Home buying/selling is quite an education – Chico Enterprise-Record

Home buying/selling is quite an education – Chico Enterprise-Record

[ad_1]

I recently relocated to Chico from Magalia for many reasons, one of which was to relieve my guilt of living alone in a 2,250 square-foot home that is more suitable for the one of the families for whom Carl Ochsner’s June 24 letter to the editor speaks. The buying and selling here in Butte County has been quite an education.

I searched for downsized homes in the <1,500 square foot range at a price that would be less than what my Magalia house would sell for in order to take advantage of the portable property tax base. But, because smaller homes are selling for more per square foot than larger homes, I couldn’t take that advantage unless I bought a distressed property. I paid $40,000 over the list price of my Magalia home for a 1,471 square-foot home in Chico.

Once upon a time, real estate was a good investment.  You bought a home, raised a family, paid off the mortgage ASAP, sold the big house for an amount that allowed you to pay in full for a downsized home and still have enough money left to invest in some interest bearing account that would see you into your golden years. That all ended in 2008.

My heart goes out to an entire generation who invested in this way only to find that, absent a financial windfall (mine was an inheritance), they are stuck.  Or they are forced out of California.  Or they are forced into a living arrangement they never wanted.

— Marcella Seay, Chico

[ad_2]

Source link