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Thread: Real Estate Crash thread
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04-06-2021, 11:29 AM #12526
prop 13 caps maximum property tax rate and limits the increase in assessed value to a couple % a year, in effect shifting funding for government to income tax, sales tax, and fees.
it’s kinda funny seeing people argue for a real estate wealth tax when they are against other forms of wealth tax.
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04-06-2021, 11:32 AM #12527User
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A good friend of mine is a ski patroller and wildland FF for the local ranger district. His grandfather gave him an acre of land in Eden/Huntsville area 20 years ago when it was worth nearly nothing and he built a small home on it himself. The math worked out for him to be able to pay off the materials quickly and live on his meager income for the lifestyle he wanted.
Fast forward 20 years to when Snowbasin and Powder Mountain have blown up, and the valley is full of mcmansions occupied by people from California. His tax payments cost more per month now then his mortgage ever did and the value continues to rise. So some of you are saying that since the house is worth 10x what he started with, he's rich and those are the breaks? So what, he needs to just move to Clearfield and work in a factory now?
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04-06-2021, 11:41 AM #12528Banned
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Precisely! You don't have a right to a fixed cost of living.
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04-06-2021, 11:42 AM #12529
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04-06-2021, 11:43 AM #12530
The level of entitlement from the inheritance is ridiculous.
Live Free or Die
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04-06-2021, 11:44 AM #12531
This is the crux of it.
The old widow who had the property bought up around her and developed to its "highest and best use" whose property is now worth 10x what it would be otherwise did not lose, she WON. If she really wants to stay in the house she has lived in all her life then call 1-800-Rev-Mort.
Danno's idea is good, too.
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04-06-2021, 12:16 PM #12532
What do you RE experts think about building a separate ADU on a property to increase the value? My wife thinks it's a good idea and would really increase the value of our house. I'm not so sure it would offset the expense of building it. Not to mention greatly reducing the size of our backyard, which I feel is a pretty nice feature of the property currently. I feel like having someone living in your backyard would turn off more potential buyers than it would attract, but perhaps I'm wrong.
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04-06-2021, 12:17 PM #12533
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04-06-2021, 12:21 PM #12534"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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04-06-2021, 12:22 PM #12535______
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04-06-2021, 12:23 PM #12536
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04-06-2021, 12:26 PM #12537
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04-06-2021, 12:33 PM #12538
Just guessing, but I doubt a permitted ADU would increase the value enough to offset the cost of construction. That said, ADUs provide many benefits beyond property value. If the jurisdiction allows, they can be rented short or long term and offset the cost of construction that way, or could facilitate your MIL to move in.
"fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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04-06-2021, 12:41 PM #12539
We're planning on moving within the next few years, so I don't think we'd be recouping much before then in terms of rental income. It would allow my sister-in-law to sell her house, though, and she could live there until we decide to sell. But primarily the rationale needs to be that it would increase the value of the house when we decide to sell.
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04-06-2021, 12:47 PM #12540Registered User
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IME a good basemnt suite is $$$$$ its all about the income for the lowely pensioner/ ski gentleman
Lee Lau - xxx-er is the laziest Asian canuck I know
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04-06-2021, 12:56 PM #12541Registered User
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Wait, I thought we had to keep SFH zoning to PROTECT property values. At least now people are admitting that when a neighborhood starts to become higher density it has an increasing effect on surrounding property values.
That person should absolutely sell. Maybe they can use a portion to buy one of the condos next door and put the rest in the market. Or buy 2 condos and rent one.
You really wanna piss off some boomers, but unleash the power of the market and see some major development: we should change tax assessments to only consider the underlying land value. Six unit condo and SFH on same size lot next to each other should pay the same total property tax. Encourages development, encourages growth, encourages density in downtown areas.
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04-06-2021, 12:57 PM #12542
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04-06-2021, 01:12 PM #12543
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04-06-2021, 01:25 PM #12544
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04-06-2021, 01:27 PM #12545Registered User
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Sounds like you're losing out on the best part of an ADU (income production) in hopes someone else will value that so highly they'll cover construction costs + your profit. Seems like a huge gamble to me. I would think there are many safer things (like buying an actual rental property) to make a profit off the $ it would take to build an ADU.
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04-06-2021, 01:28 PM #12546Registered User
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The neighbor built one of the 1st legal 1 bdrm laneway homes onto to her garage, i took a tour and it was on the small side but would serve a purpose for someone very new to town, being a town counselor/ ex dirt pimp/ background in planning she had to go according to all the rules, I havent talked to her since completion so I'm not sure what it all cost.
being a desirable place to move its really hard to find rental accommodation so the town seems to be into alternative housing like that ^^ laneway home, for shops and commercial places down town/ small town if a reno or new building includes a residential space they get 5 yrs of tax breaks. So for a new HW/ building supply that cut their total tax bill in half so they saved 12k on taxes and of course they get the rental $$$, there are residential spaces going in above all the shops down town, the side benefit is more people down town all the time making it a nicer place to be
I have twice bought houses that already had the suites built so just move in and start collecting rentLee Lau - xxx-er is the laziest Asian canuck I know
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04-06-2021, 01:35 PM #12547"We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch
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04-06-2021, 01:41 PM #12548Hucked to flat once
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Being forced to move because you can’t afford a house you already paid for doesn’t seem like an upper class problem to me.
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04-06-2021, 01:41 PM #12549Live Free or Die
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04-06-2021, 01:46 PM #12550
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