Angela Bond
(323)762-2505
fax (310) 733-5410
angela@bondsellsla.com
Member of BHGLAAR
http://athomeinla.com




Owning vs. Renting

If you think you can't afford to buy a home consider this: The homeownership rate in the U.S. is nearly 69 percent — indicating that homeownership is within reach for more Americans than ever before. In fact, it can be as affordable as renting, and in some regions of the United States, it can be more affordable. To find out, you need to learn about home prices in the area you want to live, calculate what the mortgage would be and compare it to the cost of a similar rental.

While not right for everyone, the advantages to owning a home are evident for many. You can pay the same, or even less, while often building equity (the difference in how much the home is worth over how much you owe on it). In addition, you may be able to save on your federal taxes by deducting the interest paid on your mortgage. Information like this provides a great incentive for many to seriously explore their buying options.

Cost Comparison in Your Area

You can compare the costs of owning and renting in any city in America by doing some basic calculations.

Cost to own

Choose a location and find out how much it would cost to buy the type of house you want. Most large real estate agencies maintain Web sites on which you can search for homes in an area. Find out your monthly mortgage payment using our payment calculator to get the total for principal and interest payments. Add taxes and insurance per month to get your total monthly payment to own the house. Check with the local property tax assessor to get an idea what the annual real estate tax would be on a home in your price range in your area. Check with a local insurance agent to get an idea of the annual homeowners hazard insurance cost. Divide each of those two numbers by 12 and add them to the principal and interest to get the estimated total monthly payment.

Cost to rent

Using an apartment search Web site, such as http://www.apartments.com, locate a comparable house in the same location that is available for rent. When you compare costs, don't forget to subtract utilities if they are included in the rent.

Pros and Cons of Ownership

How can you tell whether owning a home would benefit you? A good way to find out is by considering the ways homeownership can affect your life.

Pros

Build equity — your wealth will increase as you gain more home equity

Gain tax advantages — mortgage interest is tax deductible as per IRS code

Stabilize your payments — monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent

Have a secure place for your family to live — a home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home

Gain a sense of community — homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime

Cons

Maintenance costs — it takes work and money to keep a home in good condition

Ties up your cash — selling the house may not be possible during the first few years of ownership; moving is more difficult and complicated and you may not have as much flexibility in choosing a new job location

Can fluctuate in value — there is no guarantee that your home will increase in value; it could decrease in value

Obligates your finances — when you buy a home, you are obligated to a set monthly payment

Building equity

In the early years of your mortgage, the majority of monthly payments go toward paying the interest. Over time, an increasing amount goes toward reducing the mortgage balance or "principal." The process of paying off a loan over a set period of time is called "amortization." As you make payments, you reduce the principal and increase your share or "equity" in your home's value. If your home "appreciates" — increases in value over time — equity builds even faster. Building equity — or savings — in your home is important. For many people, it lets them plan for retirement, pay for college and achieve other future goals. 

Gaining tax advantages

When you own a home, you can deduct mortgage interest and property taxes from your federal income taxes and some state income taxes. These deductions can mean significant tax savings, especially in the early years of the mortgage when interest makes up most of the payment. (You may want to consult a tax advisor for your individual situation.) After calculating your tax savings, you may find that it's cheaper for you to buy than rent. Keep in mind, however, that to gain these tax advantages, you must file an annual income tax return with the U.S. government, even if you're not a U.S. citizen.

Tax Information for First-Time Homeowners:
http://www.irs.gov/publications/p530/index.html

What You Can and Cannot Deduct:
http://www.irs.gov/publications/p530/ar02.html

Stabilizing your payments

If you choose a fixed-rate mortgage, you'll pay the same monthly principal and interest for the entire term of your loan. (The payment can go up slightly if your property taxes and insurance costs go up.) Unlike renting, your monthly payment will stay the same month after month, even when inflation leads to higher prices.

Having a place for your family to live

When you own a home, you can be secure in knowing that your family and if need be your relatives will have a place to live. When you rent, you may not always be able to renew your lease.

Achieving a sense of community

Maintaining the value of your home gives you a reason to care about your neighborhood conditions. You may want to get involved to ensure the well-being of your community, and you may feel a sense of belonging.



