Author Topic: First Time Home Buyer  (Read 732 times)

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Offline HapaJ

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First Time Home Buyer
« on: June 12, 2019, 10:59:58 AM »
I'm currently looking into purchasing my first home in either Irvine or Costa Mesa based on work location and wanting to live in a relatively safe community. One of the new home communities I've started to look into is Lennar's CPW - Hudson Community. I like their amenities, no yard maintenance, included appliances, flooring (I know it's built into the price) and close to shopping dining etc.

I currently rent in Santa Ana and work in Irvine so I want to look at the West side of Irvine verses the more expensive and inland East Irvine where Cypress village or Great Park communities  are. I am looking to invest and purchase a home that I'll live in for at least the next 5 years and build equity etc. I do not have children currently but have a dog so having access to parks is a plus or being able to safely walk around at night.

I know the pros and cons to purchasing a new home direct from a builder versus resale and am open to both. If it's with in my budget, seems like a good investment etc.
My hesitation with resale is high HOA dues that increase due to the age of the home and having to renovate etc. If the price is similar to a new home I'd rather buy new and avoid surprise issues while having the builder warranty.

I was wondering if anyone had any insight good or bad on Hudson CPW (Im looking at their plan 1 or 2, 1 bedroom homes). I know parking can be an issue there from what I've heard but residence have assigned parking and I'd look at getting 2 assigned spots. I'm looking at attached condos or townhomes based on wanting to stay around $500ks.

I am looking to purchase in the next 6-12months so I have time to research developments etc
I apologise for the mini novel as I'm new to the board. I appreciate any suggestions or recommendations
Thank you  :)

Offline USCTrojanCPA

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Re: First Time Home Buyer
« Reply #1 on: June 12, 2019, 11:57:19 AM »
Welcome to TI HapaJ.  First of all, I would advise you against buying a 1-bedroom condo or a 3-level condo.  They really limit both your buyer and rental pool.  Keep your focus on a single-level or 2-level 2+ bedroom condo with a 2-car garage (parking is very important in condo complexes). Secondly, I would suggest that you focus your search on other areas besides CPW.  CPW has really high HOA and there aren't any parks near by plus the school zoning is Santa Ana which will adversely effect your future appreciation. Keep in mind that appliances are included in resale properties as well.

I would consider looking at Oak Creek, Woodbridge, Westpark, Columbus Grove, Tustin Ranch, and/or Tustin Fields.  What budget do you want to stay within?  Feel free to reach out to me directly if you have any other questions or would like to bounce ideas off of me.
Martin Mania, CPA
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Offline akkord

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Re: First Time Home Buyer
« Reply #2 on: June 12, 2019, 12:07:19 PM »
Highly recommend USC...I've used him for a number of transactions. 

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Offline Cares

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Re: First Time Home Buyer
« Reply #3 on: June 12, 2019, 02:01:17 PM »
Highly recommend USC...I've used him for a number of transactions.

Mr. Moneybags here! "a number of transactions". haha

Offline akkord

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Re: First Time Home Buyer
« Reply #4 on: June 12, 2019, 02:27:19 PM »
I'm far from being Mr Moneybags, there are some really well off TI members that make way more $ than me, I've sold homes to buy the next one. 
« Last Edit: June 13, 2019, 11:06:59 AM by akkord »

Offline HapaJ

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Re: First Time Home Buyer
« Reply #5 on: June 13, 2019, 09:13:36 PM »
USC thank you so much for your recommendations. I would ideally want a 2 bedroom based on resale value as you mentioned. I also don't want a trilevel too many stairs lol. I definitely prefer single level living but am ok if I have one set of stairs.
What's your opinion with HOA dues on older resale condos? My only concern that while they might be lower or similar to say a new development but they could increase based on the older buildings needing more maintenance.

I liked CPW for the amenities, new and proximity to my job, restaurants etc. Wasn't a fan of the $507 HOA (they have a master and community specific like most of Irvine) or being zoned to Santa Ana school districts while still paying Mello Roos ($1700-$2000) I think is ridiculous especially when the site is more of an infill.

