.
Over 3 years of crisis, property in the United States has fallen in price by half. Prices dropped to 2002 levels.
I looked at about 40 options before I found apartments, which a year earlier cost 2 times more expensive.
What for?
The average cost of renting an apartment in Silicon Valley is $ 2,241 per month.
Buying a property similar to the one described above, you pay monthly:
$ 200-350 - an association fee, which includes payments for water, use of the swimming pool, tennis court, fitness center for servicing the residential complex, mowing lawns, bushes, cleaning the pond, planting flowers and uprooting trees, repairing the roof and walls in case of breakdown. $ 200-300 for electricity and gas, $ 200-300 property tax - property tax, paid 2 times a year in equal shares.
Total, no more than $ 600-950 per month.
You can rent out your living room and free bedrooms, two or three roommates, cover all your utility costs and earn some more.
In addition, real estate investments in the United States are considered the most reliable and profitable compared to other countries. You can take out a loan at a bank with a discount of 70% of the value of your housing. You can always sell a property and get a large amount of cash. If your business is connected to the Internet or software development, you do not need to rent an office.
How?
How to find a profitable option and buy a property that will grow in value?
1. You need to have at least half the value of the property you are going to purchase. The second half will give you the Bank. American lenders do not care where you live in the United States or in Russia. This only affects what percentage of money they give you. If you have the entire amount, it’s just great, it will be easier to buy a better option, since most real estate buyers buy real estate on credit and the advantage is given to those who have cash.
2. You need to find a very good agent who lives in the USA and has been specializing in buying and selling real estate for individuals for at least 10 years.
I was lucky, I found a specialist. My agent has been living in Los Angeles for more than 20 years and thanks to her, I was able to become the happy owner of the apartments described above, despite the fact that there were three lines of people willing to buy. Contact, I will give a contact.
3. You need to be patient and not buy the first proposed options and not listen to an agent who says that it is cheaper to buy a normal apartment, apartment or house in Silicon Valley for less than 300 thousand dollars. Can!
4. For a while, while you select your property, you yourself must work hard. You have to subscribe to the redfin.com site newsletter, specify the properties you are looking for and carefully study each option.
5. Keep a log of the looked objects. For this, I used the usual excel file, in which I made a simple label:
1. Year of construction (not older than 1985)
2. Price ($ 150-250 thousand)
3. Area (850-1100 sq. Ft.)
4. Number of bedrooms (minimum 2)
5. Number of bathrooms (minimum 2)
6. Type of heating (central heating and air conditioning)
7. Association fee ($ 200-300 per month)
8. Property tax fee ($ 2500-3000 per year)
9. Where is the washing machine and drying in the house or on the street (in the house)
10. Garage (minimum 1 parking space)
11. Number of floors (2)
12. Swimming pool / fitness center (swimming pool required, tennis courts or fitness is desirable. Cost of use should be included in Ass. Fee)
13. Distance from motorways. (no cars should be heard)
14. Cost before the crisis. (the bigger the difference the better)
15. At what price were similar objects sold in the same area for the last 3 months. (for understanding a lot or little is asked)
16. Condition. (to understand how much you have to invest in repairs)
If you pay attention only to the specified parameters, then you will only need a few minutes to understand whether this object is interesting to you or not.
You record all the objects that are similar in parameters to the file and set the time for viewing. While viewing, take pictures and record features, then it will be easier to navigate. After viewing, mark those options that you liked the most. Select 10 options, look at them again and ask the agent to make a proposal for at least 3-4 different objects.
If you work with an experienced agent, the choice and purchase of real estate will take no more than 2-2.5 months. If you select a property to live in it, then it is better to be here all the time, as it is difficult to see all the nuances from the photos.
If you are not going to live in the purchased real estate, but are planning to buy it as an object for investment, then you may be able to choose the best option simply by comparing the objects according to the above parameters.
In any case, it is necessary to fly in and see at least 10-15 objects in order to have an idea of what is good and what is bad in the real estate market from the point of view of Americans.
And finally, 2 cautions!
1. Do not associate with short sale transactions.
2. In no case do not buy mobile and detached houses.
From the bottom of my heart I wish everyone success.
There will be questions, do not hesitate, feel free to contact.
How is this possible you ask?
')
Very simple. In the US, there is a real, from the point of view of the classical economy, a market, and therefore the concept of supply and demand works as written in textbooks. As a result of the crisis, many were unable to pay mortgage fees and lost their homes.
