Buyers • Home Owners • December 27, 2023

Purchasing a Multi-Unit Property for Your First Home

by Kirsten "Kris" Jardino

Benefits:

Rental Income Boost: The ownership of a multi-unit property opens up the opportunity to earn rental income by leasing out additional units. This extra cash flow can significantly alleviate the burden of mortgage payments and other homeownership expenses.
Asset Appreciation: Real estate has the potential to appreciate over time, indicating that the value of your property may increase. This appreciation substantially contributes to building wealth over the long term.
Tax Advantages: Owning rental property can bring about various tax benefits, including deductions for mortgage interest, property taxes, depreciation, and specific expenses related to property management. Leveraging these advantages can enhance your overall financial position.
Diversification: Owning multiple units provides a diversified real estate investment. If one unit is vacant, income generated from other units can help mitigate costs, offering financial security and stability.
Homeownership Experience: Managing a multi-unit property offers valuable experience in property management and real estate investment. This experience can prove beneficial if you choose to expand your real estate portfolio in the future.

Considerations:

Financial Responsibilities: Being a landlord entails various responsibilities, including addressing tenant issues and managing property maintenance. Preparing for these responsibilities is crucial before venturing into multi-unit property ownership.
Financing Challenges: Acquiring a mortgage for a multi-unit property may involve different requirements compared to a single-family home. Lenders may closely examine your financial stability and the anticipated rental income, so thorough preparation is critical.
Local Regulations: Familiarize yourself with local zoning laws, rental regulations, and landlord-tenant laws in the targeted area. Adhering to these regulations is essential for a seamless and legally compliant property management experience.
Market Research: Conduct comprehensive market research to ensure demand for rental units in the area. Evaluate the potential for growth and development that could impact property values and rental income.
Property Management Skills: If opting to manage the property independently, be ready to handle tenant relations, maintenance tasks, and day-to-day responsibilities. Alternatively, hiring a property management company can ease these duties.

Before making any decisions, seek advice from a real estate professional, financial advisor, or mortgage specialist to ensure that a multi-unit property aligns with your financial goals and lifestyle.

Home Owners • Sellers • December 26, 2023

Getting Top Dollar For Your Home

by Kirsten "Kris" Jardino

Getting Top Dollar For Your Home

If you’re gearing up to sell your home and aiming for maximum profitability, the first step is to evaluate your property critically. Is your residence in optimal condition to make a lasting impression on potential buyers?

Chances are, your home has undergone some wear and tear over the years. While you might be accustomed to a creaky floorboard or a sticky door, these imperfections may not sit well with first-time viewers who have numerous housing alternatives. To make your property stand out in a competitive market, consider making necessary adjustments for a more favorable presentation. Here’s a guide on ensuring your house is market-ready and some key fixes and upgrades to undertake for a lucrative offer.

Assess the Age of Key Components Regardless of your home’s initial appeal, discerning buyers will inquire about the age of essential components. To provide accurate information, gather relevant paperwork. If you’ve purchased your home recently, consult your records or seller’s disclosure for details on major items like the roof, HVAC system, water heater, and gutters. For older properties, maintenance records or receipts can offer insights.

Although the lifespan of items varies based on factors like maintenance and model, you can refer to general guidelines such as those provided by the National Association of Home Builders:

Wood shingle and shake roof: 15 to 30 years
Central air-conditioning unit: 15 years
Electric water heater: 14 years
Gutters: 30 years

Conduct a Thorough Walk-Through Embark on a room-by-room inspection of your home to identify potential issues that could impact its value. Look out for common problems such as:

Wood rot around exterior door frames, window ledges, and garage doors.
Water stains on the ceiling or near doors and windows, indicating potential roof leaks.
Leaks under sinks or around toilets.
Bulges under carpet or discoloration on hardwood floors, suggesting flooding or foundation issues.

Additionally, assess the functionality of each room, addressing any visible cracks, misaligned doors, or broken handles. Don’t neglect the exterior, as it significantly influences a buyer’s first impression.

Consider a Professional Inspection After your personal walk-through, consider a professional inspection to identify issues you might have missed. Enlist a real estate agent or hire a home inspector to provide a comprehensive report on potential problems, from faulty wiring to outdated plumbing. While there is a cost associated with this, it can offer peace of mind and instill confidence in potential buyers.

