1. Learn about the different communities in Orange County.
There are hundreds of unique communities in Orange County and just like
homes, no two communities are alike. Some are gated, near schools, near
shopping, known for views, have a poor location on the water, high HOA
costs, land leases, Mello Roos, highly populated, near commercial
property and so on. Most often, buyers like a community because friends
live there. Most friends are well versed on their community but may not
know about the neighboring community. A great real estate agent is
truly a master of knowing the amenities of each community and can help
guide buyers with information.
Orange County Luxury Real Estate
2. Consider Parking and Traffic.
So
you want to live on the water in Newport Harbor? Balboa Peninsula Point
is charming and an excellent place to call home. But is it right for
you? Would you live in a bubble life on the peninsula or do you need to
commute to work? Did you know that balboa peninsula is about 4 miles
long? With a slower speed limit, several stop lights and a total 8 miles
round trip… it might get old 5 days a week. Perhaps you would prefer
Lido Isle, which offers a similar lifestyle with a quick on and off
peninsula commute.
3. Arrange financing or a cash offer.
If
you are paying cash, you still have minimal work to do. Submitting a
strong cash offer includes attaching a statement that shows proof of
funds. The rest of this section is mainly for those that choose to
utilize financing. Do not procrastinate with financing. Be proactive. I
know that you don’t want to do the work until you find the home;
however, that is often a very costly mistake. If during the pre-approval
process, you learn something negative from pulling credit or reviewing
income, you will have saved yourself a lot of heartache and time by
being aware of this up front. Most things can be corrected; however, if
you don’t have time to solve the problems, you may miss out on getting
your offer accepted. Sellers will not wait for you… A more prepared
buyer can come in and present a similar offer with financing already in
order, leaving you homeless.
4. Set aside money for earnest money, down payment and closing costs.
Another
benefit of getting pre-approved for financing is having the good faith
estimate that will outline the costs involved with the real estate
transaction. You can see estimate amounts for your down payment, closing
costs, taxes and insurance. Know what you need to save and set the
money aside from day one.
5. Write down your must haves.
There
are must haves and would likes. They are different for everyone. Let
your agent know about your must haves. If you can’t currently find a
home for sale, a great agent will be able to network with owners in the
community and other agents to locate an option. I personally love this
task.
Some must haves could be:
3 Car Garage
3 Bedrooms
Single Story
Full Ocean View
Dock that can hold 65' yacht
Gated Community
Low or No HOA
Close to Trails
Tennis Courts
Golf Course
2,500 Sq Ft
Income Unit
Rooftop Deck
6. Calculate the property taxes and decide how you will pay them.
An
agent or mortgage broker can provide you with details to estimate the
annual property taxes. If you are financing the property, you can use
an impound account with the lender. This will allow them to collect a
portion of your taxes each month. They calculate the annual amount and
divide it amongst your payments. When you make a payment, they set aside
the amount until your property taxes are due. Property taxes may seem
high when you initially purchase a property in Orange County; however,
keep in mind the long term tax benefits to owning in CA due to
Proposition 13.
7. Become familiar with the paperwork and process to close.
There
are over 1,000 pieces of paperwork involved in closing a standard real
estate transaction in California. We advise looking over all of the
forms as well as asking your agent when you have questions regarding the
CA real estate contracts. You may be familiar with the California
Residential Purchase agreement, however hundreds of other forms are
added to the transaction depending on the property type, location of the
property, whether an entity, trust or individual is purchasing the home
and so on. From home warranties to title, escrow, and financing, the
real estate agent truly acts as the center of the wheel. How much do you
know? Who will you trust in handling the exchange of your valuable
asset?
8. View homes on your own at open houses or privately with an agent.
You
can search all homes for sale on MLS using our Orange County Real
Estate search page or you can ask your luxury agent to notify you of new
listings in a particular Orange County community. When it comes to
viewing all the potential homes, you don’t necessarily need to have a
personal guided tour by an agent. If that’s your style, no problem, we
are happy to schedule a private showing for any property on the market.
If you like looking on your own and browsing open houses, that’s great
too! Most buyers love to research the market without the sales pressure
of an agent. We don’t believe in sales pressure. We provide information,
market facts, and knowledge of the area communities and amenities. We
can compare local market sales and data to help you write a competitive
offer for any property you are interested. Our job is to be there for
you, keep you informed on the market and guide you through the process
to closing. We highly recommend using our Mobile Search. Mobile Search
allows you to find homes for sale and open houses that are near you. You
have access to all the photos and listing information.
Tip: When
you go to an open house on your own, immediately hand the agent one of
our business cards and inform them that you are working with a Realtor.
Experienced realtors will back down and respect the existing business
relationship. You will be able to walk through the home in peace. If you
wish to know more about the home or view it privately, contact us. We
can also run a comparable sales report and discuss it’s current value,
regardless of the listing price. We are standing buy to advise you on
writing a competitive purchase offer.
9. Consider your future use and long term needs.
Believe
it or not, when it comes to knowing what a client needs from a home,
many do not look further than 5-10 years into the future.
Will your children be attending school in 5 years?
Will your children be living with you beyond graduation due to the cost of living in the area?
Will the home be too large and costly to maintain in 10 years?
How will retirement affect your finances?
10. Find an agent to represent you.
Any
real estate agent can write your purchase offer, but who will represent
your interests above all others. How can a listing agent represent your
best interests when they already have a duty to protect the best
interests of the seller? Is the agent concerned with closing another
deal or earning your respect and loyalty for years to come? Successfully
closing a real estate transaction takes a lot of time, hard work and
expert knowledge. Choose a Realtor that you enjoy working with now and
in the future. There will be many conversations and tasks to complete.
Choose a Realtor that can deliver results and handle your transaction
better than anyone else.
Orange County Luxury Real Estate