Architectural Guide to Residential Styles

   Art Deco

The 1925 Paris Exhibition Internationale des Arts Decoratifs launched the Art Deco style, which echoedthe Machine Age with geometric decorative elements and a vertically oriented design. This distinctly urban style was never widely used in residential buildings; it was more widespread in public and commercial buildings of the period.

Towers and other projections above the roofline enhance the vertical emphasis of this style, which was popularized by Hollywood movies of the 1930s. Flat roofs, metal window casements, and smooth stucco walls with rectangular cut-outs mark the exteriors of Art Deco homes. Facades are typically flush with zigzags and other stylized floral, geometric, and "sunrise" motifs. By 1940 the Art Deco style had evolved into "Art Moderne," which features curved corners, rectangular glass-block windows, and a boat-like appearance. Popularized in the United States by Finnish architect Eliel Saarinen, the style enjoyed a revival in the 1980s.


   Bungalow

These narrow, rectangular one and one-half story houses originated in California during the 1880s as a reaction to the elaborate decoration of Victorian homes. The style then moved eastward to the Midwest in the early 20th century, where it remained popular until the Great Depression. Bungalows have low-pitched gabled or hipped roofs and small covered porches at the entry. The style became so popular that you could order a bungalow kit from Sears and Roebuck catalog. The name "bungalow" had its origins in India, where it indicated a small, thatched home.


   Cape Cod

Some of the first houses built in the United States were Cape Cods. The original colonial Cape Cod homes were shingle-sided, one-story cottages with no dormers. During the mid-20th century, the small, uncomplicated Cape Cod shape became popular in suburban developments. A 20th-century Cape Cod is square or rectangular with one or one-and-a-half stories and steeply pitched, gabled roofs. It may have dormers and shutters. The siding is usually clapboard or brick.


   Colonial

America's colonial period encompassed a number of housing types and styles, including or more information about Colonial styles, see Cape Cod, Saltbox, Georgian, and Dutch Colonial. However, when we speak of the Colonial style, we often are referring to a rectangular, symmetrical home with bedrooms on the second floor. The double-hung windows usually have many small, equally sized square panes.

During the late 1800s and throughout the 20th century, builders borrowed Colonial ideas to create refined Colonial Revival homes with elegant central hallways and elaborate cornices. Unlike the original Colonials, Colonial Revival homes are often sided in white clapboard and trimmed with black or green shutters.


x   Contemporary

You know them by their odd-sized and often tall windows, their lack of ornamentation, and their unusual mixtures of wall materials--stone, brick, and wood, for instance. architects designed Contemporary-style homes (in the Modern family) between 1950 and 1970, and created two versions: the flat-roof and gabled types. The latter is often characterized by exposed beams. Both breeds tend to be one-story tall and were dsigned to incorporate the surrounding landscape into their overall look.


   Craftsman

Popularized at the turn of the 20th century by architect and furniture designer Gustav Stickley in his magazine, The Craftsman, the Craftsman-style bungalow reflected, said Stickley, "a house reduced to it's simplest form... its low, broad proportions and absolute lack of ornamentation gives it a character so natural and unaffected that it seems to... blend with any landscape."

The style, which was also widely billed as the "California bungalow" by architects such as Charles Sumner Greene and Henry Mather Greene, featured overhanging eaves, a low-slung gabled roof, and wide front porches framed by pedestal-like tapered columns. Material often included stone, rough-hewn wood, and stucco. Many homes have wide front porches across part of the front, supported by columns.


  Federal

Ubiquitous up and down the East Coast, Federal-style architecture dates from the late 1700s and coincided with a reawakening of interest in classical Greek and Roman ulture. Builders began to add swags, garlands, elliptical windows, and other decorative details to rectangular Georgian houses. The style that emerged resembles Georgian, but is more delicate and more formal. Many Federal-style homes have an arched Palladian window on the second story above the front door. The front door usually has sidelights and a semicircular fanlight. Federal-style homes are often called "Adam" after the English brothers who popularized the style.


  French Provincial

Balance and symmetry are the ruling characteristics of this formal style. Homes are often brick with detailing in copper or slate. Windows and chimneys are symmetrical and perfectly balanced, at least in original versions of the style. Defining features include a steep, high, hip roof; balcony and porch balustrades; rectangle doors set in arched openings; and double French windows with shutters. Second-story windows usually have a curved head that breaks through the cornice.

The design had its origins in the style of rural manor homes, or chateaus, built by the French nobles during the reign of Louis XIV in the mid-1600s. The French Provincial design was a popular Revival style in the 1920s and again in the 1960s.


