Hello,
I would like to buy a townhouse in Irvine to be gifted to a relative. This relative, "Erin" currently lives in Los Angeles and has had to overcome some hurdles in life and cannot buy for themselves; this would be my gift to them. However, I do not live, nor do I plan on ever living in, this townhouse. As I am very unfamiliar with Irvine and Orange county in general, I would like to hear peoples' thoughts on this plan and if this is feasible. If so, how would I choose the best townhouse as well.
Erin is mid-20's, plan is to buy a townhouse <500K (what is reasonable?) for them to live in one room and rent the two other rooms out.
I am willing to contribute 300K max financial support towards this project, and take on a mortgage for the rest. I am not sure if mortgages can be transferred; if so, the mortgage would be transferred to them eventually. If not, I would be fine with paying the mortgage off to completion.
roughly looking for a 3 bedroom, 1.75 bath+ under 500K w/ at least 2 car carport or 2 car garage with some street parking avalible
Questions:
my Questions are as follows:
( I have listed many, many questions. If anybody sees a question or two that they can answer, the information would be very appreciated)
1) secure a place to live for Erin in a safe neighborhood in which tenants that would rent the two other rooms would be more "sterile" and less problematic; have heard that Irvine is good for this (?) I have heard that young Irvine professionals and UCI students tend to make good tenants.
2) This relative may eventually marry and wish to start a family, this Irvine townhouse would provide them with the bare necessity living standard to raise a family, say, of four (2 children + parents) in a decent safe neighborhood with a history of good schools (?)
3) it is more economically efficient, if one is to wish to live in one bedroom and rent the other 2 out (3 bedrooms/2 ba +) than to have 2 bedrooms (?)
4) Should "Erin" marry and wish to sell, eventually the townhouse will at least appreciate somewhat (?) given that Irvine seems to be a stable community with good schools, and good schools and influx of foreign cash-holding purchasers aid appreciation? At least not lost money? I would hate to buy a 500K townhouse and they sell for 400K -450K in ten years even though it would not negatively affect me by then.
5) Property will not depreciate and will at least somewhat appreicate give that foreign cash-holding purchasers will always be coming to irvine? However, is this ture that they would want to buy a resale 500K condo? Or are those cash foreigners mostly looking for new builds, and relative's townhouse up for sale will not interest them?
6) How would Erin go about looking for an agent, finding the best one, that is not looking to push them into a buy asap in order to do a quick sale and move on?
7) Is Irvine even a good place to accomplish those objectives? Should relative be looking in Huntington beach, Cypress, south OC, fountain valley, etc instead?
8) Would it be worth it to get a Single Family Home for a little more if the goal is to live in and rent out rooms, then either sell, rent out entire property, or raise a family in that property in 10 years?
9) should the property be rented out completely if person wants to start a family, then do 3 bed/2 ba townhouses rent out better than condos or single familie properties because there is nobody above or below?
10) Would it be better to put less cash down hoping for appreciation/leverage?
11) does the land included with a townhouse purchase make the property appreciate more than a condo and is it even important to consider land rights?
12) do townhouses appreciate more than condos in Irvine?
13) what neighborhoods would be best to look at? I have heard there is a premium for Univeristy high or Northwood over Woodbridge and Irvine high. Is this premium worth it?
14) There is no rush to buy, however, would like to make the most informed decision about timing the market.
15) if the price is higher but it is a 4 bedroom which means more rental income, should that be considered important? Would anybody want 3 strange people/student living with them?
16) HOA are extremley high in Irvine. LOW hoa w/ more expensive property=higher HOA with cheaper property? What is too high and signals problems?
17) I have breifly glanced on zillow and see townhouses built in the 1960's and 1970's. Should I be concerned about structural issues with these older units and a lower appreciation?
18) many townhouse units have been sitting on zillow forever. What is wrong with those units? Why is zestimate so far off? Are they priced at market value? Namely,http://www.zillow.com/homes/for_sal...439384,33.535099,-118.10955_rect/10_zm/0_mmm/http://www.zillow.com/homedetails/137-Rockwood-Irvine-CA-92614/25753193_zpid/http://www.zillow.com/homedetails/3-Willow-Tree-Ln-Irvine-CA-92612/25493038_zpid/
If this is an affordable entry point towards a house, why is it not selling?http://www.zillow.com/homedetails/1-Raleigh-Irvine-CA-92604/25715841_zpid/
Is freeway near the unit a concern?
19) Is it better to find units via zillow/redfin or to get an agent? I have heard that It is better to find units via zillow and/or open houses as the agent can act as a double agent and reduce the fees paid (?) Is this common practice in California?
As you can see, I am not familiar with Irvine Markets. "Erin" has decided to drive around Irvine on the weekends to get more of a sense prior to this purchase.
My research ends here, I have told them that it is up to them to choose the townhouse that they want and do the research themselves, find an agent, etc. Then I would fly over to do the papers. However, Erin also has zero experiance with homebuying. This person is also not particulary domestic-minded or sharped-eyed when looking for townhouses, however, the new person buying this property in 10-15+ years MAY be picky, and my relative may overlook some features of the property that a future buyer may not (?)
thanks all for any contribution made.