Strategize Renovations for Maximum Impact Once you’ve identified areas that require attention, prioritize renovations wisely. Not every aspect needs immediate attention, and strategic improvements can yield a higher return on investment. Focus on fixes that appeal broadly and aren’t overly influenced by personal preferences. For instance:

Upgrading hardwood floors, as it offers the highest return on investment, according to the National Association of Realtors®.
Installing new insulation.
Replacing the roof.

Utilize tools like the Renovation Calculator at My Home to determine the most impactful improvements that enhance marketability, draw in potential buyers, and potentially command a higher selling price.

Home Owners • December 18, 2023

Tax Tips for Homeowners

by Kirsten "Kris" Jardino

Tax Tips for Homeowners:

Optimize Your Savings with Energy Efficiency Credits

Discover tax-saving opportunities through the Inflation Reduction Act of 2022, offering homeowners federal tax credits for upgrading HVAC systems, adding insulation, or installing solar panels. Keep receipts handy to qualify for these credits.

In 2023, households can claim up to 30% of project costs, with a maximum annual claim of $1,200. Additionally, receive a $150 credit for a home energy audit. If you have a heat pump, enjoy a credit of up to 30%, with a maximum benefit of $2,000.

Simplify Taxes with Home Office Expense Deductions

If you’re self-employed and work from home, take advantage of home office expense deductions, even without itemizing. Eligible expenses include office furniture, printers, maintenance, mortgage interest, insurance, and rent for renters.

Maximize Deductions for Interest on Home Equity Loans

Optimize your tax breaks by deducting interest on home equity loans or lines of credit used for home improvements. Ensure the loan contributes to enhancing your existing home or acquiring a new one, and remember to itemize deductions. Enjoy a full deduction for interest on qualified residential loans up to $750,000.

Unlock Mortgage Interest Deductions

Itemize deductions to claim mortgage interest deductions on up to $1 million of mortgage debt. Limits vary based on the loan’s origination date and your marital status when filing.

Homeownership opens doors to substantial tax savings. Stay informed about specific tax rules in your area and explore the benefits of homeownership on the IRS website to maximize your yearly savings.

Buyers • November 28, 2023

A Guide for First-Time Home Buyers in a High-Interest Rate Market

by Kirsten "Kris" Jardino

Embarking on the homeownership journey is an exciting milestone, but it comes with its own set of challenges. In the current real estate landscape, one of the prominent hurdles for first-time buyers is the presence of high-interest rates. While it might seem daunting, arming yourself with knowledge and a strategic approach can make all the difference. Let’s explore some tips to help first-time buyers successfully navigate the waters of a high-interest rate market.

Understand the Market Dynamics:
- Begin by gaining a comprehensive understanding of the current market conditions. Research the prevailing interest rates and their impact on mortgage rates. Recognize that interest rates fluctuate and are influenced by various economic factors.
Financial Preparation:
- Start by assessing your financial readiness. Scrutinize your credit score and financial history to ensure you present a strong case to lenders. A higher credit score often translates to more favorable interest rates.
Set a Realistic Budget:
- In a high-interest rate environment, setting a realistic budget becomes paramount. Evaluate your monthly income, expenses, and any additional costs associated with homeownership, such as property taxes and maintenance. This will help you determine the price range you can comfortably afford.
Explore Loan Options:
- Don’t settle for the first loan option that comes your way. Shop around and explore different lenders to find the best terms and interest rates. Consider fixed-rate mortgages for stability, especially in a market where interest rates are on the rise.
Save for a Larger Down Payment:
- A larger down payment can help mitigate the impact of high-interest rates on your monthly payments. Saving more upfront can also make you a more attractive borrower in the eyes of lenders.
Consider Adjustable-Rate Mortgages (ARMs) Wisely:
- While fixed-rate mortgages offer stability, adjustable-rate mortgages (ARMs) can have lower initial interest rates. However, they come with the risk of rates increasing in the future. If considering an ARM, understand the potential fluctuations and assess your ability to handle increased payments.
Work with a Knowledgeable Real Estate Agent:
- A seasoned real estate agent can be your greatest ally in navigating a high-interest rate market. They can provide valuable insights, negotiate on your behalf, and guide you toward properties and financing options that align with your budget and goals.
Be Patient and Flexible:
- In a competitive market, patience is a virtue. Be prepared for the possibility of a longer house-hunting process and multiple offers. Stay flexible and open-minded about the features and location of your potential home.

