Katie Yazdanyar - Realtor

Katie Yazdanyar - Realtor Separating me from realtors, is I grew up in Westlake Village. Not only do I have a passion for real

Should I Sell My House or Rent It Out?They say the only constant is change, and that definitely applies to the world of ...
08/15/2019

Should I Sell My House or Rent It Out?

They say the only constant is change, and that definitely applies to the world of real estate. There are many ways you could end up with two properties on your hands — maybe you’re buying a new family home and leaving an old one behind, maybe two households are combining, or perhaps you inherited a property. Whatever the reason, it’s important to decide what you’re going to do with the property you won’t be living in: Do you want to rent or sell your house? Read on for helpful tips on deciding what to do with your second home.
Defining a second home

For the purposes of this article, we’re defining a second home as the one you don’t plan on living in (not necessarily the one you bought most recently).

Why rent out your second home?

1. The move is temporary: If you plan to return at some point in the future, renting out your home might be the way to go. Consider what’s called the breakeven horizon, which is a calculation that helps you decide whether it makes more sense to rent or buy, based on how long you plan to live somewhere.

2. Home values are increasing: If you can expect the value of the home to increase soon, leasing your home could help you take advantage of that appreciation before you sell.

3. You can’t afford to sell: If you’re underwater on the mortgage, it probably doesn’t make sense to sell. Turning your second home into a rental can buy you some time to gain equity.

4. There’s a strong rental market: In your area, if the rent you would earn can cover more than the cost of the mortgage (and ideally include property management fees), it might make smart financial sense to lease your home.

5. Property management is attainable: If you can afford the monthly property management fees (or have the time to manage the property on your own), renting can be a good choice. Don’t forget to factor in maintenance costs.

6. You would be on the hook for capital gains taxes: Depending on how long you’ve owned the home and how long you’ve personally occupied it, you may own capital gains taxes if you sell now. Renting can give you time to make a selling plan that minimizes tax implications.

Why sell a second home?

1. The move is permanent: If you’re relocating to a new city, it may make the most sense to sell the home. It can be challenging to manage a rental property from afar, especially if you don’t have plans to return to the area.

2. You have equity tied up in the home: Often, homeowners need to sell their existing home to afford the down payment on a new home.

3. It’s a hot sellers market: If homes in your market are selling quickly and for high prices, it may be the perfect time to complete a sale of a second home. Check out the best times to list in your area.

4. You’re not interested in being a landlord: Overseeing a rental property can be stressful and time consuming, and if the rent you’d be able to charge wouldn’t cover both your mortgage and property management costs, it might make sense to sell instead of becoming a DIY property manager.

Moving Checklist: What to Hand Over to Your Home's New OwnerThe handoff to new owners is the final step in selling your ...
08/15/2019

Moving Checklist: What to Hand Over to Your Home's New Owner

The handoff to new owners is the final step in selling your home. But besides the keys, what should you leave them?

A clean house

It’s going to be mostly empty, so that makes cleaning a whole lot easier. Don’t leave behind crumbs in the drawers, a spill in the refrigerator or dust bunnies in the corner where you had a couch. It’s a busy time and you have a lot on your plate, including cleaning your own new home. But if you can’t find time to give the floors a quick mopping, the carpets a nice vacuuming and the countertops a good wiping, consider hiring a cleaning service to come in after you’re out. It’s not just good manners, it’s karma.

Warranties and owner’s manuals

Any appliances sold with the house should have owner manuals and any warranty information gathered and stacked on a counter for the next owners.

Codes and door openers

Chances are the new owner will change the locks, but gather any keys from friends or relatives and leave every copy. Also gather garage door openers or key codes and instructions on how to change the codes if applicable.

Operating instructions

A quick note explaining how to adjust the thermostat can be a huge help. It may seem obvious to you because you’ve lived there for a while, but a new owner may be befuddled about such things. The same goes for any quirks. Of course, you’ve disclosed any problems. But there may be a secret to how the back gate latch works or a GFI plug in one bathroom that is linked to a second bathroom as well. It’s all good information for the new owner.

A list of where to find stuff

Whether it’s window screens or a patio shade that isn’t currently in use, leave a note with the location of things they might not need now, but will when the season changes.

Garbage schedule

When is garbage pickup day for your neighborhood, and where do you leave the garbage can?

Neighborhood information

Where’s the closest grocery store and the best coffee shot? Are there neighbors with kids the same age? Any kind of information to help them feel at home will be appreciated. Do you have a local contractor or yard service you’ve used and can recommend? Leave them cards or phone numbers with that information.

Home improvement leftovers

Do you have extra flooring or leftover paint you’d saved for possible touch-ups or repair? Maybe you bought extra bulbs for the bathroom light fixtures. Chances are these will be useless to you but valuable to the new owner. If in doubt, your agent can check with the buyer.

