We've been lurking on here for a while and recently have been looking for a first home. We first started at resale townhomes, didn't like the value of the ones we could afford. Moved on to new townhomes and really like some of the options in Irvine/Tustin, but the high HOA/taxes make what might seem like a $650k house feel like you're making payments on a much more expensive unit.
Our broker now wants us to look at single family residences since the rates are far better than townhomes even if only putting 10% down, which on a 750k+ SF I doubt we could make it to 20% to remove the PMI. If the rates he is quoting us are accurate we could afford something as high as 775k maybe a bit more, about the same as a new 2 BR tonwhouse when factoring the difference in rates. We qualify for more than this, but really want a cushion to save for upgrades or a second child down the road.
We are looking in Irvine and also Tustin Ranch or East/North Tustin.
What is you opinion at this end of the single family market? We went to see a few homes and were surprised that we coud get a 1500-1900 sqft detached home for a similar price per month as a brand new condo (630-650k).
These homes were built before 1987, some as old as 1976. But there are a few that are relatively upgraded inside. We'd obviously need to make upgrades over time, especially since we're comparing to a new modern townhouse at somewhere like Novel Park. But we could get a 3 bedroom which would really ease any fears of running out of room in case of a second child.
Any advice on what to be looking for, or looking out for with these older single famly resales? Any advice on how to handle the market, is it up/down, slow/hot, etc. We have only just started looking at single family this weekend. We spent months looking at townhouses assuming there was no way we could get a decent sized single family.
Our broker now wants us to look at single family residences since the rates are far better than townhomes even if only putting 10% down, which on a 750k+ SF I doubt we could make it to 20% to remove the PMI. If the rates he is quoting us are accurate we could afford something as high as 775k maybe a bit more, about the same as a new 2 BR tonwhouse when factoring the difference in rates. We qualify for more than this, but really want a cushion to save for upgrades or a second child down the road.
We are looking in Irvine and also Tustin Ranch or East/North Tustin.
What is you opinion at this end of the single family market? We went to see a few homes and were surprised that we coud get a 1500-1900 sqft detached home for a similar price per month as a brand new condo (630-650k).
These homes were built before 1987, some as old as 1976. But there are a few that are relatively upgraded inside. We'd obviously need to make upgrades over time, especially since we're comparing to a new modern townhouse at somewhere like Novel Park. But we could get a 3 bedroom which would really ease any fears of running out of room in case of a second child.
Any advice on what to be looking for, or looking out for with these older single famly resales? Any advice on how to handle the market, is it up/down, slow/hot, etc. We have only just started looking at single family this weekend. We spent months looking at townhouses assuming there was no way we could get a decent sized single family.
