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Hollywood Hills HOME BUYING MORTGAGE PITFALLS TO AVOID
ALL MORTGAGES ARE NOT ALIKE. There are far too many variables—type of mortgage, term, lender and amount of points to mention a few—not to investigate all of your options in Hollywood Hills. Don’t simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you.
HOME INSPECTION – A MUST. If you should ever think about skipping the Hollywood Hills home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property.
Building Hollywood Hills Home Equity
As a Hollywood Hills homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Hollywood Hills home equity, you gain $3,600.00.
The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Hollywood Hills home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Hollywood Hills home appreciation values in your area, please call or E-mail me today.
Buying a Hollywood Hills Fixer-Upper
Some Hollywood Hills investors concentrate on buying fixer-uppers, making repairs and upgrades then selling for a profit. Going with a Hollywood Hills fixer-upper can also be a smart way for those who are handy to buy a home in a neighborhood that they might otherwise be unaffordable. Fixer-uppers are a wonderful opportunity for those who simply love to create their space to their own specifications but for whatever reason do not want to start with a vacant lot.
Best to know the extent of the job and whether or not you are up to it before you buy. Some Hollywood Hills fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances are fairly easy to estimate the costs for fixing. Hollywood Hills homes that need minor structural repairs such as roofing are also fairly easy to cost estimate.
The Benefits of Selling Hollywood Hills
If your Hollywood Hills holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence.
Tips for Buying or Selling Hollywood Hills
Most experienced real estate agents and brokers already have Websites that showcase their local MLS data so your Hollywood Hills can show up online as soon as it is listed. On the other hand, if you are selling on your own it will take time or a considerable advertising budget to get your individual Hollywood Hills property to show up on the major search engines where prospective buyers will find it. You could tap into one of the several For Sale by Owner Websites but that would limit your market of buyers.
Buying real estate in Hollywood Hills is also much easier when you work with a real estate agent who knows the area and the market. While there is a great deal of information online about real estate asking prices, it is not always so easy to find out what a property actually sold for. And even then, specific terms of a sale often make a difference in how to interpret the sales price.
What Makes Hollywood Hills Sell?
If your only reason for selling your Hollywood Hills is for the purpose of taking your profits there are a couple ways to approach this. Assuming you have lived in the Hollywood Hills for two years so you can avoid federal tax consequences, if you sell when prices are high and rent until prices come down before buying a replacement home, you will have maximized your profit. Remember, if you sell when prices are low, you will still make a profit and be able to buy a replacement home while prices are still low.
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