Is this a good deal ?

[sdrealtor]

I dont get it? This is everything you said you didnt want? And its as close or closer to guys on the Megan’s Law database issue you ran into on the house that was everything you were looking for which you walked on.

Have you changed what you are looking for?

[ocrenter]

CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.

[ocrenter]

CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.

[ocrenter]

CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.

[ocrenter]

CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.

[ocrenter]

CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.

[CA renter]

[quote=AN]CAR, according to Zillow, their tax in 2010 was $9300 with assess value of $633k, which equate to ~1.47% (I assume this includes MR). If you offer full price at $570k, your monthly Tax + MR would be ~$700. Add in $100 for HOA and you have ~$800 for taxes and HOA. Using Aimloan.com, and 20% down, your monthly payment would be between $2,177.01 and $2,310.49, assuming you can qualify and how much you want to pay in points. Add in another $800/month for tax + MR + HOA and your total expense would be $2977 to $3100/month. Assuming your tax bracket is 25%, your tax deduction would be bet ~$500-600/month. So, if you count deduction from interest alone (assuming you’re right and the deduction of taxes cover maintenance), then your total monthly payment after deduction would would be ~$2500/month. How much can that house rent for today?

Also, 2% increase in taxes only apply if your house assessment actually go up. If it goes down, then your taxes goes down.[/quote]

Even **if** the $9,300 tax amount you saw was correct (I don’t think so — look at the previous purchase price), that’s $775/month, not $700. Add $100 for HOA, and it’s $875. I still think it will run over $900. I’m not factoring in mortgage costs, as my goal is to go 0% LTV.

With all the searching for new govt revenue, I won’t count on the MID or even Prop 13 being around for the long haul. As mentioned, the maintenance costs usually negate any tax benefit of MID or prop tax deduction, anyway.

[CA renter]

[quote=AN]CAR, according to Zillow, their tax in 2010 was $9300 with assess value of $633k, which equate to ~1.47% (I assume this includes MR). If you offer full price at $570k, your monthly Tax + MR would be ~$700. Add in $100 for HOA and you have ~$800 for taxes and HOA. Using Aimloan.com, and 20% down, your monthly payment would be between $2,177.01 and $2,310.49, assuming you can qualify and how much you want to pay in points. Add in another $800/month for tax + MR + HOA and your total expense would be $2977 to $3100/month. Assuming your tax bracket is 25%, your tax deduction would be bet ~$500-600/month. So, if you count deduction from interest alone (assuming you’re right and the deduction of taxes cover maintenance), then your total monthly payment after deduction would would be ~$2500/month. How much can that house rent for today?

Also, 2% increase in taxes only apply if your house assessment actually go up. If it goes down, then your taxes goes down.[/quote]

Even **if** the $9,300 tax amount you saw was correct (I don’t think so — look at the previous purchase price), that’s $775/month, not $700. Add $100 for HOA, and it’s $875. I still think it will run over $900. I’m not factoring in mortgage costs, as my goal is to go 0% LTV.

With all the searching for new govt revenue, I won’t count on the MID or even Prop 13 being around for the long haul. As mentioned, the maintenance costs usually negate any tax benefit of MID or prop tax deduction, anyway.

[CA renter]

[quote=AN]CAR, according to Zillow, their tax in 2010 was $9300 with assess value of $633k, which equate to ~1.47% (I assume this includes MR). If you offer full price at $570k, your monthly Tax + MR would be ~$700. Add in $100 for HOA and you have ~$800 for taxes and HOA. Using Aimloan.com, and 20% down, your monthly payment would be between $2,177.01 and $2,310.49, assuming you can qualify and how much you want to pay in points. Add in another $800/month for tax + MR + HOA and your total expense would be $2977 to $3100/month. Assuming your tax bracket is 25%, your tax deduction would be bet ~$500-600/month. So, if you count deduction from interest alone (assuming you’re right and the deduction of taxes cover maintenance), then your total monthly payment after deduction would would be ~$2500/month. How much can that house rent for today?

Also, 2% increase in taxes only apply if your house assessment actually go up. If it goes down, then your taxes goes down.[/quote]

Even **if** the $9,300 tax amount you saw was correct (I don’t think so — look at the previous purchase price), that’s $775/month, not $700. Add $100 for HOA, and it’s $875. I still think it will run over $900. I’m not factoring in mortgage costs, as my goal is to go 0% LTV.

With all the searching for new govt revenue, I won’t count on the MID or even Prop 13 being around for the long haul. As mentioned, the maintenance costs usually negate any tax benefit of MID or prop tax deduction, anyway.

[CA renter]

[quote=AN]CAR, according to Zillow, their tax in 2010 was $9300 with assess value of $633k, which equate to ~1.47% (I assume this includes MR). If you offer full price at $570k, your monthly Tax + MR would be ~$700. Add in $100 for HOA and you have ~$800 for taxes and HOA. Using Aimloan.com, and 20% down, your monthly payment would be between $2,177.01 and $2,310.49, assuming you can qualify and how much you want to pay in points. Add in another $800/month for tax + MR + HOA and your total expense would be $2977 to $3100/month. Assuming your tax bracket is 25%, your tax deduction would be bet ~$500-600/month. So, if you count deduction from interest alone (assuming you’re right and the deduction of taxes cover maintenance), then your total monthly payment after deduction would would be ~$2500/month. How much can that house rent for today?