I looked at William Lyons Novel Park homes and honestly the ones in my budget weren't impressive at all, I didn't like the layout of the flat product it was like an apartment complex minus any elevators. Do you know of any other new or newer communities around $500ks or around $3,000/month mortgage/taxes/insurance payment

I only really started looking so I'll have to visit those communities you mentioned!

Thank you


Welcome to TI HapaJ.  First of all, I would advise you against buying a 1-bedroom condo or a 3-level condo.  They really limit both your buyer and rental pool.  Keep your focus on a single-level or 2-level 2+ bedroom condo with a 2-car garage (parking is very important in condo complexes). Secondly, I would suggest that you focus your search on other areas besides CPW.  CPW has really high HOA and there aren't any parks near by plus the school zoning is Santa Ana which will adversely effect your future appreciation. Keep in mind that appliances are included in resale properties as well.

I would consider looking at Oak Creek, Woodbridge, Westpark, Columbus Grove, Tustin Ranch, and/or Tustin Fields.  What budget do you want to stay within?  Feel free to reach out to me directly if you have any other questions or would like to bounce ideas off of me.

Offline USCTrojanCPA

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Re: First Time Home Buyer
« Reply #6 on: June 15, 2019, 03:35:10 PM »
USC thank you so much for your recommendations. I would ideally want a 2 bedroom based on resale value as you mentioned. I also don't want a trilevel too many stairs lol. I definitely prefer single level living but am ok if I have one set of stairs.
What's your opinion with HOA dues on older resale condos? My only concern that while they might be lower or similar to say a new development but they could increase based on the older buildings needing more maintenance.

I liked CPW for the amenities, new and proximity to my job, restaurants etc. Wasn't a fan of the $507 HOA (they have a master and community specific like most of Irvine) or being zoned to Santa Ana school districts while still paying Mello Roos ($1700-$2000) I think is ridiculous especially when the site is more of an infill.

I looked at William Lyons Novel Park homes and honestly the ones in my budget weren't impressive at all, I didn't like the layout of the flat product it was like an apartment complex minus any elevators. Do you know of any other new or newer communities around $500ks or around $3,000/month mortgage/taxes/insurance payment

I only really started looking so I'll have to visit those communities you mentioned!

Thank you


Welcome to TI HapaJ.  First of all, I would advise you against buying a 1-bedroom condo or a 3-level condo.  They really limit both your buyer and rental pool.  Keep your focus on a single-level or 2-level 2+ bedroom condo with a 2-car garage (parking is very important in condo complexes). Secondly, I would suggest that you focus your search on other areas besides CPW.  CPW has really high HOA and there aren't any parks near by plus the school zoning is Santa Ana which will adversely effect your future appreciation. Keep in mind that appliances are included in resale properties as well.

I would consider looking at Oak Creek, Woodbridge, Westpark, Columbus Grove, Tustin Ranch, and/or Tustin Fields.  What budget do you want to stay within?  Feel free to reach out to me directly if you have any other questions or would like to bounce ideas off of me.

None of the older Irvine/Tustin Ranch attached condo community HOAs really increase a lot.  It's been something like $3-5 per month every 2-4 years.  So you don't have to fear any large HOA increases and/or special assessments since the Irvine/Tustin Ranch HOAs are very strong financially with very low delinquencies.  Some of the older Irvine/Tustin Ranch condo communities have HOAs in the mid-to-high $200/mo range like this which is $239/mo

https://www.redfin.com/CA/Irvine/3-Bradford-92602/home/5844923

You might have to look at condos in build in the 1990s and 2000s to find something in the $500s and around $3k/mo payments since those will have lower Mello Roos amounts.  Also take a look at Tustin Fields, Columbus Grove, and Columbus Square.  Feel free to ping me with any other questions that you have since I know Irvine/Tustin like the back of my hand.
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!

 

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