Why, why, and how I bought an apartment in California?
the crisis in the real estate market has provided an excellent opportunity to exchange the 42 metre one-room apartment in Kurkino (town near Moscow), 100 meter two-storey apartment with a fireplace, two bathrooms and a bedroom on the shore of the pond with wild ducks and geese, squirrels and hummingbirds, sequoya, an outdoor swimming pool and two tennis courts. All this splendor is located in a private condominium in the beautiful city of San Jose in Northern California. In the city, which is considered the unofficial capital of Silicon valley, where 300 days of sunshine a year.
How is this possible you ask?
Very simple. In the US there is a real, from the point of view of classical Economics, the market, and therefore, the concept of supply and demand works as written in the textbooks. As a result of the crisis, many are unable to pay their mortgages and lost their homes.
Over 3 years real estate crisis in the USA fell by half. Prices fell to 2002 levels.
I looked at about 40 options before I found the apartment, which the year before was worth 2 times more expensive.
Why?
The average rent for an apartment in Silicon valley is $2241 per month.
Buying property is similar to that described above, you pay monthly:
$200-350 – association fee, which includes payments for water, use of swimming pool, tennis court, fitness centre for the maintenance of the residential complex, mowing lawns, shrubs, pond cleaning, planting flowers and uprooting of trees, repair roofs and walls in case of breakage. $200-300 for electricity and gas, $200-300 property tax – property tax, is paid 2 times a year in equal installments.
Total, not more than 600-950$ per month.
You can take your living room and extra bedrooms, two or three roommates, to cover all your utility costs and even earning a little.
In addition, real estate investment in the United States are considered the most reliable and profitable compared to other countries. You can take a loan from a Bank at a discount 70% of the value of your home. You can always sell the property and get a large amount of cash. If your business is connected with Internet or software development, you do not have to rent an office.
How?
How to find a profitable option and buy property that will rise in price?
1. You must have at least half the cost of the property you intend to purchase. The second half will give you the Bank. American lenders don't care where you live in the US or in Russia. It only influences how much interest you will get the money. If you have the money, just fine, it will be easier to buy a more profitable option, since most property buyers purchase real estate on credit and priority is given to those who have a cache.
2. Need to find a very good agent who lives in the United States and at least 10 years specializiruetsya on buying and selling real estate for individuals.
I was lucky, I found a specialist. My agent lives in Los Angeles more than 20 years and thanks to her, I was able to become the happy owner of the above described property, despite the fact that there were three queues of those wishing to buy. Please, give a contact.
3. You need to be patient and not buy the first the options and not to listen to the agent who says that cheaper than 300 thousand dollars to purchase a normal apartment, a house or apartment in Silicon valley is impossible. You can!
4. While you select a property you need a lot of work. You have to sign up for our newsletter redfin.com to specify the parameters of the property you are looking for and carefully studied every option.
5. Keep a log of considered objects. For this I used a normal excel file that did a simple sign:
1. Year built (not older than 1985)
3. Area (850-1100 sq. ft.)
4. Number of bedrooms (at least 2)
5. Number of bathrooms (at least 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 there is a washer and dryer in the house or on the street (in the house)
10. Garage (1 Parking space)
11. Number of floors (2)
12. Pool/fitness center (pool required, tennis courts or fitness is desirable. The cost of use must be included in Ass. Fee)
13. The distance from the freeways. (can't hear cars)
14. The cost before the crisis. (the greater the difference the better)
15. At what price were sold, comparable properties in the same area for the last 3 months. (to understand a lot or a little please)
16. State. (to understand how much you have to invest in repair)
If you pay attention only to the specified parameters, then you will only need a few minutes to understand interesting this object or not.
Write down all the similar parameters of the objects in the file, and assign the viewing time. While viewing, take photos and record features, then it will be easier to navigate. After watching mark those options which you like more. Collect 10 options, view them again and ask the agent to make an offer 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 pick a property to live in it, it is better to be all this time here as the photos difficult to see all the details.
If you are going to live in the purchased property and plan to buy it as an investment, it is possible that you will be able to choose the best option simply comparing the objects based on the parameters mentioned above.