Also, 2% increase in taxes only apply if your house assessment actually go up. If it goes down, then your taxes goes down.[/quote]

Even **if** the $9,300 tax amount you saw was correct (I don’t think so — look at the previous purchase price), that’s $775/month, not $700. Add $100 for HOA, and it’s $875. I still think it will run over $900. I’m not factoring in mortgage costs, as my goal is to go 0% LTV.

With all the searching for new govt revenue, I won’t count on the MID or even Prop 13 being around for the long haul. As mentioned, the maintenance costs usually negate any tax benefit of MID or prop tax deduction, anyway.

[CA renter]

[quote=AN]CAR, according to Zillow, their tax in 2010 was $9300 with assess value of $633k, which equate to ~1.47% (I assume this includes MR). If you offer full price at $570k, your monthly Tax + MR would be ~$700. Add in $100 for HOA and you have ~$800 for taxes and HOA. Using Aimloan.com, and 20% down, your monthly payment would be between $2,177.01 and $2,310.49, assuming you can qualify and how much you want to pay in points. Add in another $800/month for tax + MR + HOA and your total expense would be $2977 to $3100/month. Assuming your tax bracket is 25%, your tax deduction would be bet ~$500-600/month. So, if you count deduction from interest alone (assuming you’re right and the deduction of taxes cover maintenance), then your total monthly payment after deduction would would be ~$2500/month. How much can that house rent for today?

Also, 2% increase in taxes only apply if your house assessment actually go up. If it goes down, then your taxes goes down.[/quote]

Even **if** the $9,300 tax amount you saw was correct (I don’t think so — look at the previous purchase price), that’s $775/month, not $700. Add $100 for HOA, and it’s $875. I still think it will run over $900. I’m not factoring in mortgage costs, as my goal is to go 0% LTV.

With all the searching for new govt revenue, I won’t count on the MID or even Prop 13 being around for the long haul. As mentioned, the maintenance costs usually negate any tax benefit of MID or prop tax deduction, anyway.

[CA renter]

[quote=ocrenter]CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.[/quote]

We **definitely** prefer the older, single-story homes with no HOA and no MR, but the newer homes are dropping more in price, so the substitution principle is coming into effect. This is the only reason we’re (somewhat) willing to consider new homes at this point in time [this is in answer to sdr’s question, as well].

So far, we’re willing to pay a premium to live in an older, smaller home on a larger lot if it doesn’t have HOAs or MR…but if the price differential justifies a newer/larger home with encumbrances, we would be foolish not to consider something other than what we were originally looking for.

We are still holding out for what we want, but because of some rather significant price drops in other areas and types of inventory, these other homes are becoming more and more attractive, relatively speaking.

[CA renter]

[quote=ocrenter]CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.[/quote]

We **definitely** prefer the older, single-story homes with no HOA and no MR, but the newer homes are dropping more in price, so the substitution principle is coming into effect. This is the only reason we’re (somewhat) willing to consider new homes at this point in time [this is in answer to sdr’s question, as well].

So far, we’re willing to pay a premium to live in an older, smaller home on a larger lot if it doesn’t have HOAs or MR…but if the price differential justifies a newer/larger home with encumbrances, we would be foolish not to consider something other than what we were originally looking for.

We are still holding out for what we want, but because of some rather significant price drops in other areas and types of inventory, these other homes are becoming more and more attractive, relatively speaking.

[CA renter]

[quote=ocrenter]CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.[/quote]

We **definitely** prefer the older, single-story homes with no HOA and no MR, but the newer homes are dropping more in price, so the substitution principle is coming into effect. This is the only reason we’re (somewhat) willing to consider new homes at this point in time [this is in answer to sdr’s question, as well].

So far, we’re willing to pay a premium to live in an older, smaller home on a larger lot if it doesn’t have HOAs or MR…but if the price differential justifies a newer/larger home with encumbrances, we would be foolish not to consider something other than what we were originally looking for.

We are still holding out for what we want, but because of some rather significant price drops in other areas and types of inventory, these other homes are becoming more and more attractive, relatively speaking.

[CA renter]

[quote=ocrenter]CAR, from the property tax site shows MR of around $3000/year, which translates to $250 per month.

finding a home without MR within 92009 is difficult, likely a lot older as well. you’ll probably be looking at at least $100k more in purchasing cost. that’s $85/month higher in property tax just because of the higher purchase cost. then you have the higher mortgage from the higher purchase cost as well. all to avoid MR and rumored remote possibility that the MR may be extended when the 30 year bond is complete.

all MR are not created equal. I don’t think in this case the MR should be the deal breaker.[/quote]

We **definitely** prefer the older, single-story homes with no HOA and no MR, but the newer homes are dropping more in price, so the substitution principle is coming into effect. This is the only reason we’re (somewhat) willing to consider new homes at this point in time [this is in answer to sdr’s question, as well].

So far, we’re willing to pay a premium to live in an older, smaller home on a larger lot if it doesn’t have HOAs or MR…but if the price differential justifies a newer/larger home with encumbrances, we would be foolish not to consider something other than what we were originally looking for.

We are still holding out for what we want, but because of some rather significant price drops in other areas and types of inventory, these other homes are becoming more and more attractive, relatively speaking.

[Author]

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