Archive for August, 2009

Haste Makes Waste

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“Those who are prone to bouts of spontaneity are subject to being bit in the butt.”

Who has fallen in love with a property very quickly only to find out after buying it that it isn’t what you bargained for? It seemed to have all the right stuff — location, strong bones, aesthetically pleasing characteristics, comfortable dimensions, etc.

Real estate investments are just that: Investments.  Whether it’s a property that we intend to occupy forever or one we intend to keep as a short-term wealth-building exercise, some investments are worth their weight in gold and the life experience of the home-buying and home-maintenance adventure.

Five years ago, I bought my 1926 house on a whim as incentive to work harder, figuring a heftier mortgage would do the trick. There was only one neighborhood in the entire city that held my interest. It was the Historic Prospect Hill, which has been home to former mayors, Major League baseball kin, doctors, lawyers and judges.

Leading up to being in escrow by day, I was the analytical real estate professional about the purchase and what I’d offer. At night, however, I was emotional and quite girlie about the more romantic notions of living under the Prospect Street veil and in a home that felt so “me”.  Purposefully, I mentioned nothing about the purchase to those were likely to be judgemental about where I’d buy and what I was buying. Within a few days I was in escrow.

When you bought your home(s), were you satisfied with the reports supplied by the seller? Were you well aware that what you were buying wasn’t perfect and bought it anyway? With one home I purchased, I knew exactly what I was getting into, although I did find out later that there were important things about which the seller was dishonest. But I loved it so it didn’t matter much to me…

I’ll never regret the decision to buy the home I’m in now. Only an act of God will cause me to part from the lovely structure. It has been the source of intense joy and shelter and mystery…

Landlords & Tenants From Hell

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Let’s be fair here. Not all landlords are slumlords, and not all tenants are deadbeats. Being a landlord is now a tangible reality for many folks due to very affordable home prices.
 
Owning rental property is a step to long-term wealth and financial security, but at what cost? While property managers add an extra expense to rental property ownership, is it worth this added expense in order to protect the investment?