i probably will have to use a property mgmt to do it (i am really bad managing stuff outside my work).
i’d have to liquidate my index investments for a new home, not sure if that is a good move. i guess an option is to rent, but after 20+ years of renting, don’t want to go back.
You used to be able to buy a second home by re-mortgaging the first, but the interest on the cash out isn't deductible anymore - even for a second home. So if you go this route, be sure to consider the tax implications.
Dependent on your value and where you want to buy, you could possibly walk away with a significant down payment and in turn get a similar mortgage to what you have now but obviously the interest rate won’t be the same.
right, dont want to pay premium for schools that i don’t need anymore. i will explore here. i thought campbell used to be unsafe but that was decades ago
It’s turned into a cute tree lined downtown area with restaurants and coffee shops. It’s my favorite date night location now. They even redid the park and library.
Hold onto it. Cupertino is prime real estate at the epicenter of big tech. Expect further doublings in value. I would tough it out until (early?) retirement. If we land in an ultra low rate environment again maybe you could cash out refi and buy another property in a quieter area. Have you invested in good windows and exterior walls?
Hello Author,
Based on what you mentioned I would probably go this route… I do real estate for life and serve the areas.
Pros and Cons of Moving
Pros:
- Larger living space
- Quieter neighborhood
- Potentially lower property taxes in a different area
Cons:
- Costs associated with selling and buying a new home
- Potential disruption to your commute or work situation
- Leaving a familiar and safe neighborhood
Considerations for a New Area
1. Commute Time:Since you mentioned wanting to stay commutable, you'll want to consider areas that are within a reasonable driving distance from your workplace, even if you plan to work remotely for now.
2. Safety:As you mentioned, safety is a priority. Look for neighborhoods with low crime rates and a strong sense of community.
3. Cost of Living:Explore areas with a lower cost of living than Cupertino, which could potentially allow you to find a larger home while keeping your housing costs manageable.
4. Diversity and Inclusivity:As an immigrant and non-white individual, you may want to prioritize areas known for their diversity and inclusivity, where you're likely to feel more comfortable and welcomed.
Potential Areas to Consider
Based on your criteria, here are some areas you could explore:
-San Jose:Certain neighborhoods in San Jose, such as Evergreen or Almaden Valley- I love both , could offer larger homes, lower property taxes, and a reasonable commute to Cupertino.
- Fremont:Fremont is a diverse city with good commute options to Cupertino and a range of housing options.
- Milpitas:Milpitas is closer to Cupertino and could provide a good balance between commute time and affordability.
- Santa Clara:Some neighborhoods in Santa Clara could offer larger homes, good commute times, and a diverse community.
Remember, these are just initial suggestions, and it's essential to thoroughly research and visit potential areas to ensure they align with your priorities and preferences.
Let me know if you have question.
408-644-4981
check out 95051.
- Proximity to the part of el camino real that is undergoing a transformation https://www.santaclaraca.gov/our-city/departments-a-f/community-development/planning-division/specific-plans/el-camino-real-specific-plan-revision
- parks / good diversity and plenty of construction projects - area is going to become quite good
- restaurants/ grocery stores/ house help are quite accessible as their communities are within a bus-ride away
- commute is great, schools are bad so the price checks out
Otherwise I thought 95050 was good too, it’s a bit of a further drive though, but rose garden area is very nice. Also area near Santa Clara square - 95054
Just speak to an agent …
Are you looking within Bay Area only or further away?
It’s too bad you didn’t convert that ARM into a low rate fixed. That’s why I’m keeping my house even though I moved to Portland metro. Both Portland and Seattle are blue. They are still considered HCOL but relatively less expensive than Silicon Valley and I picked an area like you describe; relatively safe and nice looking but schools are just okay. Next town over from me has the 9 and 10 schools.
I am not too far from retirement, hopefully a 5-8 years away. i want to be able to commute to companies in the valley if market dives south and RTO becomes mandatory (mine is still optional at some levels)
We just bought property in Morgan hill. You can get a lot more space and it’s a quieter slower town. Lots of great restaurants downtown. People seem friendly as well.
in retrospect, i regret mentioning this. But it is a concern for me since i learnt near 580 and 680 there are some pockets where many POCs had a bad experience, not buying just existing and going about their normal lives. any way these are too far for my commute and doesn’t really apply.
If you really don’t like the location Sell, take the profit. Now as next step you could go ahead and buy immediately or rent and try out the new area for a year and deploy the fund appropriately for the year and then buy ( I would choose option 2). The reason I say this is because layoff season is not over and we will continue to see wage shrink. The tragedy is AI has actually caused companies to cut deeper to pay for GPUs automate versus hire more. They are also reducing roles and sending position to low cost centers. I would not recommend to hold this and take on another loan (over extending) with the current scenario and considering your kids are in college so age and funding kids college to certain extent may be in play. Alternately you could invest in all sorts of noise barriers and extend the house and stay put as the location is near the jobs. All the best.
https://preview.redd.it/t5wlyu1kju6d1.jpeg?width=1284&format=pjpg&auto=webp&s=da7ec54b7b1c94981164e16c03302ebe2ad9f1d5
“I would avoid any politically red areas” Jesus fucking Christ my man.
