Rent vs Buy in Irvine>Question Details

Doublezeropr…, Renter in Naples, FL

Considering moving to California, to be close to my daughter. I live in Florida currently, and not sure if I want to buy or rent.

Asked by Doublezeroprod, Naples, FL Sat Dec 21, 2013

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8
Good morning,

Market is moving too fast, if you lease for a year there is a possibility of increase in the value of the property. It has been improving rapidly for last couple of years. Irvine is not a mysterious city, it is one of the best cities in the US. SO if you can afford to buy do so. Timing is an important factor for making any decision, it is on your side. Get in the market and see where you stand. There are Realtors all over the town ready to help you, find the one you can trust. All the best.

Deepak Chauhan
Realty ONE Group Irvine
deepak@HousesInSoCal.com
Cell: 949 748-9834
1 vote Thank Flag Link Sat Dec 21, 2013
I agree with you Deepak. When my husband was transferred from CO back in 2000 we followed the advice to rent first and then buy after we found an area we liked. If we had worked with a good agent they could have given us advice re: commutes, schools, affordability, etc. of different neighborhoods to help us make that selection. Instead by the time our lease was up we had seen neighborhoods that we liked go up in value so they were no longer affordable to us. I also agree with you that Irvine will continue to gain in value so it would be better to buy there sooner than later.
Flag Sat Dec 21, 2013
I have a couple of thoughts on this:

1) Renting for a short time in a new area may give you an opportunity to determine EXACTLY where you'd like to buy. This is happy to know when you're not actually living in the area.
2) Moving is stressful and is also, for most, a "financial event," meaning that there could be a new job, etc. I like seeing borrowers get "settled" before they buy because often that means their application process has fewer moving parts.

Sometimes what works best is a short-term rental (6 months or so). During this time, we work on the pre-approval, get to know the area better and stand poised to be the strongest buyer possible when the time comes.

Just a few thoughts --- but let me know if you need any help.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Mon Dec 23, 2013
Where is your daughter living? Do you have an idea of what cities you'd be interested in? I would like to send you what is currently on the market (both for leases and sales) so that you can get an idea of the market here and pricing. Keep in mind if you decide to rent, most landlords prefer a 12 month lease so if you choose that route, most likely you'll be committed for a year. Email me with your search criteria and I'll send you what's currently available. Thanks! email: cfleming@coldwellbanker.com.
0 votes Thank Flag Link Sun Dec 22, 2013
You have some good answers below, but I would probably rent for a little while (unless you come upon a deal that is too good to pass up and you feel good about the area) in a place you think you want to live to get familiar with it before buying.

In the meanwhile you can work on finding a great agent/broker who can also refer you to high quality lenders and other industry professionals.

Best Regards,

Lance King/Owner-Managing Broker
King Realty Group

lance@king-realtygroup.com
415.722.5549
BRE# 01384425
0 votes Thank Flag Link Sun Dec 22, 2013
To purchase or rent is a matter of choice and affordability. If you have the money and income and can afford the payments it's a great time to buy. That stated, depending on where in California your daughter lives will determine what you can afford to purchase.

If she lives in Beverly Hills and you want to be close to her but are on a limited income and don't have a lot of cash or holdings to make a huge downpayment that will give you a monthly payment you can comfortably live with then it's much better to rent.

We need a little more info to go on to better be able to answer your question intelligently. Where in California does your daughter live? Where do you want to live? How much cash do you have to work with?
0 votes Thank Flag Link Sat Dec 21, 2013
How familiar are you with the neighborhoods of Southern California? If you know the area really well, and are comfortable, then it makes sense to buy. If you are not too familiar with all that Southern California has to offer, my suggestion would be to rent for a 6-12 months, while you familiarize yourself with the area, and decide where you would like to live.

Also, another consideration is if you are selling a property in Florida, you need to consider the tax consequences if you didn't purchase a home in California.

I would be glad to assist you in making this decision- I can send you listings of both current rentals and homes for sale that meet your criteria, so that you can get an idea of what to expect.

Please contact me directly if you would like to work with me! I look forward to hearing from you!

Nicole Fedorchek, Realtor
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
0 votes Thank Flag Link Sat Dec 21, 2013
I think renting makes way more sense when first relocating, Learn the neighborhoods, figure out what parts of town you enjoy, and whether you like living in California,

After you've settled in for a year or two, it makes sense to buy if you plan to stay long tem.

All the best.
0 votes Thank Flag Link Sat Dec 21, 2013
You may want to study RENT vs BUY listings to compare. You will need to figure what cities your considering, the minimum number of bedrooms and the maximum payment/price your looking to achieve. Here is a blog on RENT vs BUY options.
http://www.trulia.com/blog/under640ficoscoreloans/2012/11/re…

The rentals start from $1,100 for 1bd 1ba condo, $1,750 for 2bd 1ba condo, $1,950 for 3bd 1ba condo and the single family homes start from $2,050 for 2bd1ba home. The purchase start from 197k for 1bd 1ba condo. You may qualify to buy FHA from a minimum 580 fico score from 3.5% down or even as low as .5% half percent down payment program. You may qualify to buy with minimum out of pocket expenses and pay less than rent in many cities. It only takes a few dozen questions to qualify and go over your options.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Sat Dec 21, 2013
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