Conclusion: While high-interest rates may present challenges, they shouldn’t deter first-time buyers from achieving their homeownership dreams. Armed with knowledge, financial preparedness, and a strategic mindset, you can successfully navigate the complexities of a high-interest rate market. Remember, each real estate journey is unique, and with the right approach, you can turn challenges into opportunities on your path to becoming a proud homeowner.

Home Owners • Sellers • October 5, 2023

Reasons to choose Kris and Phyllis as your Realtor

by Kirsten "Kris" Jardino

As Realtors experienced with probate and trust sales, we have developed a unique skill set.

We work with clients going through one of the most challenging times in their lives and help them make important decisions about selling a special home. We approach these clients with sensitivity, empathy, and a deep understanding of the emotions they are experiencing.

We move at our client’s pace and respect their timelines. We understand that grief is a primary emotion. As Realtors experienced with probate and trust sales, we communicate calmly. Our job is to ask questions to learn how to assist them best.

Sometimes there is more than one trustee, and, in some instances, they don’t get along. In that instance, we must remain neutral and guide all parties through the sale with compassion. Reach out to interview us, 818-790-7325 or 626-590-1988

Kris Jardno Phyllis Harb Trust Realtors

Home Owners • Sellers • September 22, 2023

Choosing to Stay Put: 7 Compelling Reasons to Hold on to Your Current Home

by Kirsten "Kris" Jardino

In the not-so-distant past, it was common for empty-nesters and retirees to consider downsizing as a sensible choice, trading their spacious family homes for more manageable condos in warmer climates. However, today’s homeowners are reevaluating the retirement tradition of moving to a smaller dwelling.

While there are valid motivations to downsize, it’s essential to consider the reasons why staying put might be the better option.

If you’re currently wrestling with the decision of whether to reduce your square footage or remain in your current abode, here are seven compelling reasons to think twice before embracing downsizing.

Mortgage Rates Make Staying Put Attractive With mortgage rates hovering around 7% for 30-year fixed-rate loans, homeowners with lower rates may find it financially prudent to stay put. For instance, if your existing home carries a 2.95% interest rate for the next 15 years, downsizing might not yield the expected savings. In such a scenario, you’d essentially end up with a smaller house but the same housing payments over the next 15 years. In this case, downsizing would mean downsizing your space but not your financial commitments.
Hidden Costs of Selling For those who have paid off their mortgages, downsizing may appear to reduce long-term living expenses. However, in the short term, it can entail costs that outweigh the immediate financial benefits. These costs include real estate agent commissions, closing expenses, and market conditions that could affect your ability to sell at a desirable price. Additionally, when considering capital gains tax implications, it may make more financial sense to maintain your current larger home.
Aging in Place is Your Priority If your current home can be adapted to accommodate your needs as you age, downsizing might not be the best choice. Homes with features designed for aging in place, such as wider doorways, ramps, and accessible bathrooms, can be essential for those with mobility issues or health concerns. IN a larger home, you have more flexibility to undertake the necessary renovations and ensure your home remains comfortable and safe for your golden years.
Comfort Trumps Size: While downsizing may seem logical, it might not align with your personal preferences and comfort. In a smaller space, you may have to forgo that beloved home office or an extra bathroom, not to mention the precious storage area where your cherished holiday decorations reside. Sleepovers with the entire family could become a thing of the past. Mathew Pezon advises, “Downsizing could mean saying goodbye to those extra rooms that hold a special place in your heart. It could leave you feeling less content and fulfilled, especially when you’ve invested time and effort in making them special. So, if you’re already content with your current space, why downsize?”
Leverage Your Space for Extra Income If you’re on a fixed income during your post-retirement years, consider the potential of generating additional income with your surplus space. Transforming spare rooms into passive income generators through platforms like Airbnb is a savvy move, according to Jake Hill, CEO of DebtHammer, a personal finance website. This rental income can supplement your Social Security benefits and retirement savings, enhancing your quality of life and securing your retirement income. If renting rooms isn’t your cup of tea, explore alternative options like renting out storage space or adding an Accessory Dwelling Unit (ADU) in your backyard for rental income.
Catering to Multigenerational Needs There are situations where a larger home’s space becomes invaluable. Perhaps your elderly mother can no longer remain in her current home, or your adult daughter and her family require temporary housing. As estate investor Rod Khlief from Sarasota, FL, explains, “Having a larger home allows for better privacy and comfort for all family members involved, promoting a harmonious living arrangement.”
Sentimentality Rules Beyond financial considerations, emotional attachments are a valid reason to bypass downsizing. Many homeowners have profound sentimental connections to their homes, making it challenging to part ways. According to real estate agent Josh Steppling of Stuart, FL, “The memories and history intertwined with your current space can offer a deep sense of comfort.” Retiring can already be an emotionally demanding phase, and adding a move into the mix can amplify the stress. In such cases, prioritizing your emotional well-being and attachment to your home may lead you to choose staying put over downsizing.