  Georgian

Befitting a king--in fact, the style is named for four King Georges of England--Georgian homes are refined and symmetrical with paired chimneys and a decorative crown over the front door. Modeled after the more elaborate homes of England, the Georgian style dominated the British colonies in the 1700s. Most surviving Georgians sport side-gabled roofs, are two to three stories high, and are constructed in brick. Georgian homes almost always feature an orderly row of five windows across the second story. Modern-day builders often combine features of the refined Georgian style with decorative flourishes from the more formal Federal style.

  Gothic Revival

The influence of English romanticism and the mass production of elaborate wooden millwork after the Industrial Revolution fueled the construction of Gothic Revival homes in the mid-1800s. These picturesque structures are marked by "Gothic" windows with distinctive pointed arches; exposed framing timbers; and steep, vaulted roofs with cross-gables. Extravagant features may include towers and verandas. Ornate wooden detailing is generously applied as gable, window, and door trim.

American architects Alexander Jackson Davis and Andrew Jackson Downing championed Gothic in domestic buildings in the 1830s. Most Gothic Revival homes were constructed between 1840 and 1870 in the Northeast.


   International

Initiated by European architects--such as Mies van der Rohe--in the early 20th century, this is the style that introduced the idea of exposed functional building elements, such as elevator shafts, ground-to-ceiling plate glass windows, and smooth facades.

The style was molded from modern materials--concrete, glass, and steel--and is characterized by an absence of decoration. A steel skeleton typically supports these homes. Meanwhile, interior and exterior walls merely act as design and layout elements, and often feature dramatic, but nonsupporting projecting beams and columns. With its avant-garde elements, naturally the style appeared primarily in the East and in California.


   Italianate

Italianate homes, which appeared in Midwest, East Coast, and San Francisco areas between 1850 and 1880, can be quite ornate despite their solid square shape. Features include symmetrical bay windows in front; small chimneys set in irregular locations; tall, narrow, windows; and towers, in some cases. The elaborate window designs reappear in the supports, columns, and door frames.


   Monterey

This style emerged in 1853 when Boston merchant Thomas Larkin relocated to Monterey, Calif. The style updates Larkin's vision of a New England Colonial with an Adobe brick exterior. The Adobe reflected an element of Spanish Colonial houses common in the Monterey area at the time. Later Monterey versions merged Spanish Eclectic with olonial Revival styles to greater or lesser extents.

Larkin's design also established a defining feature of Montereys: a second-floor with a balcony. At the time one-story homes dominated the Bay Area.

In today's Montereys, balcony railings are typically styled in iron or wood; roofs are low pitched or gabled and covered with shingles--variants sometimes feature tiles--and exterior walls are constructed in stucco, brick, or wood.


   National

Born out of the fundamental need for shelter, National-style homes, whose roots are set in Native American and pre-railroad dwellings, remain unadorned and utilitarian. The style is characterized by rectangular shapes with (insert link side gabled roofs) or square layouts with pyramidal roofs. The gabled-front-and-wing style pictured here is the most prevalent type with a side-gabled wing attached at a right angle to the gabled front. Two subsets of the National style, known as "hall-and-parlor family" and "I-house," are characterized by layouts that are two rooms wide and one room deep. Massed plan styles, recognized by a layout more than one room deep, often sport side gables and shed-roofed porches. You'll find National homes throughout the country.


   Neoclassical

A well-publicized, world-class event can inspire fashion for years. At least that's the case with the 1893 World's Columbian Exposition in Chicago, which showcased cutting-edge classical buildings that architects around the country emulated in their own residential and commercial designs. The Neoclassical style remained popular through the 1950s in incarnations from one-story cottages to multilevel manses. Its identifying Ionic or Corinthian columned porches often extend the full height of the house. Also typical: symmetrical facades, elaborate, decorative designs above and around doorways, and roof-line balustrades (low parapet walls).


   Prairie

In suburban Chicago in 1893, Frank Lloyd Wright, America's most famous architect, designed the first Prairie-style house, and it's still a common style throughout the Midwest. Prairie houses come in two styles--boxy and symmetrical or low-slung and asymmetrical. Roofs are low-pitched, with wide eaves. Brick and clapboard are the most common building materials. Other details: rows of casement windows; one-story porches with massive square supports; and stylized floral and circular geometric terra-cotta or masonry ornamentation around doors, windows, and cornices.