Over 3 years of crisis, property in the United States has fallen in price by half. Prices dropped to 2002 levels.
I looked at about 40 options before I found apartments, which a year earlier cost 2 times more expensive.
What for?
The average cost of renting an apartment in Silicon Valley is $ 2,241 per month.
Buying a property similar to the one described above, you pay monthly:
$ 200-350 - an association fee, which includes payments for water, use of the swimming pool, tennis court, fitness center for servicing the residential complex, mowing lawns, bushes, cleaning the pond, planting flowers and uprooting trees, repairing the roof and walls in case of breakdown. $ 200-300 for electricity and gas, $ 200-300 property tax - property tax, paid 2 times a year in equal shares.
Total, no more than $ 600-950 per month.
You can rent out your living room and free bedrooms, two or three roommates, cover all your utility costs and earn some more.
In addition, real estate investments in the United States are considered the most reliable and profitable compared to other countries. You can take out a loan at a bank with a discount of 70% of the value of your housing. You can always sell a property and get a large amount of cash. If your business is connected to the Internet or software development, you do not need to rent an office.
How?
How to find a profitable option and buy a property that will grow in value?
1. You need to have at least half the value of the property you are going to purchase. The second half will give you the Bank. American lenders do not care where you live in the United States or in Russia. This only affects what percentage of money they give you. If you have the entire amount, it’s just great, it will be easier to buy a better option, since most real estate buyers buy real estate on credit and the advantage is given to those who have cash.
2. You need to find a very good agent who lives in the USA and has been specializing in buying and selling real estate for individuals for at least 10 years.
I was lucky, I found a specialist. My agent has been living in Los Angeles for more than 20 years and thanks to her, I was able to become the happy owner of the apartments described above, despite the fact that there were three lines of people willing to buy. Contact, I will give a contact.
3. You need to be patient and not buy the first proposed options and not listen to an agent who says that it is cheaper to buy a normal apartment, apartment or house in Silicon Valley for less than 300 thousand dollars. Can!
4. For a while, while you select your property, you yourself must work hard. You have to subscribe to the redfin.com site newsletter, specify the properties you are looking for and carefully study each option.
5. Keep a log of the looked objects. For this, I used the usual excel file, in which I made a simple label:
1. Year of construction (not older than 1985)
2. Price ($ 150-250 thousand)
3. Area (850-1100 sq. Ft.)
4. Number of bedrooms (minimum 2)
5. Number of bathrooms (minimum 2)
6. Type of heating (central heating and air conditioning)
7. Association fee ($ 200-300 per month)
8. Property tax fee ($ 2500-3000 per year)
9. Where is the washing machine and drying in the house or on the street (in the house)
10. Garage (minimum 1 parking space)
11. Number of floors (2)
12. Swimming pool / fitness center (swimming pool required, tennis courts or fitness is desirable. Cost of use should be included in Ass. Fee)
13. Distance from motorways. (no cars should be heard)
14. Cost before the crisis. (the bigger the difference the better)
15. At what price were similar objects sold in the same area for the last 3 months. (for understanding a lot or little is asked)
16. Condition. (to understand how much you have to invest in repairs)
If you pay attention only to the specified parameters, then you will only need a few minutes to understand whether this object is interesting to you or not.
You record all the objects that are similar in parameters to the file and set the time for viewing. While viewing, take pictures and record features, then it will be easier to navigate. After viewing, mark those options that you liked the most. Select 10 options, look at them again and ask the agent to make a proposal for at least 3-4 different objects.
If you work with an experienced agent, the choice and purchase of real estate will take no more than 2-2.5 months. If you select a property to live in it, then it is better to be here all the time, as it is difficult to see all the nuances from the photos.
If you are not going to live in the purchased real estate, but are planning to buy it as an object for investment, then you may be able to choose the best option simply by comparing the objects according to the above parameters.
In any case, it is necessary to fly in and see at least 10-15 objects in order to have an idea of what is good and what is bad in the real estate market from the point of view of Americans.
And finally, 2 cautions!
1. Do not associate with short sale transactions.
2. In no case do not buy mobile and detached houses.
From the bottom of my heart I wish everyone success.
There will be questions, do not hesitate, feel free to contact.
Source: https://habr.com/ru/post/145617/
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