These are just a few of the key reasons why staying put might be a more advantageous choice than downsizing your home. As you weigh your options, consider your unique circumstances and financial goals to make the most informed decision for your future.

Home Owners • Sellers • September 19, 2023

“Optimize Your Home on a Budget with Top DIY Home Improvement Projects”

by Kirsten "Kris" Jardino

When it comes to enhancing your home, the do-it-yourself route can offer substantial benefits by sidestepping hefty contractor fees and extensive renovations. However, not all DIY endeavors yield the same outcomes. Some can significantly boost your home’s value, providing a lucrative return on investment when it’s time to sell, while others may consume your time, energy, and resources in vain.

So, the pivotal question becomes: which DIY home improvement projects offer the most substantial returns?

1.Revitalize Your Kitchen Cabinets: While cabinet replacement can be a pricey and intricate process best left to professionals, you can rejuvenate your kitchen cabinets without their assistance. The secret weapon? Paint. Painting your kitchen cabinets is a cost-effective and relatively straightforward DIY task that can remarkably transform your kitchen’s aesthetics. This transformation can increase your home’s value significantly. However, bear in mind that although this project is budget-friendly, it demands time and patience to execute effectively.

2.Expand Your Storage: Augmenting storage in your home, such as installing cabinets, shelving units, or incorporating a pantry in your kitchen, serves a dual purpose. It not only creates additional space for your belongings but also proves to be a compelling selling point for prospective buyers. Thus, this DIY venture is certain to yield dividends in the long run.

3.Timely Tackle Minor Repairs: Neglected minor repairs and maintenance issues can quickly snowball into major problems, thereby diminishing your home’s value. Taking a proactive stance by addressing these issues as they arise can prevent them from escalating into costly predicaments, saving you both money and future frustration.

Buyers • September 14, 2023

Are you in the process of buying a home?

by Kirsten "Kris" Jardino

To achieve a successful home purchase in the current market landscape, it’s imperative to follow a precise approach. Regrettably, numerous buyers make critical errors in the process, potentially resulting in severe repercussions.

So, what specific pitfalls should you steer clear of when navigating today’s real estate market?

Solely Focusing on Mortgage Payments: While your mortgage payment is a significant financial commitment when acquiring a home, it’s not the sole one. Neglecting to consider additional expenses like insurance, property taxes, and ongoing home maintenance can lead you towards properties beyond your financial reach. Prior to embarking on your home search, craft a comprehensive budget that encompasses all monthly expenses, enabling you to tailor your quest accordingly.
Overlooking Credit Score Assessment: Your credit score holds considerable sway not just in securing a mortgage but also in securing the most favorable interest rates for your loan. Unfortunately, some buyers initiate their home search without assessing their credit score—a grave oversight. Prior to home hunting, scrutinizing your credit report is imperative. This not only provides insights into your current credit standing and ways to enhance it (such as reducing outstanding credit card debt) but also facilitates the identification and rectification of any discrepancies prior to loan application.
Rushing the Home Purchase: In today’s fiercely competitive market, speed is of the essence for prospective buyers. Nonetheless, there is a balance to strike, as haste can lead to missteps. The acquisition of a home constitutes a substantial commitment, and decisions should not be rushed. If you find yourself wavering on a property, allow ample time for contemplation before submitting an offer.

Buyers • Home Owners • Sellers • September 12, 2023

This Week’s Real Estate Insights for Pasadena, CA

by Kirsten "Kris" Jardino

Wed Mar 05 2025
This week the median list price for Pasadena, CA is $1,999,000 with the market action index hovering around 50. This is about the same as last month’s market action index of 50. Inventory has increased to 91.

Buyers • Home Owners • Sellers • September 10, 2023

This Week’s Real Estate Insights for Arcadia, CA

by Kirsten "Kris" Jardino

Kris Jardino Arcadia California Housing Market

Mon May 12 2025
This week the median list price for Arcadia, CA is $2,998,000 with the market action index hovering around 34. This is less than last month’s market action index of 36. Inventory has increased to 97.

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.