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Laguna Beach Real Estate and Homes for Sale |
Find a Home for Sale in Laguna Beach  |
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Laguna Beach, California
Real Estate and Homes for Sale
We are a leading provider of Laguna Beach Real Estate Home Buying and Selling Services.
Contact us today to Buy or Sell Real Estate, and Properties in or around Laguna Beach.
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HOME BUYING TIPS
Create a Budget: Knowing your income versus expenses is a key component to understanding how much home you can comfortably afford.
Eliminate or reduce debts: You total debts should ideally be between 30% and 45% of your combined total gross income.
Eliminate extra expenses: Try to tack your expenses for a month and two, and you are likely to find ways to cut these unnecessary expenses.
Higher income: It may mean taking on more hours at work, or if necessary taking on a second job or part-time job to earn extra income in order to qualify for the home you really want.
Save a down payment: It's possible to get a mortgage with as little as 3.5% down-or even less in some instance. The ultimate goal would be to save for a 20% down payment if possible within your budget.
Set up "New Home" account: Make a smart, conscious decision to save a certain amount of money each month, set up a budget, then a separate bank account.
No job change: It is important that you have at least a two year same job history if possible. If you plan to change jobs, don't ! or at least wait until after the purchase of the home is 100% complete.
Good credit history: Very simple, pay your bills on time. better the score, the better the interest rate, the lower your mortgage payments will be!
Payment history: Paying your monthly credit obligations on time, the balances owed versus the amount of available credit. The lower the balance to available credit, the higher your scores will be generally.
Overall credit history: The more established your credit, or length of time you have had an account, the better your payment "track record".
Newer or recent credit: New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.
Types of credit: Generally, it's desirable to have more than one type of credit-installment loans, credit cards, and a mortgage, for example.
Use the checklist below to help you prioritize your wants and needs:
How close do you need to be to:
Public transportation _______
Schools _______
Airport _______
Freeway _______
Shopping _______
Other_______?
What neighborhoods do you prefer?
What school do you want to be near?
Do you want a one-story or two-story house?
How old a home would you consider?
How much repair or renovation are you willing to do?
Do you have special facilities or needs that your home must meet?
Do you require a garage, yard or other amenities?
| Prioritize each of these options into | Must have | Would prefer |
| Lot Size | | |
| Garages # of | | |
| Patio/Deck | | |
| Pool | | |
| Bedrooms (number_________) | | |
| Bathrooms (number_________) | | |
| Family room | | |
| Formal living room | | |
| Formal dining room | | |
| Eat-in kitchen | | |
| Laundry room | | |
| Basement | | |
| Attic | | |
| Fireplace | | |
| Spa tub | | |
| Air conditioning - central | | |
| Wall-to-wall carpet | | |
| Hardwood floors | | |
| View | | |
| Light or bright | | |
| Shade | | |
Suits your activities: Determine the local schools, movies, health club, houses of worship-you engage in regularly and stores you visit frequently.
School district: if you have school-age children, consider visiting the locals schools in the neighborhoods you're considering. Even if you don't have children, a house in a good school district will be easier to sell later.
Economics: What is the percentage of homes to apartments? More apartments can mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?
Potential Talk with one of our experienced agents to get more information about appreciation trends in a given neighborhood. There is no guarantee of future results, however this information may give you a sense of investment potential.
Visit the Neighborhoods: Once you've determined two or three neighborhoods, go there, and spend some time seeing for yourself. Are homes well maintained, streets quiet? Are their children to play with your family?
Mortgage pre-approval or pre-qualification: Be ready to make a firm offer and commitment to buy. Being pre-approved/qualified will always make your offer more desirable to the seller.
Communicate with agent: In order to keep up with new listings that come on the market. Always inform your agent of ANY changes in income, financial stability, needs, wants etc. Always be ready to go see a house as soon as it goes on the market.
Ready to make decisions: Be well prepared in advance so when you have the chance to make an offer, you can do so confidently.
Competitive Offer: Don't necessarily begin offering the highest price you can afford, but don't try to low ball to get a deal either. In a tight market, you'll lose out more often then not.
Limit contingencies: Restrictions such as needing to sell your home or delaying a closing until a certain date will more often make your offer less appealing to a seller.
Real estate transactions may often be complicated to navigate. In most cases, buying and/or selling a home requires disclosure, inspections, inspection reports, mortgage paperwork, homeowners insurance, trust deeds, and many other important and necessary documents. The professional services of a trained real estate professional can keep you on track through any complexity, and will likely help you avoid costly delays or mistakes.
Selling or buying is time consuming: Homes may stay on the market for 30 days or as many as 90 days. It will typically take between 30 and 45 days for the transaction to close escrow after an accepted offer.
Real estate's unique terminology: If you don't know a CMA or TIL from a HUD, you can see the value of working with a professional
REALTORS® experience: Most people buy and sell only a few homes their lifetime. Often this happens with a number of years in between each transaction. Even if you have been through the process, area laws, rules and regulations may have changed. That's why having an expert on your side is critical.
Objective Opinion: Having a concerned, but truly objective, third party helps you maintain your focus on the important aspects of the buying process.
Realtors® are members of N.A.R.,the National Association of Realtors® , a trade organization of more than 1 million Realtors®. Each member of NAR must adhere to a strict code of ethics that helps guarantee the highest level of service and integrity at all times.
Determine how much home you can afford: Buyers can typically afford a home equal in value to between two and three times your total gross income.
