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James D., Home Buyer in Civic Center, San Fr...

Is it better to trade UP to a condo W/ deeded parking, or keep one W/O parking but equal or higher HOA's? includes parking be

Asked by James D., Civic Center, San Francisco, CA Fri Dec 2, 2011

cost I'm on a fixed income & own a condo w/o parking; the HOA's are out of hand. How would I determine if trading UP to one WITH parking, but the same or lower HOA, be worth the outlay of costs, taxes, etc. ?

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Rob Regan & Ciara Piron’s answer
It depends. How much is your condo worth? How much is the new condo you are considering? What are your property taxes now? How much are your HOA dues now? How much are the HOA dues at the new place? Lastly, do you pay for parking now, and if so how much?

With these numbers you can calculate your monthly savings, and then see how long it will take before that savings pays for your transaction costs. Most likely it will take a number of years before this move pays.... but it all depends on your particular situation.

Also, while the agent from Ocean City doesn't realize we have almost year-round air conditioning in San Francisco, she has a point that sometimes your PG&E bill can vary greatly from one place to the next. For example, if your HOA's include heat, or if one of the two places isn't well insulated, and the other place is. Or you face south now and have double paned windows so your place is always warm, but move to a north facing unit with single paned windows. These kinds of costs can add up.

Property taxes are another tricky one - if you purchased long ago you may discover your new taxes are significantly higher. But if you purchase in 2004 or 2005 you might find your new taxes are low (since they will be based on your new purchase price.)

Lots to consider, so you should contact a local agent to get help crunching the numbers.
1 vote Thank Flag Link Sat Dec 3, 2011
James, Deeded parking is a major equity enhancer especially around Civic Center / Van Ness Arts center. If you are in Opera Plaza the HOA dues plus the additional fee for parking has always been a big detractor on re-sale prices. Depending upon which building you are talking about re-investing in, what you could realistically get on the sale of your current place. The costs associated with the "Sale" and the price of the new condo with other costs associated with the purchase are all factored together will present a very clear picture. If you would like a consultation to assist you with this process please contact me.
Honey Brooks, Realtor/Consultant
San Francisco Homes of Distinction
International Luxury Property Specialist
S.R.E.S (Senior Real Estate Specialist)
W.C.R (Women's Council of Realtors, Former S.F. President)
P.C.B.
DRE# 01310883
415-425-2008
honeyb@sfhomesofdistinction.com
"Your Personal Business is My Confidentiality"
1 vote Thank Flag Link Sat Dec 3, 2011
There are several factors to consider. The first one is easy. Sit down with a pencil and paper and list all the costs you are currently paying. If the new unit is located in the same town and is approximately the same age and size your utilities and taxes shouldn't vary significantly. If the new place is larger, it will cost more to heat and air condition that unit. The insurance and tax costs will vary for a larger unit. These are essential to consider if you are on a fixed income. Most importantly look at the resale value of each unit. Parking is a feature desired by new buyers. To most people it is essential especially if you live in an area where street parking is nearly non- existent.
You will ultimately recoup the greater expense for a unit with parking when you or your heirs sell it. You are entitled to see a copy of the financials for your HOA. Are they using the HOA fees responsibly? Remember older facilities require greater fees to maintain a building in decline. Newer construction is the best choice if you have that option.
0 votes Thank Flag Link Sat Dec 3, 2011
Hi James-

Are you referring to Opera Plaza? Deeded parking is also the best as well as buying into a well established HOA with lower dues, provided that the reserves are adequate. HOA dues usually only go up over time (there may be some exceptions to that but they're genenrally rare).

I'd be happy to talk to you more about specifically what work work for you as a trade up property and help you analyze your options.

Feel free to call or email andwe can set up a time

Thanks in advance.

Rich Bennett, Realtor
415.305.4911

http://www.76-78Prosper.com http://www.115-117States.com

Zephyr Real Estate
DRE#01358540
0 votes Thank Flag Link Fri Dec 2, 2011
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