Home Buying in 92007>Question Details

Megs07,  in 92024

Rent or buy? Make $65k, no car payment, monthly bills $500 (insurance, gas, food, cell). Only want to live close to beach though...

Asked by Megs07, 92024 Fri Sep 10, 2010

I prefer to live in Cardiff by the sea, encinitas or solana beach west of the 5...would I be able to find a foreclosure and afford it based on my income/bills.

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Hello Megs07 it does sound possible but until we have a pre-approval from a qualified lender were just wasting time. It doesn't sound like you have a lender you're working with right now or you'd already know how much you qualify for.

I'd be happy to refer you to a very qualified lender, of over 17 years here in San Diego, who'll be able to quickly pre-qualify you right over the phone and tell you how much home you can afford based on your income and assets if you'd like; just email me back for his contact information.

Also you can search our website by clicking on "Home Search" and see for yourself what homes are available in any area of San Diego you'd like. You'll be able to see colored photo's and virtual tours of the homes, and get school and community information very quickly.

Thanks and have a great day!
0 votes Thank Flag Link Fri Sep 10, 2010
To buy or rent is a decision only you can make--It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation--you decide what's best for you.
0 votes Thank Flag Link Fri Sep 10, 2010

That is a great question! Our team's first recommendation is to speak with a lender that you trust. Either speak with one at your bank or if you need a referral, we work with a couple of excellent lenders who would take great care of you. Then, once you have an idea of what your numbers look like and what your comfort zone is, you should be able to determine what you would like to spend in terms of purchasing. Between Cardiff and Solana Beach, condos ranges vary, but there are some great deals out there!

Feel free to give us a call or e-mail us if you would like further assistance with finding just the right home!

Have a great day!
0 votes Thank Flag Link Fri Sep 10, 2010
From what you have written, it looks like you are ready to buy to a home. I would recomend that you first talk to a lender to find out how much home you can afford. This will give you the idea as to the price range you have to stay under when you start looking.. When you get to know how much you can qualify for, your next step will be to find out how much the homes in the areas you mention are selling. This will help you to eliminate certain area that may be too high to find your home.

The good news is that, home prices are great and interest rates are low, with a lot of reseach you may find an area that may work for you.

There is no better time to buy real estate than now if you can afford one.

Good luck
0 votes Thank Flag Link Fri Sep 10, 2010
generally speaking the answer is no. it's the west of 5 part that queers the plan.

cardiff...maybe a few choices in cardiff cove. other than that nothing in the under $400k range. by slim pickins i mean no pickins. just east of 5 there will be stuff in park place off santa fe, both in condos and attached twinhomes in the price you seek.

solana beach west of 5...again, nothing. a few in the villas just east of 5 off lomas santa fe

encinitas...you may be able to pick up a property in sanddollar or at 1680 coast hwy in your price range. more likely though is a good deal just east of 5 in pacific serena.

i would encourage you to reconsider your need to be at the beach depanding on whether that is really critical. i am a surfer and have been happy back in the village park area of encinitas for 15 years. it's not too far form the beach and the options are WAY opener.

feel free to give me a call to pick my brain, i know this town pretty well and have sales in most all neighborhoods.
0 votes Thank Flag Link Fri Sep 10, 2010
Hi Megs,

Based on your income and low monthly bills, if you were able to provide or start saving for at least 3.5% down payment, you could qualify for an FHA mortgage and most certainly purchase something on the north county coast. Even better, a conventional loan with 20% down.
A condo/townhome might be the best way to get started and to keep things manageable and yes, there are some great deals, not only foreclosures but also regular sales that are priced well to compete, from Solana to Encinitas. Below is a link to a mortgage calculator so you can play with price point. The average price of a nice condo in Cardiff and Encinitas is about $350,000 though the price increases west of the 5 and can get up to $800,000. Basing it off of a purchase price of $350K, and a 4.3-4.5% interest rate as well as taking into consideration HOA fees (anywhere from $150-$500 a month) plus private mortgage insurance ($200 a month: but you can avoid this if you go with a conventional loan) and you're looking at about $1700-$1800 a month for a mortgage payment. Based on your salary and expenses, you may be comfortable budgeting a bit more to purchase a better place with the ideal location west of 5. A lender will be able to tell you definitively what exactly you would qualify for based on your income and expenses and then you have the ultimate choice of what you would like to spend.

If you can plan to hold onto your home for a few years before reselling then it most certainly pays to buy v. rent. Not only because of ridiculously low interest rates and prices being down 20-25% than previously, but often you'll find that once you make your down payment you're spending less monthly than you would on rent.

Think it over and feel free to contact me with any questions as the north county coast is my speciality and I'll be able to point you in the right direction and present you with some great options.


Warm regards,

Jill Wheeler, Realtor
Willis Allen Real Estate
1424 Camino Del Mar
Del Mar, CA 92014
p: 858-353-2639
e: jill@willisallen.com
w: jillwheelerhomes.com
0 votes Thank Flag Link Fri Sep 10, 2010
Hi Megs07,

Right now it is a great time to buy vs. rent. I don't need to tell you that prices and low interest rates make it very appealing to buy. Your question has so many variables. Do you have any money down? What type of financing? How many bed/bath? Is it just you buying or will you have a roommate or someone to help offset your mortgage payment? The best advice I can give you is to first consult a lender and then align yourself with a Realtor. I have a great direct lender that can help you better understand your situation. I can set up a free consultation with my lender. Contact me at anytime. Good luck!

Alex Saavedra
Century 21 Award
Web Reference: http://www.buysdhomes.com
0 votes Thank Flag Link Fri Sep 10, 2010
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