Motley Realty Team's Blog
Looking to acquire a luxury house in Los Angeles, San Francisco or elsewhere in California? Kick off your Golden State luxury home search today, and you can discover your ideal residence in no time at all.
Although it may seem simple to identify the perfect California luxury residence, various homebuying challenges may arise without notice. Fortunately, if you plan ahead, you can increase the likelihood of a fast, successful luxury homebuying experience.
Now, let's take a look at three tips to help you shop for a first-rate California luxury home.
1. Analyze the California Luxury Housing Market
The California luxury housing market frequently fluctuates. Thus, the price of a luxury home in San Diego, Sacramento or any other Golden State city or town may be higher or lower today than it was just a few weeks ago.
When it comes to buying a luxury home in California, it helps to be diligent. If you assess the Golden State luxury housing market, you can identify market patterns and map out your homebuying journey accordingly.
Looking at the prices of recently sold luxury houses in California cities and towns where you want to live is ideal. This housing market data can help you determine whether you're preparing to enter a buyer's or seller's market.
Furthermore, you may want to evaluate the prices of luxury houses in different parts of California. The luxury homes in Beverly Hills, for example, may prove to be more expensive than those available in San Jose. But if you analyze the Golden State luxury housing market, you can find deluxe residences that fall within your price range.
2. Establish Realistic Homebuying Expectations
Realistic homebuying expectations can make a world of difference, particularly in a fierce California luxury real estate market.
If you set the bar too high for your California luxury home search, you may be disappointed by the residences that are currently available. Or, if you set the bar too low, you may end up purchasing a luxury house that fails to meet your expectations.
To establish realistic homebuying expectations, it often helps to put together a list of California luxury home must-haves. Then, you can pursue Golden State luxury houses that you are sure to enjoy.
3. Consult with a Real Estate Agent
If you plan to buy a California luxury home, working with a real estate agent is important. In fact, with a real estate agent at your side, you should have no trouble identifying and addressing potential homebuying problems before they escalate.
A real estate agent who understands the ins and outs of the California luxury housing market can help you speed up your home search. For instance, if you want to purchase a luxury home in the Bay Area, a real estate agent can keep you up to date about top-notch residences that become available in the Mission District and other San Francisco neighborhoods. That way, you'll be ready to pounce as soon as you dream house becomes available.
Take the guesswork out of finding the right California luxury house – use the aforementioned tips, and you can boost your chances of discovering a terrific Golden State luxury home.
Since home values are continually on the rise, it makes more sense for many Americans to tap into their home equity for financial security. The home equity line of credit is a great resource that has come back with many benefits. You can finance so many things from home improvement projects to the vacation you have always wanted with a reverse mortgage. There are consequences if you don’t turn to home equity with careful thought. You could end up owing more than your home is even worth at a certain point. That’s not giving you any value.
Smart Financial Moves
Tapping into a home equity line of credit could be a smart financial move. If you use little to none of the money it can be wise to have extra cash on hand for emergencies, considering rates are so low for home loans. It can help you to be prepared for unexpected financial setbacks. The key is to not use the money unless it’s absolutely necessary.
Good Ideas For Home Equity
- Emergency fund
- Home renovations
- Education funds (if you’ll be able to pay it back in a timely manner)
Bad Ideas For Home Equity
- Car purchase
- Random spending
If you’re expecting an increase in income and need some extra cash on hand for a purpose, using a home equity line of credit can be a good resource. Also, if you’re selling your home soon, tapping into home equity for improvement projects can help to give you a better return on the sale.
Home Equity Is Not An Unlimited Source Of Funds
Home values can change drastically with the market and the amount of demand. The amount of equity you may have can change as well, and your repayment amounts can vary drastically based on the state of the housing market. While tapping into home equity will most likely put you in the positive, you could end up in the negative if you’re not carefully prepared.
The Ways To Draw On Your Home Equity
There are 3 main ways to draw on your home’s equity. In any of these cases, you cannot borrow more than 80% of your home’s value from any lender.
This loan is exactly as it sounds; you take a set mount of cash out from your home and refinance it at the same time.
Home Equity Loan
This is a loan that is sometimes referred to a second mortgage. This usually has a fixed rate.
Home Equity Line Of Credit
This loan is like using a credit card. There’s a maximum that you can borrow, and you use money as you need it. After a certain amount of time, you can no longer draw on the money.
Refinancing your home will extend the life of your mortgage. You’ll have higher costs but end up with lower rates most often.
Questions To Consider When Thinking Of A Home Equity Line Of Credit
- Does your home need renovations?
- Is the loan rate lower than other types of loans like car loans?
