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I don't think now is the time to buy, but there is a downside to rentals
2011 Sep 7, 12:42am 39,908 views 125 comments
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tclement, I couldn't help myself and looked up your old place. I wanted to fault you for giving up your low tax basis (and King Middle School for you child), but all I can say is: Well played! Way to take the (tax free!) money and run. Not many people could do what you did; best of luck finding a new place (did you write your landlord a letter?)
tclement
@
2011 Sep 13, 1:59pm
Hi EBGuy, I guess I did all right with my old place in Berkeley and I'm still waiting for the right time to upgrade. Today I spoke with a realtor who showed us a nice rental (still a bit too high for my tastes, but not $4k.) The great thing was that when I said I was waiting for a few years to buy, she said: "depends on the price range. If you're looking for a more expensive house, there's a long way for them to fall." I have to say, I was impressed (not to mention validated).
I've now heard 4 different stories about the law pertaining to this abusive rent increase. The latest (from the aformentioned honest real estate agent) is that if she has more than one rental property, rent control applies, regardless of whether it's a SFH. Oh well, I'll be glad to be out from under her incompetent and arrogant landlordship anyway. :)
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So I'm smugly tootling along, renting a nice 3 bedroom 2 bath house in the Oakland hills, waiting for RE prices to go down, when I receive a certified letter from my landlady (who's also a RE agent) informing me that the rent is going up from $3100 to $4000 effective November 1. She had put out a feeler a couple of months ago, asking if we might be interested in buying the house, so I'm guessing she's just trying to drive us out so she can sell before all those REOs the B of A is about to dump on the market change things.
Anyway, now I've got to find a new rental (in the same area where my son just started middle school), do a ton of work to do getting ready to move, spend thousands on moving, and disrupt my life in an unplanned, very significant way over the next two months. It's got me thinking about how much nicer it would be to own a house and not be subject to the potential for such disruptions.
I'm not sure how much that would be worth to me, but it is something. Any thoughts?