This is a case study of how tenants became owners of the property and even though it isn't large enough to offer enough space for their family, they're planing to use the equity obtained from the property to pay for future improvements.
Many times, prospective buyers receive listings from their agents without compelling arguments on why those listings are right for them. More often than not, a particular listing is accompanied by comparable houses in the same area with a broad generalization, something as generic as “it’s a good buy or price”. This usually leaves the buyers discontented on one hand and agents unappreciated for their work, on the other.
In this case study, the buyer’s agent was able to show
(1) how much living area the new owner could add to the existing house
(2) how this would meet their family needs and their budget and
(3) how much they should bid on the property without overpaying
Heather’s clients were renting and they were looking to purchase a 5Bd + 3Ba house in Miraloma park area, San Francisco. Their budget was under $1.5m while in that area, a house of this size is close to $3m. So, this was obviously beyond their budget. However, they were determined to purchase a house right before their rental contract was over.
The property on Evelyn street was only a 3Bd + 1 Ba, way under the prospective buyer’s needs but within their budget. However, with City Structure's Value Added report, Heather was able to show to her clients that they might be able to add 1,252 sqft on top of the existing 1,006 sqft house which would cover the difference of 2Bd and 2Ba.
The Final Result
Heather's clients decided to purchase this property. Being the owners, they can now build the additional area of approx. 1,252 sqft whenever they’re ready to do so while living in a house that builds equity and eventually pays for its addition!
262 Evelyn Way, San Francisco
We're tempted to consider that investment minded decisions are only for our professional life. That might be true but we'd consider purchasing real estate for your personal use as important an investment decision as your other professional decisions.