2ndServeAce
New member
We are currently looking for properties in Irvine with 4 bedrooms & >2500+ sqft within a $1.3M budget and wanted to get advice on which options may be best for a family who may be looking to stay at least 10+ years in the property. We currently live in a condo and this would be our first home purchase.
1. Look for a lower priced property in GP neighborhood to account for the MR costs, possibly $1.1M. We've come across places at Cadence Park that are offering discounts up to $80K at the moment on their price sheets, but hoping a little bit more to get down <$1.1M. Would it be a better option to find ones that are 2-3 years old on the market now?
2. Find a property within Irvine without MR (or small amount) for $1.0M and invest $200K - $300K in renovations to get it looking similar to new construction. We have absolutely no experience in renovating besides watching a lot of HGTV. We are also located in SD at the moment, and unlikely to be able to visit the site more than 2x a week to monitor progress. Would be great to hear if this is a feasible option and from anyone's experiences if we can do this successfully remote. Are there contractors that could manage this process end to end within this budget?
3. Find a newly renovated property within Irvine with no MR for $1.3M. From monitoring the listings for the last few months, we have yet to find one that totally fits the bill in terms of being exactly turnkey yet for $1.3M. Generally, would we be able to find fully renovated houses at this price point?
Appreciate any advice on which options make the most sense and if my expectations may not fit my budget at the moment. We're hoping to get moved in by early 2021.
1. Look for a lower priced property in GP neighborhood to account for the MR costs, possibly $1.1M. We've come across places at Cadence Park that are offering discounts up to $80K at the moment on their price sheets, but hoping a little bit more to get down <$1.1M. Would it be a better option to find ones that are 2-3 years old on the market now?
2. Find a property within Irvine without MR (or small amount) for $1.0M and invest $200K - $300K in renovations to get it looking similar to new construction. We have absolutely no experience in renovating besides watching a lot of HGTV. We are also located in SD at the moment, and unlikely to be able to visit the site more than 2x a week to monitor progress. Would be great to hear if this is a feasible option and from anyone's experiences if we can do this successfully remote. Are there contractors that could manage this process end to end within this budget?
3. Find a newly renovated property within Irvine with no MR for $1.3M. From monitoring the listings for the last few months, we have yet to find one that totally fits the bill in terms of being exactly turnkey yet for $1.3M. Generally, would we be able to find fully renovated houses at this price point?
Appreciate any advice on which options make the most sense and if my expectations may not fit my budget at the moment. We're hoping to get moved in by early 2021.