My Thoughts on The HERO Program

What the HERO Financing Program is

HERO is an energy efficiency financing program that has partnered up with local governments to make energy efficient, water efficient, and renewable energy products more "affordable" (highlighting the quotes) for homeowners.

HERO finances 100% of the cost to purchase and install those products, offering fixed interest rates and payment terms up to 20 years. 

The repayment of HERO Financing is included in the property tax bill. If the property is sold before the HERO Financing is paid in full, the remaining payments will be passed on to the new property owner.

The truth about it

Cities and counties across Southern California are promoting the HERO program with the intent of helping homeowners lower their utility bill and stating that it will increase the value on their homes.  However, that IS NOT always the case.

Here is a real example of the bill that a homeowner in Fontana will have to pay starting 2015 after the installation of new windows on his 963 sqft home:


At the end of the 20 years, this homeowner will be paying almost 3 times the cost of this installation and in reality, his utility bill did not decrease enough to justify the higher tax bill.  You can judge for yourself, is it really worth it?.

Also, it is a proven fact that the property loses desirability if you decided to sell it.  Buyers are VERY reluctant to assuming these type of loans. Plus, at the end of the day, such improvements are not adding any value to the home unless they are completely paid off.

My suggestion is to run the numbers before you agree to anything.  Just make sure that the savings are greater than what you will be paying in property taxes.

If you want to know what renovations add the most value to your home, I'm here to help!

37324 Vista View Drive - Yucaipa, CA Real Estate - Home for Sale

37324 Vista View Drive Yucaipa, CA 92399 Great Custom Built Home in Yucaipa

Price : $695,000.00 Bedrooms : 3 Bathrooms : 3.00 Square Foot : 4,662 Lot Size : 1 sq.ft. County : San Bernardino Property Type : Single Family Year Built : 1990 MLS Number : IV14018048 click for more information and pictures Property Description Custom built home on over half acre in prestigious Hidden Meadows division of Yucaipa. Location is close to parks, walking and biking trails and horse trails with tons of California Oak trees surrounding. This area is quality living at its best. From every room in the house, enjoy sitting with mountain views. Light and bright home with open floor plan. Master wing/suite with retreat is located on first floor. Master bath has jetted tub and lots of amenities. Guest bedrooms with small retreat and bath is located on second floor. Kitchen is open to the living room area with large built in full wet bar. Indoor laundry, 5 car garage, RV parking, circular driveway, built in barbecue. Two exterior entertaining areas, library with wood floor/loft. Find out what your home is worth in this HOT market, get a FREE valuation by going to www.valuemyhome4free.com. To receive automatic emails with new listings like this one, please visit our website www.CatalinaRiversideHomes.com and sign up with your search criteria. This information is brought to you by your Riverside CA Realtor: Catalina Castaneda. Specializing in homes and real estate in Riverside CA and the entire Inland Empire. Features List • 5 Car Garage • Mountain View • RV Parking

Equal Housing Opportunity.

6526 Marlo Way - Riverside, CA Real Estate - Home For Sale in Great Neighborhood

6526 Marlo Way Riverside, CA 92506 Home in One of The Best Neighborhoods of Riverside

Price : $405,000.00 Bedrooms : 3 Bathrooms : 3.00 Square Foot : 1,834 County : Riverside Property Type : Single Family Year Built : 1978 MLS Number : IV14018164 click for more information and pictures Property Description LOCATION!LOCATION!LOCATION!! Backs up to the Gage canal off Victoria and Maude. Large over-sized lot with RV access and large pool and spa. Poly district. Single story home, open floor plan. Recessed lighting, brick fireplace in living room, Granite kitchen, laundry room with 1/4 bath attached and direct read access to pool off of laundry. Master suite includes bath and 2 closets with sliders to pool and patio area. Large mature trees in rear with plenty of rear and side yard. Great home for entertaining. Find out what your home is worth in this HOT market, get a FREE valuation by going to www.valuemyhome4free.com. To receive automatic emails with new listings like this one, please visit our website www.CatalinaRiversideHomes.com and sign up with your search criteria. This information is brought to you by your Riverside CA Realtor: Catalina Castaneda. Specializing in homes and real estate in Riverside CA and the entire Inland Empire. Features List • Pool & Spa • Recessed lighting • Granite Countertops • Fireplace • RV Parking

Equal Housing Opportunity.

