As you know
I golf a little bit, and this course was from the looks of it an incredibly challenging test for a professional. It was a great weekend, one that I enjoyed with my older son, a great Father’s Day experience.
As I thought about past advice my Dad had given me, I thought what advice would I give one of my sons when they are thinking about someday purchasing a house or a Costa Mesa real estate townhouse? So it is appropriate to list off a few things that I would tell my kids, and you can take this advice to heart if you are thinking of buying something here in Costa Mesa real estate or (elsewhere):
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Location is really important – I know you’ve heard it over and over, location, location, location. It is still everything in real estate, and particularly in
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Know the Fabric of the Neighborhood – It’s super important to work with a local agent who knows the ins and outs of a neighborhood. Is there a trash dump next door? Do people always use this street as a cut-through at rush hours? Is there a nudist who lives next door (this came up recently!!)? Knowing what kind of neighborhood you are moving into is important.
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Don’t buy more than you need – If you are a single person, do you need a 5-bedroom home in Costa Mesa real estate? Or do you need that palace? Can you do with less? People got into trouble buying too much in the last decade. Make sure you are comfortable with the monthly payment because it will be around a lot longer than your Realtor is.
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Stretch a little bit – I know that is a bit ambiguous after the last bit of advice, but if you are a family of four buying a two-bedroom condo, perhaps you could sacrifice a bit and spend a little more. That way you won’t outgrow your new home too quickly. It is important – as homes do not increase in value as quickly, you won’t be able to gain equity in a short time so you can make the move up to a bigger place.
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Buy Smart – Sometimes the priciest homes are the ones that are remodeled. Can you do without all the top-of-the-line upgrades and save $75,000? A lot of times updating kitchens and baths costs a lot less than you would think.
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It’s OK to Fix Some Things – Most people don’t have imagination when they see a fixer – sometimes those repairs are just at the surface. believe me, paint, carpet, and heavy-duty cleaning go a long, long way. Would you pay a lot less for a condo or home so you could add your touches over time?
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Keep A Little $$ on The Side – Great news that you save lots of money for your downpayment, but be sure to keep an emergency fund for home expenses or mortgage payments. Repairs happen when you least plan for it, and be sure there is money in case your company downsizes and you need to find a new job.
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Talk to the Neighbors – One of the most overlooked things in Costa Mesa real estate is that you will buy a home and know nothing about the homes next door before moving in. Do yourself a favor and knock on the doors – you don’t need the cantankerous old man yelling at your kids every day, believe me. I’ve lived that one before.
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Know the History of the Home – When your agent gets disclosures about the home, dig in. You need to know if there are consistent repairs that are being made and why. It will help you plan for repair items and will help you budget money for future improvements. Most of Costa Mesa's real estate homes are now older than 50 years and repairs are part of the ownership experience.
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Go For it! – Lots of people get very afraid when it is time to pull the trigger, but home ownership is still one of the top ways to invest and build for the future. Go for it!
