Renters as Remodelers in California

Lets face it, not everyone was born to own their own house. In fact there is a significant portion of the population that will never own their own home, this is by choice. I have no say in the matter one way or another, but I have received a good number of calls from renters seeking some improvements to their apartment homes. The SF Chronicle ran a great story covering this specific topic over the weekend.

But realizing that changes would have to be made before Hank’s arrival, they converted a breakfast nook into a nursery.

“The idea and designs were Maggie’s; the financial analysis and sweat equity were mine,” said Bryan Mason.

“Sweat equity” is a term referring to labor invested in a property to increase its value. The Masons, however, are renters.

So why exert effort — and spend money — for a makeover? After all, any increased value goes into their landlord’s pockets, not theirs.

The couple, who have been in their San Francisco apartment for five years, determined that staying put was more cost effective than moving and paying increased rent. After receiving their landlord’s conditional blessing, they got to work.

“Paint, the right furniture and small home improvements don’t take more than a few days,” Bryan Mason said. “And they make our place a home, even if it is someone else’s house.”

The median price for a single-family dwelling in the Bay Area hit a record $720,000 last month, up from a year ago, according to a report released Wednesday by DataQuick Information Services. According to a California Association of Realtors report released last year, just 12 percent of Bay Area households can afford to purchase a median-price home.

Read More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: