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Buy What You Can Afford, As Soon As You Can Afford It! Example: Studio - Diamond Heights Village

May 7, 2007

Buy What You Can Afford, As Soon As You Can Afford It! Example: Studio - Diamond Heights Village, $140,539 in TAX-FREE PROFIT Since 2000.What if you can afford to buy in San Francisco but what you can afford is a small studio? Should you buy? Will the studio appreciate over time? Will buying a studio now get you into your dream house sooner? Or is renting until some unknown time when you can afford your "dream" home a better plan?Â

Unless there is a windfall of money in your future (lottery, next Google, etc), I am a huge advocate of buying what you can afford, as soon as you can afford it. This doesn't mean getting in over your head just to own a home. It means being realistic about the value of real estate over the long term.

If financial stability and wealth accumulation are a goal, then you should follow this advice. Your first home may not be your dream home in terms of amenities, location, size, style, "cool-factor," etc...but if owning instead of wasting money on rent is your dream, then voila.

For example:

In the end of 2000, an average 580sf Studio condominium in Diamond Heights Village was worth $241,800.

Today, that same studio is worth an average of $382,339.

If you lived in this condominium for at least 2 of the past 5 years, you would have earned $140,539 in TAX-FREE PROFIT just by living in your own place, enjoying the pool, sauna, workout room, and parking spot insteading of renting in the Castro or Mission!

Unbelievable but true.

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View Full Street Address SAN FRANCISCO, CA 94114 (415) 528-7355 ©2007 VIVRE REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES, OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS, AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT, OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED AND SHOULD BE INDEPENDENTLY REVIEWED AND VERIFIED.
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