Buying a Home
There are a lot of formulas and guidelines for buying a new home along the coast in Huntington Beach. With home values climbing as they have been since early 2000, the opportunities for leveraging your real estate dollar are substantial throughout the southland and in particular along the coastal areas of Orange County, CA. Nonetheless, certain tried and true principles apply in any real estate transaction, just as they do anywhere else.
Know what you need. The size and makeup of your household, as well as your employment situation, are prime factors in determining interior area, floor plan, and the location of your new Huntington Beach home. Also, consider garage and yard needs, proximity to schools and shopping, as well as distance to work.
Know what you can afford. For the most part, Underwriters will play a role in determining how much home you can buy unless you have substantial "buy down" power for the mortgage. Numerous mortgage calculators also exist to help budget your mortgage payment in with your other financial obligations. It is always a good idea to discuss your financial situation candidly with your real estate agent. Your agent has a good feel for the cost of living in the Huntington Beach area and along the Orange County coast in general.
It is usually quite easy to get your mortgage approved in advance. Almost all home loan lending institutions will now approve a loan range for new home buyers without actually requiring an accepted offer in hand. The only contingencies that typically apply is that the final offer must provide a Loan-To-Value (LTV) ratio that protects the bank within the guidelines of your credit profile.
Survey the area and find several neighborhoods that will suit your needs. Huntington Beach offers a rich assortment of home buying opportunities. In a beach area like Huntington Beach, there is little chance that you will make a bad buy. With rare exception, home values have increased steadily since the town was incorporated in 1906 as Pacific City. Work closely with your sales agent to define those areas that suit your needs.
Locate several homes for sale that appear to meet your needs and are priced within current market ranges. Consult with your real estate agent about arranging some walkthroughs for those homes that most closely match your requirements. Create a check- list of items you want to verify are functional and not in need of any anticipated major repairs. For instance:
After the offer is accepted, finalize your financing. Just as with the pre-qualification, this can take some time and cause cumbersome and irritating delays. Make sure you did your homework earlier.
Make sure your home insurance plan is in place before title passes to you.
If you plan on utilizing a professional interior designer, now is the time to get them involved if you didn't have them along as part of the search for a home.
Make your moving arrangements. Don't forget to check with the local school district on enrollment requirements and deadlines.
Phone and utilities: Upon vacating the premises, the seller(s) must call the utility companies and have their names removed from the accounts for that address. The new owners must call the same utility companies and have new accounts opened under their names.