- Do you need to consolidate your debt?
- Are you facing large bills like medical bills or college tuition?
- Are you starting a business?
Used in smart ways, home equity can be a great financial resource for you. Consider your options and plan your finances wisely. Your home is in fact your biggest asset!
After you decide to sell your home, it may be only a few weeks before you need to pack up your belongings and relocate to a new address. Thus, it may be beneficial to start planning ahead for moving day. By doing so, you can sell any items you have no plans to bring to your new address before moving day arrives.
Ultimately, there are many items that you may want to sell prior to listing your residence. These items include:
An outdated refrigerator, washer or dryer is unlikely to do you any favors when you show your home to potential buyers. At the same time, you may be unlikely to bring these appliances to a new home in the foreseeable future.
If your current appliances no longer serve your needs, you may want to sell your appliances and pick up new ones. New appliances may help make your home more attractive than ever before to potential buyers. Plus, you can account for the price of any new appliances when you set your home's initial asking price.
Meanwhile, you should have no trouble selling appliances online or at a yard sale. You also can donate appliances to a local charity or give them to family members, friends or others.
Your couch, work desk or other furniture have been staples in your residence for many years. Yet these items may take up lots of space. And in some instances, your furniture may make it tough for you to show off the true size and beauty of your house.
When it comes to selling your current furniture, there may be no reason to wait. If you sell your current furniture today, you can earn extra cash that you can always use to buy new furniture for your new house. Furthermore, you can avoid the challenges commonly associated with moving big, bulky furniture from your current address to a new residence.
As a home seller, it is important to make it simple for prospective buyers to fall in love with your residence. And if you have decorations set up around your home, it may be difficult for a buyer to envision what life may be like if he or she purchases your house. As such, if you have lawn decorations, paintings or other decorations outside and inside your home, you may want to sell these items sooner rather than later.
Selling decorations online or at a yard sale is an effective option for those who want to get rid of various decorations. On the other hand, if you need to get rid of decorations immediately, you can give your current decorations away for free.
Lastly, as you get ready to sell your home, you may want to hire a real estate agent too. With a real estate agent at your side, you can receive expert recommendations as you navigate each stage of the property selling journey. As a result, you can receive comprehensive home selling support and boost the likelihood of a fast, profitable property selling experience.
Guest rooms, often unused most of the year, all too often end up as a holding area for clutter you're too attached to toss but not quite in love with enough to put out in a frequently used room. Moving into a new home creates the perfect clean slate for setting up a guest room that is a luxurious home away from home for visiting friends and family. Keep reading to learn how to set up a guest room that wows visitors.
Start with the essentials:
If nothing else, be sure to put out plenty of blankets and pillows for your overnight guests to sleep comfortably in your home. Make sure to have at least one lightweight blanket and one heavy one to suit varying temperatures.
Try spending at least one night in your guest room to get a feel for the room. Is it extra drafty? Is the sun overbearing in the morning or maybe the room is poorly lit for the nighttime. Having first-hand experience with staying in your guest room helps you to thoughtfully furnish the room.
If your guest bedroom doesn’t have its own bathroom hang a mirror up for guests to get ready in the comfort of their own room.
Put items for guests to use out in plain sight so that they do not need to feel like a snoop going through drawers to find an extra blanket or spare toothbrush. When setting up the room get creative with ways you can tastefully leave these items out instead of just cluttering up available surfaces.
Speaking of a spare toothbrush, earn bonus hospitality points by leaving out spare and travel size personal care items for your guests who may have forgotten their own. You’ll also want to stock the bathroom with extra toilet paper, tissues, and towels.
Little extras that make a big impression:
For guests who are staying for a few days or longer, you should provide plenty of available hooks and hangers as well as at least one empty drawer. You may also want to include a bedside clock with an alarm feature.
Bring in the comforts of home by providing a bedside light, books and magazines as well as a comfortable chair to sit in with a side table. Fresh cut flowers or houseplants always make a room feel more pulled together and lived in.
Leave out some entertainment options for guests who may be night owls or early risers. Whether you add magazines, books or a few movies make sure they are current and interesting. In the age of the mobile phone be sure to also include your home’s wifi password out in the open, perhaps even framed, and spare charging cords.
Add lastly, you can add a touch of luxury by including an electric kettle, mugs, packets of tea, instant coffee and packets of creamer and sugar. Consider also putting out a few snacks and drinking water.
When having friends and family stay overnight the hope is always for them to feel at home. You can avoid a cold, unwelcoming guest room by employing just a few of the above tips. After all, it’s the little things that count and your extra efforts surely won’t go unnoticed!