In any case, once you arrive 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 the Americans.
And finally, 2 warnings!
1. Do not associate with short sale transactions.
2. In no case do not buy mobile and detached houses.
From all soul I wish you all success.
There are questions, do not hesitate feel free to contact.
Article based on information from habrahabr.ru
How is this possible you ask?
Very simple. In the US there is a real, from the point of view of classical Economics, the market, and therefore, the concept of supply and demand works as written in the textbooks. As a result of the crisis, many are unable to pay their mortgages and lost their homes.
Over 3 years real estate crisis in the USA fell by half. Prices fell to 2002 levels.
I looked at about 40 options before I found the apartment, which the year before was worth 2 times more expensive.
Why?
The average rent for an apartment in Silicon valley is $2241 per month.
Buying property is similar to that described above, you pay monthly:
$200-350 – association fee, which includes payments for water, use of swimming pool, tennis court, fitness centre for the maintenance of the residential complex, mowing lawns, shrubs, pond cleaning, planting flowers and uprooting of trees, repair roofs and walls in case of breakage. $200-300 for electricity and gas, $200-300 property tax – property tax, is paid 2 times a year in equal installments.
Total, not more than 600-950$ per month.
You can take your living room and extra bedrooms, two or three roommates, to cover all your utility costs and even earning a little.
In addition, real estate investment in the United States are considered the most reliable and profitable compared to other countries. You can take a loan from a Bank at a discount 70% of the value of your home. You can always sell the property and get a large amount of cash. If your business is connected with Internet or software development, you do not have to rent an office.
How?
How to find a profitable option and buy property that will rise in price?
1. You must have at least half the cost of the property you intend to purchase. The second half will give you the Bank. American lenders don't care where you live in the US or in Russia. It only influences how much interest you will get the money. If you have the money, just fine, it will be easier to buy a more profitable option, since most property buyers purchase real estate on credit and priority is given to those who have a cache.
2. Need to find a very good agent who lives in the United States and at least 10 years specializiruetsya on buying and selling real estate for individuals.
I was lucky, I found a specialist. My agent lives in Los Angeles more than 20 years and thanks to her, I was able to become the happy owner of the above described property, despite the fact that there were three queues of those wishing to buy. Please, give a contact.
3. You need to be patient and not buy the first the options and not to listen to the agent who says that cheaper than 300 thousand dollars to purchase a normal apartment, a house or apartment in Silicon valley is impossible. You can!
4. While you select a property you need a lot of work. You have to sign up for our newsletter redfin.com to specify the parameters of the property you are looking for and carefully studied every option.
5. Keep a log of considered objects. For this I used a normal excel file that did a simple sign:
1. Year built (not older than 1985)
3. Area (850-1100 sq. ft.)
4. Number of bedrooms (at least 2)
5. Number of bathrooms (at least 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 there is a washer and dryer in the house or on the street (in the house)
10. Garage (1 Parking space)
11. Number of floors (2)
12. Pool/fitness center (pool required, tennis courts or fitness is desirable. The cost of use must be included in Ass. Fee)
13. The distance from the freeways. (can't hear cars)
14. The cost before the crisis. (the greater the difference the better)
15. At what price were sold, comparable properties in the same area for the last 3 months. (to understand a lot or a little please)
16. State. (to understand how much you have to invest in repair)
If you pay attention only to the specified parameters, then you will only need a few minutes to understand interesting this object or not.
Write down all the similar parameters of the objects in the file, and assign the viewing time. While viewing, take photos and record features, then it will be easier to navigate. After watching mark those options which you like more. Collect 10 options, view them again and ask the agent to make an offer 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 pick a property to live in it, it is better to be all this time here as the photos difficult to see all the details.
If you are going to live in the purchased property and plan to buy it as an investment, it is possible that you will be able to choose the best option simply comparing the objects based on the parameters mentioned above.
In any case, once you arrive 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 the Americans.
And finally, 2 warnings!
1. Do not associate with short sale transactions.
2. In no case do not buy mobile and detached houses.
From all soul I wish you all success.
There are questions, do not hesitate feel free to contact.
