Decide on a Home The purchase of your first home is a very important decision and one that you should consider seriously. We will gladly ask you the necessary questions to help you be sure that a given home is truly worth the biggest financial decision of your life. You need to consider the area you’d like to live in and whether you want a house or a condo. There are also a few options you should know about when deciding on the type of home you want to buy. Condos vs. homes? If price were no object, then a home is always the better option. But the reality of Orange County real estate is that prices are so high that many people can’t afford a home and owning a condo is much better than renting. Also, keep in mind that if you buy a condo, once you’re ready to move up to a house, you can keep the condo and easily rent it out while you borrow against the equity of the condo to buy the house. In other words, condos aren’t a bad option if you can’t afford a house. As for houses, a great way to afford one is to buy one that has a “guest house” or “granny flat” in the back. By having a tenant rent out the guest house, you basically get someone who pays 1/3 or even 1/2 of your mortgage for you…not bad. If you’re willing to make some sacrifices, you can actually move into the granny flat and rent out the main house and have the tenants pay over 1/2 of your mortgage. There are many areas, including Orange and Costa Mesa, that have these types of houses and we’d be happy to help you find one. Once you find that perfect house, it’s time to make an offer. |