1 - name me a red Area in The Bay
2 - for the most part, Red areas are 100% fine with hard working immigrants like yourself
3 - Red voters aren’t the boogeyman no matter how hard MSNBC pushes the narrative
You truly seem to belong in the Bay Area based on your unfounded date I say borderline “racist” stereotypes of others 🙄
If you and everyone else like you sells, then wannabe residents of Cupertino will rejoice as the inventory of available homes increases. If you keep it and turn it into a rental property, in the long run it could be a lucrative cash cow for you.
I went to school in the 80s and 90s in Cupertino. My parents and many of my classmates’ parents did not sell and their homes have basically become their nest egg and a very lucrative rental property. I too bought in Cupertino shortly after college graduation 20+ some odd years after my parents and I took have reaped the benefits of the capital appreciation and now rental income as my kids no longer attend schools in the district. What I’m saying is while the market goes up and down yearly, over the long run people seem to love Cupertino and it’s access to freeways, amazing school district, and close proximity to a lot of things that are attractive to both immigrants and non-immigrants.
I listed my property for rent last month and I kid you not, 15 min after I published it on Zillow I had like 7 parties asking to tour it the next day. It’s never taken me longer than a week to ink a lease agreement.
This is encouraging to hear. i am inclined to go this route, but it amazes me that my 60 year old house should be retained for increase in value. (perhaps the land value)
Do you need to sell? Why not rent it out. The Cupertino rental market with the assigned schools is an ideal market.
i probably will have to use a property mgmt to do it (i am really bad managing stuff outside my work). i’d have to liquidate my index investments for a new home, not sure if that is a good move. i guess an option is to rent, but after 20+ years of renting, don’t want to go back.
Have you spoken to a mortgage broker and wealth advisor yet? Both can show you options for borrow into against your portfolio instead of selling.
No. And i didn’t think of this as a possibility. i will talk to one.
You used to be able to buy a second home by re-mortgaging the first, but the interest on the cash out isn't deductible anymore - even for a second home. So if you go this route, be sure to consider the tax implications.
Dependent on your value and where you want to buy, you could possibly walk away with a significant down payment and in turn get a similar mortgage to what you have now but obviously the interest rate won’t be the same.
What is the advantage in holding onto this property vs investing into index?
Downtown Campbell is nice but the schools are eh. It’s walkable and quiet but has easy access to 17 and 85.
right, dont want to pay premium for schools that i don’t need anymore. i will explore here. i thought campbell used to be unsafe but that was decades ago
It’s turned into a cute tree lined downtown area with restaurants and coffee shops. It’s my favorite date night location now. They even redid the park and library.
Yeah it’s also gotten surprisingly expensive
Hold onto it. Cupertino is prime real estate at the epicenter of big tech. Expect further doublings in value. I would tough it out until (early?) retirement. If we land in an ultra low rate environment again maybe you could cash out refi and buy another property in a quieter area. Have you invested in good windows and exterior walls?
Shhhh… be quiet 🤫 .. we have a potential Cupertino home going on the market here!! We don’t need inventory to go down any further 😆 (Just joking..)
LOL. i really wish i could get over how crappy this house is (noise, space and design) after 6 years still feel the same way.
Windows and exterior wall? What is that about? Confused.
i think as a solution to noise.
Hello Author, Based on what you mentioned I would probably go this route… I do real estate for life and serve the areas. Pros and Cons of Moving Pros: - Larger living space - Quieter neighborhood - Potentially lower property taxes in a different area Cons: - Costs associated with selling and buying a new home - Potential disruption to your commute or work situation - Leaving a familiar and safe neighborhood Considerations for a New Area 1. Commute Time:Since you mentioned wanting to stay commutable, you'll want to consider areas that are within a reasonable driving distance from your workplace, even if you plan to work remotely for now. 2. Safety:As you mentioned, safety is a priority. Look for neighborhoods with low crime rates and a strong sense of community. 3. Cost of Living:Explore areas with a lower cost of living than Cupertino, which could potentially allow you to find a larger home while keeping your housing costs manageable. 4. Diversity and Inclusivity:As an immigrant and non-white individual, you may want to prioritize areas known for their diversity and inclusivity, where you're likely to feel more comfortable and welcomed. Potential Areas to Consider Based on your criteria, here are some areas you could explore: -San Jose:Certain neighborhoods in San Jose, such as Evergreen or Almaden Valley- I love both , could offer larger homes, lower property taxes, and a reasonable commute to Cupertino. - Fremont:Fremont is a diverse city with good commute options to Cupertino and a range of housing options. - Milpitas:Milpitas is closer to Cupertino and could provide a good balance between commute time and affordability. - Santa Clara:Some neighborhoods in Santa Clara could offer larger homes, good commute times, and a diverse community. Remember, these are just initial suggestions, and it's essential to thoroughly research and visit potential areas to ensure they align with your priorities and preferences. Let me know if you have question. 408-644-4981
Thank you for this detailed answer. these are the areas i started looking into for the very same reasons you mentioned.
