What should you do as a property owner if the fence between your neighbor’s property is damaged? In 2014, the California Civil Code set guidelines for shared fences. If you decide to build a new fence without telling your neighbor, you cannot automatically expect them to pay for it. According to Code 654.1422, you must provide a written notification of the repair plans to the other involved party at least 30 days before any reconstruction takes place. This should include:
- An explanation of what needs to be done;
- A substantial justification of why it needs to happen;
- A detailed analysis of the neighbor’s expected responsibility, including measurements and costs as needed;
- The total anticipated cost of the replacement, with written documentation;
- The dollar amount that each party will pay; and
- The anticipated start date of the project (which should be at least 30 days from the date that the letter is delivered).
If the fence is down, a temporary solution may be necessary for those 30 days to maintain the safety of your property. However, when installing a permanent solution for the damaged fence, the Civil Code must be obeyed in order for the neighbor to help with payment.
Every year, PwC publishes a report of the latest developments in real estate around the world. Here is a summary of their latest findings about the market in the Bay Area in 2019:
- Focus groups in San Francisco, San Jose, and Oakland expressed concern about the lack of affordable housing, which could potentially limit future economic growth.
- In San Francisco, there is concern about whether enough housing is available in general.
- Some believe that San Francisco’s Proposition M, which limited development after 1986, enabled both a commercial and a housing crunch. Now, the city may decide to lower some of those restrictions.
- San Francisco is building new properties to meet the rapidly changing technology needs of tenants.
- The burdens of regulation, high construction costs, and rising NIMBY (Not In My Back Yard) sentiment are significant issues in San Francisco and Oakland real estate.
- The implementation of new construction processes and the rise of urbanized suburban developments may be solutions for San Francisco, San Jose, and Oakland.
- San Francisco and San Jose report that suburban locations are becoming more attractive to Bay Area tenants.
The full report is available here:
The Bay Area is home to over 700,000 students enrolled in college or graduate school, many of whom will need off-campus housing each year. Here are some of the pros and cons of renting to students:
- High Demand: There is a constant need for student housing every school year.
- Higher Rents: Due to the high demand for housing, students may be willing to pay more rent.
- Third Party Payment: Parents often pay their student’s rent.
- Word of Mouth Fills Vacancies: Students may seek out convenient rental spaces on their own.
- Satisfied With Less: Students are looking for temporary spaces to live while they attend school, and may be content with more modest rentals.
- Inexperience Renting Property: Students may be less careful with property and late on rental payments.
- Frequent Turnover: New student renters may need to be found each school year.
- Competition: Other rental properties may be competing for student tenants, so lower rents may be necessary as incentive.
- Breaching The Lease: Students may ignore the details of their lease agreement.
- Summer Vacancies: When students leave for the summer, it may be difficult to fill open properties.
To read more about this issue, check out https://www.thebalancesmb.com/pros-and-cons-of-renting-to-students-4156810
The most challenging and problematic aspect of the rent control discussion in several communities in the San Francisco Bay Area is its corollary known as “Just Cause Eviction.” A more appropriate name for this process is actually “Good Reason for Notice to Vacate.”
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Deciding whether to finance your next investment property? Forbes says that often times, cash buyers get first pick at the properties. Learn why cash is king: