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.
Realty ONE Group Irvine
Cell: 949 748-9834
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.
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.
Lance King/Owner-Managing Broker
King Realty Group
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?
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
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.
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
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