Who can blame you for wanting to live in Orange County? The place is widely venerated as the Gold Coast of California. It combines beautiful landscape and pristine beachfront with a slew of art, entertainment, dining, and shopping options. It encompasses 34 of California's loveliest and most upscale cities, among them Santa Ana, Huntington Beach, and Laguna Beach. Before you start scouring the market for Orange County home loans, however, you should sit back and consider the following:
1. Should you buy or rent?
Orange County home loans do not come cheap. So, ask yourself this question: are you financially capable of buying or renting property? The good thing about buying a home is that you're free to make renovations or demand customization, provided that you respect local planning restrictions. You donít have this freedom when you rent. When renting, there are numerous restrictions to home improvements. The downside to taking out an Orange County home loan is that you will be indebted for years. You won't have this problem if you rent. If you rent, however, you will not benefit from future increases to the property's value.
2. How will you fund your purchase?
Many people can help you obtain Orange County home loans, particularly if you have a respectable credit history. Be sure to choose an accredited broker or lender, though, so you will not fall prey to predatory lending. Remember, if a rate seems too good to be true, it probably is too good to be true. The home loan industry is based on conservative estimates. Be very wary of unbelievably low interest rates. These low rates are simply baits. Once you latch on to them, you will find that the low rates are only good for a short period - a year or two, for example. After this honeymoon period, you will find yourself saddled with inordinately cutthroat rates and terms.
3. What capital growth can you expect?
Experts claim Orange County home loans are wise investments. Homes increase in value by approximately four or five percent annually. Such increase in value, however, are affected by an area's rate of growth, real estate supply and demand, and the local political climate. Orange County home loans are sound investments because Orange County will always epitomize idyllic and luxurious California living.
4. Should you get a structural survey first?
Of course! Structural survey is a report from an experienced property assessor. It details any structural problems the property may have. These problems are important because they may affect not only your propertyís purchase price, but property valuation in general.
5. Do you need legal advice?
The answer is a resounding yes. Always obtain qualified legal advice before finalizing mortgage agreements, whether these are Orange County home loans or not. Have your legal advisor obtain information about planning or building restrictions. These will eventually have a huge impact on the value of your property. Additionally, you should get a legal advisor to look into the title of the property. Does it come with many tangled strings? Are there restrictions to the property transfer? Your legal advisor can sort through these questions for you, as well as help ensure that you get exactly what you pay for.
Living the Orange County way comes with a price. Whether or not you are ready to pay this price for years to come is something you should think about before shopping for Orange County home loans.