I would like to buy a townhouse in Irvine to be gifted to a relative. This relative, "Erin" currently lives in Los Angeles and has had to overcome some hurdles in life and cannot buy for themselves; this would be my gift to them. However, I do not live, nor do I plan on ever living in, this townhouse. As I am very unfamiliar with Irvine and Orange county in general, I would like to hear peoples' thoughts on this plan and if this is feasible. If so, how would I choose the best townhouse as well.
Erin is mid-20's, plan is to buy a townhouse <500K (what is reasonable?) for them to live in one room and rent the two other rooms out.
I am willing to contribute 300K max financial support towards this project, and take on a mortgage for the rest. I am not sure if mortgages can be transferred; if so, the mortgage would be transferred to them eventually. If not, I would be fine with paying the mortgage off to completion.
roughly looking for a 3 bedroom, 1.75 bath+ under 500K w/ at least 2 car carport or 2 car garage with some street parking avalible
Questions:
my Questions are as follows:
( I have listed many, many questions. If anybody sees a question or two that they can answer, the information would be very appreciated)
1) secure a place to live for Erin in a safe neighborhood in which tenants that would rent the two other rooms would be more "sterile" and less problematic; have heard that Irvine is good for this (?) I have heard that young Irvine professionals and UCI students tend to make good tenants.
2) This relative may eventually marry and wish to start a family, this Irvine townhouse would provide them with the bare necessity living standard to raise a family, say, of four (2 children + parents) in a decent safe neighborhood with a history of good schools (?)
3) it is more economically efficient, if one is to wish to live in one bedroom and rent the other 2 out (3 bedrooms/2 ba +) than to have 2 bedrooms (?)
4) Should "Erin" marry and wish to sell, eventually the townhouse will at least appreciate somewhat (?) given that Irvine seems to be a stable community with good schools, and good schools and influx of foreign cash-holding purchasers aid appreciation? At least not lost money? I would hate to buy a 500K townhouse and they sell for 400K -450K in ten years even though it would not negatively affect me by then.
5) Property will not depreciate and will at least somewhat appreicate give that foreign cash-holding purchasers will always be coming to irvine? However, is this ture that they would want to buy a resale 500K condo? Or are those cash foreigners mostly looking for new builds, and relative's townhouse up for sale will not interest them?
6) How would Erin go about looking for an agent, finding the best one, that is not looking to push them into a buy asap in order to do a quick sale and move on?
7) Is Irvine even a good place to accomplish those objectives? Should relative be looking in Huntington beach, Cypress, south OC, fountain valley, etc instead?
8) Would it be worth it to get a Single Family Home for a little more if the goal is to live in and rent out rooms, then either sell, rent out entire property, or raise a family in that property in 10 years?
9) should the property be rented out completely if person wants to start a family, then do 3 bed/2 ba townhouses rent out better than condos or single familie properties because there is nobody above or below?
10) Would it be better to put less cash down hoping for appreciation/leverage?
11) does the land included with a townhouse purchase make the property appreciate more than a condo and is it even important to consider land rights?
12) do townhouses appreciate more than condos in Irvine?
13) what neighborhoods would be best to look at? I have heard there is a premium for Univeristy high or Northwood over Woodbridge and Irvine high. Is this premium worth it?
14) There is no rush to buy, however, would like to make the most informed decision about timing the market.
15) if the price is higher but it is a 4 bedroom which means more rental income, should that be considered important? Would anybody want 3 strange people/student living with them?
16) HOA are extremley high in Irvine. LOW hoa w/ more expensive property=higher HOA with cheaper property? What is too high and signals problems?
17) I have breifly glanced on zillow and see townhouses built in the 1960's and 1970's. Should I be concerned about structural issues with these older units and a lower appreciation?
18) many townhouse units have been sitting on zillow forever. What is wrong with those units? Why is zestimate so far off? Are they priced at market value? Namely,http://www.zillow.com/homes/for_sal...439384,33.535099,-118.10955_rect/10_zm/0_mmm/http://www.zillow.com/homedetails/137-Rockwood-Irvine-CA-92614/25753193_zpid/http://www.zillow.com/homedetails/3-Willow-Tree-Ln-Irvine-CA-92612/25493038_zpid/
If this is an affordable entry point towards a house, why is it not selling?http://www.zillow.com/homedetails/1-Raleigh-Irvine-CA-92604/25715841_zpid/
Is freeway near the unit a concern?
19) Is it better to find units via zillow/redfin or to get an agent? I have heard that It is better to find units via zillow and/or open houses as the agent can act as a double agent and reduce the fees paid (?) Is this common practice in California?
As you can see, I am not familiar with Irvine Markets. "Erin" has decided to drive around Irvine on the weekends to get more of a sense prior to this purchase.
My research ends here, I have told them that it is up to them to choose the townhouse that they want and do the research themselves, find an agent, etc. Then I would fly over to do the papers. However, Erin also has zero experiance with homebuying. This person is also not particulary domestic-minded or sharped-eyed when looking for townhouses, however, the new person buying this property in 10-15+ years MAY be picky, and my relative may overlook some features of the property that a future buyer may not (?)
thanks all for any contribution made.