Welcome-home letter and gift

While not necessary or expected, if you’ve got an emotional attachment to your home, you may want to leave its new owners with a letter and a housewarming gift. Let them know what a special place it is and wish them well. Introduce them, in writing at least, to their new neighbors. The gift can be anything from a bottle of champagne in the refrigerator to something truly utilitarian like a bar of nice soap. It’s a kind gesture and can help you say goodbye to the place you’ve called home.

The 6 Most Valuable Home ImprovementsWhen it comes to home improvements, there are two big factors to consider when figu...
08/15/2019

The 6 Most Valuable Home Improvements

When it comes to home improvements, there are two big factors to consider when figuring out where to put your money: whether it’s something that will increase the value of the house to you and whether it’s something that will increase the value of the house to others, if and when you decide to sell your home. The most valuable home improvements are those that increase your home’s worth in fair relation to the amount you spent on them. And while the improvements that might be most worth it for you personally are subjective and hard to quantify, Remodeling magazine’s 2018 Cost vs. Value Report offers helpful national data on what home improvements give you the biggest bang for your buck. Here are 6 improvements to focus on.

1. Upscale garage door replacement

It may not be the most exciting upgrade, but replacing your current garage door with an upgraded model will yield you 98.3 percent in recouped costs across the nation. This number increases sharply for specific areas, with 46 out of 100 markets in the Cost vs. Value Report seeing more than 100 percent in recouped costs for this project. Now that’s money well spent.

What constitutes an upscale garage door? Today’s best garage doors are those built with durable materials like steel, wood composites, and aluminum, and that have high-performance additions like energy-saving glazing and insulation. Wood is a classic choice aesthetically, though it’s not quite as weather-resistant. If you really want a wood garage door, get the best of both worlds by looking into fiberglass or wood composite, which can have the same appearance as wood without the downfalls of the material.

2. Manufactured stone veneer on exterior

Another exterior home improvement that offers a strong return on your investment is enhancing the exterior of your home with manufactured stone veneer. A manufactured stone veneer isn’t really stone at all—it’s a man-made composite material shaped in molds. It has the same look as real stone, however, and is installed in the same way. It’s a great way to boost curb appeal and update an old or boring exterior. Even doing just a portion of your home (for example, the area around your front entry way) is enough to reap benefits. According to the report, the national average return on investment for manufactured stone veneer is 97.1 percent.

3. Wood deck addition

Seeing a pattern here among the best home improvements? The renovations that give you the most value tend to be focused on the exterior of your home. And when it comes to your backyard deck or patio, wood is the way to go. A composite deck addition or a backyard patio won’t yield you quite as much on the return as wood will at 82.8 percent (composite deck and patios yield an average return of 63.6 percent and 47.6 percent, respectively).

Remodeling recommends sticking with a 16 foot x 20 foot wood deck addition, though the right size for your home will depend on the size of your house and your yard. You’ll want to add a railing system as well for added function and stability.

4. The kitchen (within reason)

The kitchen is major when it comes to the most valuable home improvements. Buyers often look here first when determining whether a home is worth its asking price, since most people want an upgraded kitchen without having to pay a ton of money to get it after purchasing a house. There are a range of valuable home improvements you can make in the kitchen to fit your particular budget and objectives, from putting in energy-efficient, stainless steel appliances to painting cabinets and installing new countertops.

Interestingly, you don’t have to spend big in the kitchen to get a big return. A minor kitchen remodel will recoup about 81 percent of its cost in average resale value, while a major upscale kitchen remodel will recoup only about 53.5 percent of its cost. The most valuable home improvements in a minor kitchen remodel include modernizing the cabinets and countertops, upgrading to brand new appliances, updating the sink and faucet, and updating the flooring.

5. Siding and vinyl window replacements

Old, damaged, or deteriorating siding can seriously date the look of your house, and not in a charming way. Fortunately, updating your siding is a valuable renovation, bringing in a cost recuperation of 76.7 percent based on a purchase of 1,250 square feet of siding. Just make sure not to neglect the trim, since it’s an important factor in making your siding upgrade look its best.

And while you’re at it, why not complement upgraded siding with upgraded windows? Low-energy vinyl window replacements provide a pretty similar return to siding at 74.3 percent and will help make sure that your new siding doesn’t clash with dated windows.

6. Bathroom remodel

A mid-range bathroom remodel (think updated tile, fixtures, toilet, counters, and lighting) will get you a return of 70.1 percent nationally. And like the kitchen, doing more doesn’t equal getting more. An upscale bathroom remodel is only going to get you a 56.2 percent return, and a new bathroom addition just 54.6 percent.

Another of the most value home improvements in terms of bathroom remodels is turning your standard bathroom into a universally accessible one. This includes widening doorways for wheelchairs, putting in a walk-in shower, lowering light switches, and putting support bars near the toilet. While this might not seem like something that would be relevant for most of today’s buyers, it will be very soon. We live in an aging society. By 2050, it’s estimated that the population aged 65 and over will be more than double its population in 2012, growing from 43.1 million to 83.7 million. Small accessibility modifications will have major appeal as homeowners and buyers grow older.

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2945 Townsgate Road, Suite 300
Westlake Village, CA
91361

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+18186488122

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