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CALL TODAY: 949.929.6834 or 949.510.0929
Marie Miller, Realtor
License 01823510
 
Marie Miller, Broker Associate
SRES, Accredited Home Staging Specialist
SFR, Short Sale and Foreclosure Resource
949.929.6834
Vera Jacques, Realtor
SRES, State License Appraiser
SFR, Short Sale and Foreclosure Resource
949.510.0929
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Vera Jacques, Realtor
License 01140529
Coto De Caza Real Estate Coto Orange County Real Estate Multiple Listing Service Orange County Orange County Realtor Laguna Hills Homes Laguna Niguel Real Estate Laguna Woods Real Estate Coto De Caza Real Estate
 
First Time Home Buyer
Types of Housing
 
First
First
First
 
Single Family Homes
DISTINGUISHING FEATURES
The most distinguishing feature is that the home sits on its' own piece of land and is not attached to anyone else's residence. You will have control of what you do with your property subject to neighborhood and subdivision regulations, ordinances and, building codes relating to the jurisdiction. You will want to investigate the individual property restrictions prior to making your purchase.
Advantages Disadvantages
Mostly, your space is your own. You can modify or improve as you wish within the regulation and code requirements All interior and exterior maintenance costs and repairs are your responsibility
Re-sale value is generally the highest for Single Family Residences that are detached homes. There may be a lack of amenities for example, playgrounds, pools, tennis courts etc. Many planned communities offer these amenities for a monthly fee, which is generally mandatory if you purchase within the community.
If you need additional room as your family grows, you can usually add on to the existing home. You are responsible for landscape upkeep on a regular and continual basis.
Many times there are no Home Owner Association Dues, unless there are amenities provided for the development. Most single family residences are more expensive than other home purchase options.
This type of home ownership would be good for you if you like "your own space", you love gardening, you like having the ability to add or change the appearance of your home or you wish to purchase land and build your own home.
 
Town Homes
DISTINGUISHING FEATURES
A Town Home can be an excellent middle ground between a Single Family detached residence and a condominium as it offers attributes of both. A Town Home sits on a parcel of land that is owned by the homeowner. The owned parcel is usually a small yard or patio and its' upkeep is generally the responsibility of the owner. The home can come in the form of a duplex, triplex or can be part of a huge community of several hundred similarly designed homes. The home is most times two stories and will have no neighboring homes above or below your home. There will be common interest ownership in the grounds and any amenities such as swimming pools, clubhouses and tennis or sport courts. You will be required to pay a Home Owner's Association due which will pay for the upkeep of the amenities, common interest grounds and generally the exterior maintenance of the buildings.
Advantages Disadvantages
Less exterior maintenance and repairs to be responsible for You will be responsible for Homeowner's Association fees which can include, at times, special assessments.
A higher level of security with another home/s attached to yours. You will have less privacy as compared to a detached Single Family Home on its' own parcel of land.
There will likely be amenities such as swimming pools, tennis courts, play grounds. The options for changing the exterior of your home will be limited.
This type of home ownership would be good for you if you like "your own space" but do not want to deal with exterior maintenance, a small back yard or patio is all the yard you require, the idea of having close neighbors is appealing.
 
Condominiums
DISTINGUISHING FEATURES
The easiest way to describe a condominium is to picture it as an apartment that you own. Condominiums are usually stacked and you could have neighbors above or below your condominium. Ownership extends inward of the interior walls, floors and ceilings. The grounds and amenities are held as common area interest. The buyer is expected to become a part of the Home Owners' Association for which you will pay monthly dues. The HOA will be responsible for the upkeep and maintenance of all common interest areas and the upkeep and maintenance of the exterior of the buildings. Condominiums are generally the least expensive form of ownership as the development takes less land costs as you can build more condominiums than Town Homes or single family residences on a parcel of land.
Advantages Disadvantages
You will be responsible for no exterior maintenance or repairs. You will be responsible for the payment of a monthly Home Owner's or Condominium Association Fee.
Many condominium communities offer pools, pay yards, tennis or sport court and, clubhouses for the use of the homeowner. You give up the most privacy as compared to a detached single family home or a Town Home.
Condominiums are often located in areas close to shopping centers and concentrated areas of employment. You own only from your dwelling interior walls inward. The rest of the structures and all of the land is owned in common with all the other owners of the condominium community.
Condominiums are usually more reasonably priced as compared to single family homes or Town Homes. It is often takes more time to sell a condominium as compared to single family homes and Town Homes.
This type of home ownership would be good for you if want nothing to do with any exterior maintenance or repairs at all, you like the idea of having amenities that you don't have to individually pay for and you like the idea of safety in numbers with numerous nearby neighbors.
 
First Time Home Buyer Checklist
 
Text
 
 
When Preparing To Purchase Your First Home
Be an informed buyer. Research information related to your home buying purchase as the purchase of a home will likely be the most costly purchase you'll ever make.
Make a list of all the criteria that is important to you such as neighborhood demographics, school districts, local shopping, distance from work, length of time you plan to stay in the home resulting in the physical requirements you will want in a home such as number of bedrooms, bathrooms, etc.
Get your financial picture in focus prior to starting a home purchase venture.
Familiarize yourself with the mortgage process.
Get pre-approved for a home loan. This will give you a budget to work with and will allow you to have the power of a "cash buyer" while you are searching for your home purchase
Keep a score card of all the homes that you have been shown; develop a spread sheet and rating system for the items that are most important to you.
Once you settle on THE home you want, negotiate the best deal using the information you have acquired. Study the comparable recent sales with your agent and use those statistics in making your offer.
Once you've completed negotiations make sure to follow-up on the loan approval and turn it into a loan commitment with your lender.
Familiarize yourself with the escrow process.
Arrange for the "home inspection". Protect yourself and do not omit this step!
Ask for and learn about the "home warranty" and what it covers.
If your loan requires mortgage insurance, shop the rates and get the best plan that provides for the best long term savings.
Begin to research moving companies in advance as means to be able to get the best pricing.
Enjoy your new home purchase!
 
Your Final Walkthrough
 
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A final walk through of the home will be done just before the closing of your escrow It is important to do this as you will want to make sure that the items you expected to remain with the home are still there and that the seller has not left unwanted items for you to remove because they just didn't want to move them. Take your time when doing the walk-through and refer to your contract and you request for repairs addendum as necessary to make sure that the condition of the property is as you had negotiated and expected.
 
A Few Tips
Check the house from top to bottom
Pay particular attention to expensive items such as special chandeliers that you expected to be a part of the sale
Watch for areas where furniture or rugs may have been when you originally looked at the property. Sometimes those areas where furniture once sat will show defects that were not visible at the time of your first viewing.
It items are missing or have been left behind, deal with it now before the final closing of the transaction
IMPORTANT. leave your emotions of elation about your purchase outside the door so you can clearly see and address any items of concern.
 
Helpful Reading for Home Buying
 
"Home Buying for Dummies"
Eric Tyson. author
Ray Brown.author
"Ten Steps to Homeownership"
Ilyce R. Glink.author sale
 
This information contained in this website is intended as a "guideline" only and is not to be relied upon for the purchase of a specific property. Research of all facts pertinent to the purchase of any home is expected to be performed by the prospective purchaser.
 
 
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24221 Paseo de Valencia
Laguna Woods, CA 92637
Thank You for visiting our web site and giving us an opportunity to help you with your real estate needs!
The information contained in this website is intended as a “guideline” only and is not to be relied upon for the purchase of a specific property.
Research of all facts pertinent to the purchase of any home is expected to be performed by the prospective purchaser