Buying a Home in Orange County, CA for the first time is a challenge... You may be wondering - How much can I afford? Where is the best location to Buy in Orange County? How much money do I need for a down payment? and to top it off, you'll have a monthly mortgage obligation for the next 30 years..!!!
Hears the good news.... Having bought and sold many homes of mine own, and helping hundreds of people buy their first home, I can assure you that is well worth to Buy a home in Orange County in the long run. Orange County, CA is arguably the best place to live in the USA, and offers a wide range of homes designed for the first time home buyer.
Where to buy in Orange County is a complex question. The answer depends greatly on where you currently work, and how long of a commute your willing to make. How much of a home can you afford. Do you want to Condo or a townhome? How important are the public school districts, proximity to the beaches, freeway access etc. Once you have an answer to those questions, than a real estate professional can help guide to the cities and communities that will best fit your needs and desires.
Today, there are many options and loan programs available geared towards first time home buyers that did not exist just 5 years ago. These loan programs offer no down payment of very low down payment financing. There are other loans targeted for the self-employed so that you don't have to verify your income (usually called a stated income loan). While other loans exist offering adjustable rate mortgages, interest only mortgages and now a new 40 year amortized mortgage. Sometimes, we can negotiate with the home seller to pay for your closing costs... If your like most people in this state, the home that you own and live in will be your best and most valuable investment in your life.
Orange County real estate has produced great price appreciation for many decades now, and estimates are that will continue for decades to come. In addition, the tax advantages for owning real estate are fantastic.You can deduct your interest payments on your home from your income taxes. After having lived in your home for 2 year or more, you will not owe any capital gains taxes if your home sale profits you $500K or less (if your married, if your single the number is $250K). If you work out of your home, you can depreciate the portion of the home used as an office from you income taxes. Home ownership is a great tax shelter.
To help with your home search, find a good Realtor who specializes in working with Buyers. Make sure they set you up with today's new computer technologies. One of the computer services is normally referred to as an email alert service of new listings. When a new listing comes on the market that meets your needs and wants, this computer service will email the details of this new listing to you. This new OC Just Listed home finding service brings peace of mind and convenience to today's busy home seeker.
For more information on how to buy your first Orange County Home, just visit our website: Orange County Real Estate.