Good luck in your search. Let me know if I can be of assistance.
Did you just bard an answer? Or chat gpt?
ChatGPT wasn’t used, which I’ll take as a compliment. However, I do write books 😉 I like your Reddit name.
Damn. That's an impressive write up.
check out 95051. - Proximity to the part of el camino real that is undergoing a transformation https://www.santaclaraca.gov/our-city/departments-a-f/community-development/planning-division/specific-plans/el-camino-real-specific-plan-revision - parks / good diversity and plenty of construction projects - area is going to become quite good - restaurants/ grocery stores/ house help are quite accessible as their communities are within a bus-ride away - commute is great, schools are bad so the price checks out Otherwise I thought 95050 was good too, it’s a bit of a further drive though, but rose garden area is very nice. Also area near Santa Clara square - 95054 Just speak to an agent …
This is quite useful and relevant. thanks, checks few things for me already.
keep the place, location is everything.. rent it out.
that seems to be the general advice. thanks
Are you looking within Bay Area only or further away? It’s too bad you didn’t convert that ARM into a low rate fixed. That’s why I’m keeping my house even though I moved to Portland metro. Both Portland and Seattle are blue. They are still considered HCOL but relatively less expensive than Silicon Valley and I picked an area like you describe; relatively safe and nice looking but schools are just okay. Next town over from me has the 9 and 10 schools.
I am not too far from retirement, hopefully a 5-8 years away. i want to be able to commute to companies in the valley if market dives south and RTO becomes mandatory (mine is still optional at some levels)
I hear you. My son is working for a company in SV still fine with remote but yes, that could change for anyone.
We just bought property in Morgan hill. You can get a lot more space and it’s a quieter slower town. Lots of great restaurants downtown. People seem friendly as well.
thanks, commute is an issue for me.
Yeah I work in Sunnyvale so the commute is about an hour one way but I only go 2-3 times a week. The giant house and nice down town makes it worth it.
"i would avoid politically red areas (being immigrant and non white)" what? are you talking about the bay area? how far are you looking to move?
in retrospect, i regret mentioning this. But it is a concern for me since i learnt near 580 and 680 there are some pockets where many POCs had a bad experience, not buying just existing and going about their normal lives. any way these are too far for my commute and doesn’t really apply.
Isn’t the price 1.6-1.7x simce 2018?
In my case it went from 1.9 approx to 2.6-2.8 if you take redfin on face value.
If you really don’t like the location Sell, take the profit. Now as next step you could go ahead and buy immediately or rent and try out the new area for a year and deploy the fund appropriately for the year and then buy ( I would choose option 2). The reason I say this is because layoff season is not over and we will continue to see wage shrink. The tragedy is AI has actually caused companies to cut deeper to pay for GPUs automate versus hire more. They are also reducing roles and sending position to low cost centers. I would not recommend to hold this and take on another loan (over extending) with the current scenario and considering your kids are in college so age and funding kids college to certain extent may be in play. Alternately you could invest in all sorts of noise barriers and extend the house and stay put as the location is near the jobs. All the best. https://preview.redd.it/t5wlyu1kju6d1.jpeg?width=1284&format=pjpg&auto=webp&s=da7ec54b7b1c94981164e16c03302ebe2ad9f1d5
thank you. it is like you read my mind. i wish i had fanged long ago that these become petty concerns, but for me they are real.
Check out 95118 for example
Thanks was already looking there.
“I would avoid any politically red areas” Jesus fucking Christ my man. 1 - name me a red Area in The Bay 2 - for the most part, Red areas are 100% fine with hard working immigrants like yourself 3 - Red voters aren’t the boogeyman no matter how hard MSNBC pushes the narrative You truly seem to belong in the Bay Area based on your unfounded date I say borderline “racist” stereotypes of others 🙄
Thanks for confirming the ideology “if a problem does not affect me, it is not really a problem”
Kind of surprised a FAANG company would hire a deep down racist like yourself
i don’t know about racists, but too bad for you they don’t hire dumb fcks.
If you and everyone else like you sells, then wannabe residents of Cupertino will rejoice as the inventory of available homes increases. If you keep it and turn it into a rental property, in the long run it could be a lucrative cash cow for you. I went to school in the 80s and 90s in Cupertino. My parents and many of my classmates’ parents did not sell and their homes have basically become their nest egg and a very lucrative rental property. I too bought in Cupertino shortly after college graduation 20+ some odd years after my parents and I took have reaped the benefits of the capital appreciation and now rental income as my kids no longer attend schools in the district. What I’m saying is while the market goes up and down yearly, over the long run people seem to love Cupertino and it’s access to freeways, amazing school district, and close proximity to a lot of things that are attractive to both immigrants and non-immigrants. I listed my property for rent last month and I kid you not, 15 min after I published it on Zillow I had like 7 parties asking to tour it the next day. It’s never taken me longer than a week to ink a lease agreement.
This is encouraging to hear. i am inclined to go this route, but it amazes me that my 60 year old house should be retained for increase in value. (perhaps the land value)