   Queen Anne

A sub-style of the late Victorian era, Queen Anne is a collection of coquettish detailing nd eclectic materials. Steep cross-gabled roofs, towers, and vertical windows are all typical of a Queen Anne home. Inventive, multistory floor plans often include projecting wings, several porches and balconies, and multiple chimneys with decorative chimney pots.

Wooden "gingerbread" trim in scrolled and rounded "fish-scale" patterns frequently graces gables and porches. Massive cut stone foundations are typical of period houses. Created by English architect Richard Norman Shaw, the style was popularized after the Civil War by architect Henry Hobson Richardson and spread rapidly, especially in the South and West.


   Ranch

Sometimes called the California ranch style, this home in the Modern family, originated there in 1930s. It emerged as one of the most popular American styles in the 1950s and 60s, when the automobile had replaced early 20th-century forms of transportation, such as streetcars.

Now mobile homebuyers could move to the suburbs into bigger homes on bigger lots. The style takes its cues from Spanish Colonial and Prairie and Craftsman homes, and is characterized by its one-story, pitched-roof construction, built-in garage, wood or brick exterior walls, sliding and picture windows, and sliding doors leading to patios.


   Regency

Although they borrow from the Georgian's classic lines, Regency homes eschew ornamentation. They're symmetrical, two or three stories, and usually built in brick. Typically, they feature an octagonal window over the front door, one chimney at the side of the house, double-hung windows, and a hip roof. They've been built in the United States since the early 1800s.


   Saltbox

This New England Colonial style got its name because the sharply sloping gable roof that resembled the boxes used for storing salt. The step roofline often plunges from two and one-half stories in front to a single story in the rear. In Colonial times, the lower rear portion was often used as a partially enclosed shed, which was oriented north as a windbreak. These square or rectangular homes typically have a large central chimney and large, double-hung windows with shutters. Exterior walls are made of clapboard or shingles. In the South this style is known as a "cat's slide" and was a popular in the 1800s.


   Shed

A subset of the Modern style, including (insert links) Shed homes were particular avorites of architects in the 1960s and 1970s. They feature multiple roofs sloping in different directions, which creates multigeometric shapes; wood shingle, board, or brick exterior cladding; recessed and downplayed front doorways; and small windows. There's virtually no symmetry to the style.


   Spanish

Most common in the Southwest and Florida, Spanish-style architecture takes its cues from the missions of the early Spanish missionaries--such as the one at San Juan Capistrano in California--and includes details from the Moorish, Byzantine, Gothic, and Renaissance architectural styles. The houses usually have low-pitched tiled roofs, white stucco walls, and rounded windows and doors. Other elements may include scalloped windows and balconies with elaborate grillwork, decorative tiles around doorways and windows, and a bell tower or two.

   Split Level

A Modern style that architects created to sequester certain living activities--such as sleeping or socializing--split levels offered an multilevel alternative to the ubiquitous style in the 1950s. The nether parts of a typical design were devoted to a garage and TV room; the midlevel, which usually jutted out from the two-story section, offered "quieter" quarters, such as the living and dining rooms; and the area above the garage was designed for bedrooms.

Found mostly in the East and Midwest, split-levels, like their Ranch counterparts, were constructed with various building materials.


   Tudor

This architecture style was popular in the 1920s and 1930s and continues to be a mainstay in suburbs across the United States. The defining characteristics are half-timbering on bay windows and upper floors, and facades that are dominated by one or more steeply pitched cross gables. Patterned brick or stone walls are common, as are rounded doorways, multi-paned casement windows, and large stone chimneys. A subtype of the Tudor Revival style is the Cotswold Cottage. With a sloping roof and a massive chimney at the front, a Cotswold Cottage may remind you of a picturesque storybook home.

   Victorian

Victorian architecture dates from the second half of the 19th century, when America was exploring new approaches to building and design.

Advancements in machine technology meant that Victorian-era builders could easily incorporate mass-produced ornamentation such as brackets, spindles, and patterned shingles. The last true Victorians were constructed in the early 1900s, but contemporary builders often borrow Victorian ideas, designing eclectic "neo-Victorians." These homes combine modern materials with 19th century details, such as curved towers and spindled porches. A number of Victorian styles are recreated on the fanciful "Main Street" at Disney theme parks in Florida, California, and Europe.


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