Create a wish list: Prioritizing the wants versus the "must haves" is a vital step on your list.
Select 2 to 3 neighborhoods: Consider all your needs such as schools, recreational facilities, area expansion plans, and safety. Then narrow down your search to the one, maybe 2 that best meet your needs.
Get lender pre-approved: You should meet with a lending professional to help you determine your buying eligibility. A lender will also review your credit report at this timer. You should make sure you have enough saved to cover any down payment and any closing costs you may incur.
Organize your documentation: Your lender will need all income and other documentation in order to provide a pre-approval.
Understand total costs of homeownership: It is imperative that you include mortgage payments, property taxes, insurance, maintenance, and any association fees in your calculation to determine the real costs of monthly home ownership
Owning a home is not only a wonderful place for you and your family to live, it also makes excellent financial sense.
The calculation below is based on a 28% tax bracket. If your income bracket is higher, your payment estimate may be higher as well.
Current rent payment * 1.32 ?= ______ (estimated mortgage payment affordability)
Because of the outstanding tax benefits, you can make a total mortgage payment with taxes and insurance, approximately one-third larger than your current rent payment and still end up with the same amount of income.
Tax benefits: The US Tax Code allows you deduct the interest from your mortgage payment, the property taxes you pay, and some of the costs involved in buying your home.
Appreciation: There's certainly no guarantee of appreciation, however real estate has traditionally appreciated between 3% and 5% per year in the local markets over the long term.
Equity: Money you pay towards rent is money you never see again. With a mortgage, the payments let you build equity interest in your home, so the payments are not simply lost money.
Savings: Think of equity in your home as you would a savings plan at your bank. The best part is you can earn up to $250,000 ($500,000 for married couples) as a capital gain without owing federal income tax on the money. (Please consult your CPA or other financial advisor for further details)
Consistency: While your rent payments may change over time, typically your mortgage payments don't go up, so think of it as your costs will decline the longer you own your home.
Freedom: You own it!. You can decorate how you choose, make changes as you choose. No matter what, the benefit from your investment is yours for as long as you own the home.
Steadiness: Living in one area for years gives you and your family a sense of community, and allows you and your family to establish lasting friendships.
Be realistic: There is no such thing as a perfect home. Be selective and know what you need and what you must have, but be flexible as well.
Be prepared: Decide what features you want in a home and which are most important, or must haves. You will need to make some compromises.
Get finances in order: Do a careful review of your credit report and make sure you have your down-payment money and your closing costs ready to go.
Talk with a lender: You should absolutely meet with a lender to get prequalified or even better, pre-approved for a mortgage before you begin looking.
Resist too many opinions: Sometimes too many cooks can spoil your decision, and It may just overload your mind. Keep it simple and choose one or two trusted people at the most to if you feel you need an outside opinion.
Know the moving date: Make sure you know when lease ends. Could you sublet your current home or apartment if necessary?
Long-term move: Decide if you prefer a starter house with a plan to move up in a few years, or do you plan to stay in this home for longer period of time. This decision is important and may dictate the choice of home you'll buy, and maybe the mortgage terms that suit your needs.
Buy what you can afford: Don't max yourself out to buy the big dream home you can't really afford. Otherwise you'll have no money for repairs, decoration, and unexpected expenses or even to save money for other financial goals.
Inspect: Absolutely insist on a home inspection, termite inspection when appropriate and, if possible, make sure you ask for a full coverage home warranty from the seller to cover the home for one year.
Hire a Realtor®: You should absolutely hire a Realtor as your buyer's representative. The buyers agents first duty is to the you the buyer, and is only working for you, not the seller. Most often the seller pays the buyer's agent their commission payment, so there is no costs to you.
Find a good fit: The Home buying process is s serious financial commitment, but also an emotional one. It's important that you choose a real estate professional both skilled in the buying process, but also makes you and the process more comfortable.
No "right" time: When you find the "right" home now, don't second guess the market or even the mortgage rates by waiting. Market shifts usually occur over long periods of time to make much of a difference in price, and if you hesitate, often the "right" home won't stay on the market long.
No house is perfect: Keep your eyes on the things that are most important to you and let the small or less important things go.
Don't over negotiate: Negotiating the best deal is definitely a part of the home buying process, but trying to get that little bit of extra price reduction may often lose you the home you fell in love with in the first place.
Get pre-approved: Get it done first. Knowing what you can qualify for, and more importantly, what you can truly afford will take much of the stress out of the entire process. Presenting an offer when you are contingent buyer will make your offer much less attractive to a seller.
Budget for repairs: Even when purchasing a brand new home, there will always be some maintenance or repair costs. Make sure you assume a reasonable expense each month for unexpected repairs and maintenance.
W-2 statements, or business tax return forms if you're self-employed for the last two or three years for every person signing the loan documents.
Pay stubs from every person signing the loan, at least one months worth.
Bank statements, for both checking and savings accounts. Typically 2 months
Tax returns for the last two years of personal returns.
Proof of assets or down payment Copies of investment account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not in a brokerage account.
Verification of additional income, such as child support, pension, part-time job etc.
Breakdown of expenses. The lender names, loan numbers, balances owed on all other installment loans-student loans, car loans, etc.
Previous addresses where you lived for the last 7 to 10 years, with names and contact information for landlords, if applicable.
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Company Address: 27762 Antonio Pkwy, L1, Suite 512, Ladera Ranch, CA 92694 - 2010 Priority Real Estate - ALL Rights Reserved - CA DRE # 01378548
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