Owning a home ain’t cheap…and certainly not in the San Francisco Bay Area. This is my side yard (backyard) fence. Clearly, this needs repair and today I signed a contract to share the cost of replacement with my neighbor. We’ll need to wait until mid-October to get the work done. But we’ve got it on the calendar now. Nice to have nice neighbors!
As I’ve said before, you need to do regular maintenance on any property. Ignorance is not bliss. “Shock” will be the ‘real’ reality if the work keeps getting delayed. Expect to spend 1% of the current market value on the property each year. If you don’t spend that amount, then the next year expect to spend 2%…and on and on and on.
The owner of one of the buildings on the block is having her foundation replaced/beefed up. I’ve never met her/him and the owner may have had the property longer than most of us in the ‘hood. In a situation like that, I imagine that the insurance company decided they would drop her/him if it wasn’t repaired/replaced in a timely fashion.
When we bought this beast with my mother-in-law, it was sitting on a brick foundation. The insurance company made sure that we had it replaced ASAP, while we were living in the building and while the tenants lived here.
The foundation and the addition of 2 bedrooms, 1 bathroom, and a laundry room was completed by a local (excellent) crew in a timely (whatever that means) manner. Three weeks after the foundation was replaced we had the 1989 earthquake. All was well. I hate to imagine what it would cost these days to replace a foundation. The good news is that a lot of the bricks have a ‘new’ home in the backyard patio.
AC (active contingent on selling another property)
PCH (price change)
PSB (pending sale, want backups)
BOM (back on market – fell out of escrow)
REO (real estate owned by the lender, i.e. foreclosure)
DOM (days on market)
DOM High 1544 Low 0 avg 80 Med 16
DOM High 35 Low 6 Avg 25 Med 14
DOM High 50 Low 0 Avg 12 Med 12
That’s a wrap! Sorry, the post was delayed.
Have a great weekend (whatever that means)! marilyn