You Could Be Saving Up to $300 on Your Mortgage Payment Right Now - Riverside, CA Real Estate

 New Home Values Help Homeowners Shed the Extra PMI Payment

 

 Homeowners who bought when the economy began to sink may now have enough equity to cancel private mortgage insurance thanks to home values increasing in 2013.   Home price gains of 20 to 30 percent in Riverside and San Bernardino areas has helped lift housing prices in some places to the 78 percent loan-to-value threshold to cancel PMI or refinance. 

Home prices increased so rapidly across Riverside County and the Inland Empire in Southern California in 2013 that consumers who are currently paying private mortgage insurance on their home loans may have enough equity to shed the extra PMI payment.

The fee is included onto the monthly mortgage payment for those who bought their homes with less than 20% down payment.  This is a great opportunity to get rid of that fee and pad the pockets of Riverside and California homeowners who may have been hassling to stay afloat in an underwater economy.  The private mortgage insurance savings can add up to hundreds, and possibly thousands, of dollars a year.  It can represent between $100-$300 a month which can be used towards a new car, make home improvements, save money for the kids college or simply put aside towards retirement. 

As an example, if you bought your home in Riverside or the Inland Empire in January 2009 for $242,000 with less than 20 percent down, your current loan balance would be around $219,000 and could have appreciated to $282,76, which means a Loan-to-Value below 77.4 percent.

If you want to know if your Loan-to-Value is nearing 78 percent, you can get a free home valuation of your home by going to www.ValueMyHome4Free.com. 

Be PROACTIVE, you could be saving hundreds of money starting now!

This information is brought to you by your Riverside CA Realtor: Catalina Castaneda. Specializing in homes and real estate in Riverside CA and the entire Inland Empire.

New Year, New Goals - Real Estate in California

 

Buying or Selling a Home in 2014?

 

 

There's Still Time for New Year's Resolutions

 

The start of a new year is a popular time to make resolutions: promises to yourself to achieve specific goals and objectives. Financially speaking, you might want to pay off debt, build up savings, prepare for retirement or better manage your daily spending in 2014.

Those are good goals to have, and if you're a homeowner or intend to become one this year, your house might give you some great ways to bring your goals to fruition.

Whether it is upgrading to a bigger home or downsizing to lower the monthly expenses, this is a great time for buyers and sellers in Riverside, CA and Southern California to jump into the real estate market while interest rates are still affordable.

The tax season is almost here, have you decided how to wisely invest your tax refund?  Start looking for your next house by searching on our website www.CatalinaRiversideHomes.com. 

You can also get a free home valuation of your home by going to www.ValueMyHome4Free.com.

This information is brought to you by your Riverside CA Realtor: Catalina Castaneda. Specializing in homes and real estate in Riverside CA and the entire Inland Empire.

Affordable Mobile Home for Sale - 32900 Riverside Dr Lake Elsinore, CA - Real Estate

This 2001 Mobile Home is the perfect opportunity to become a homeowner with the least amount of money! 

Located in the County of Riverside Ca, this 3 bed/2 bath mobile home features tile counter tops, energy efficient central AC, 2 car carport and storage shed as well!.  Master bedroom with spacious walk-in closet, dual sinks roomy bathtub and standup shower.  Neutral color paint, tile flooring in kitchen and bathrooms and carpet all throughout.  Overall, this County of Riverside mobile home is in good condition.

The park benefits include separate RV/boat parking area, recreation room, workout gym area and swimming pool! Near the lake, schools and shops with easy access to the freeways.

This information is brought to you by your Riverside CA Realtor: Catalina Castaneda. Specializing in homes and real estate in Riverside CA and the entire Inland Empire.