This weekend on The Real Estate Zone, Danny, Goli and ReMi discussed the topics of trading up into larger homes and downsizing!
- When upgrading to a larger home and/or one in a better area, the homeowner often has to be free of the liability of the first home they own before purchasing a second home, unless they are going to be renting out their first home or their budget allows both payments.
- Make sure the house you find and the house you are selling fall into escrow at the same time. If this may not be a possibility, you would need your agent to negotiate a lease back.
- There are different ways to structure a trading up process.
- As homeowners get older or circumstances change, many are interested in downsizing their homes. There tends to be more emphasis on financial planning when downsizing although the process is similar to upgrading.
- Listen to the show to hear all about property tax exchanges when downsizing your home.
- If you can support both payments, you can take out a home equity line and purchase a downsized property and then sell or even rent out the departing residence down the road.
- When trading up or downsizing, it’s important to know your budget for home maintenance and lifestyle.
Mortgage Minute with ReMi Mitschke
- There was a Fed meeting and we saw a slight decline in rates this week in anticipation of this meeting. The Fed chair, Janet Yellen, announced that prime interest rates will be going up before the end of the year which could mean interest rates slightly increasing.
- Questions about rates and mortgages? Call Movement Mortgage at (800) 358-7563!
Celebrity Real Estate with Goli Vahdani
- Brad and Angelina own a ton of properties and with their recent announcement of divorce, it’s unclear what they are going to do with all of their real estate. This week, Goli breaks down some of Brangelina’s portfolio including Brad’s Los Feliz home which has been converted to a huge compound for the kids. Another home is 11 1/2 acres of beach property in San Diego. They also own a property in the Waldorf Astoria in New York, a 1000 acre estate called Chateau Miraval in France and a home in New Orleans which has been on the market for awhile now. Only time will tell what Brad and Angie will decide to do with all of these amazing properties! Stay tuned for further coverage!
Brad and Angelina’s Los Feliz Compound.
Brad and Angelina’s Chateau Miraval, France.
Did you find this information helpful? We’d love to hear from you! Contact TBG Homes at (310) 432-5755 or TBGHomes@kw.com for more info about your real estate needs.
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