Long Beach Real Estate-Long Beach Condos

My email box is very busy, every day there are many hundreds of emails to deal with.   The email from buyers and sellers is expected, that is my business. Sometimes there are emails from people who just want information on neighborhoods, condo complexes or the market and once in a while a student will ask how to break into the real estate business.  Today I received a great email from a student who is smart enough to be future planning and asking for the best advice on how to attain their future goal of home ownership. 

Hello Ms. Manny,

I am a student who just graduated from college and will be entering the work force within a few short weeks. It has always been my dream to own a home near the ocean and so I have been researching costs and locations to prepare for that day when I make that investment. I've always loved Newport Beach and hope that one day that will be the city I dwell in.

In my search I found your site and loved it! It's so well organized, eye catching, and has some of the most beautiful homes with ocean views that I've ever seen. My question to you is, "How should I prepare for making my dream come true of owning a home (in particular a townhouse) with an ocean view?" I've been keeping my credit together and have an excellent score, however I need to pay off my school loans and maybe add another credit source in order to have more credit history. So, other than good credit, what other pieces of advice could you give to me from your experience that can prepare me to make this dream come true?

I appreciate your taking the time to read this and please take your time answering, I know that you are a very busy business woman.

Also, I would love to join your site, "Long Beach Real Estate," but I don't want that to be misinterpreted by your team that I am interested at this time in buying a home. It would be strictly for keeping a watch on the market for the future. Would joining the site prompt them to call me about buying a home? I'd hate for them to waste that time when I am just looking at the site for inspiration.

Thanks again and God Bless!

Sasha

Hi Sasha,

Thank you so much for the kind words about my site.  Having worked so hard on it for so long I always love hearing that it is being received well and that readers find it useful and easy to navigate. 

It is so refreshing to hear from young people who are taking an active roll in planning their future.  You are already on the right road!  I hope that you are entering a profession that will provide nicely for you as you progress in your career.  You didn't mention what profession you will be pursuing, so I will keep this a bit general. 

The first thing you should do is save up as much money as you can and pay off those student loans.  Invest and grow your earnings wisely.  Build your reserves and do not use all of them to purchase your home, condo or townhouse.  You should always have reserves to cover unexpected expenses.  Yes this will take some time, do not be discouraged, the best things in life are worth waiting and planning for.

Keeping your credit in tip top shape and your credit scores high will always net you the best loan terms when it comes time to purchase your home.  Good loan terms can net large differences in your monthly payments.  This article will help you to understand those scores a little better:

• Long Beach Home Loans - Understanding Your Credit Scores 

Your lender will want to see employment in the same position and profession for 2 years before considering you as a candidate for a home loan.  This short series will be helpful in preparing yourself to qualify for your home loan:

• Don't Make Any Major Purchases - Part 1 of 3
• Things to Avoid Before Purchasing a Long Beach Home - Part 2 of 3 
• Changing Jobs Affects Your Ability to Purchase a Long Beach Home - Part 3 of 3

Homes and condos can be purchased with as little as 3.5% down payment with an FHA loan at this time. This may or may not still be true in a few years when you are ready to begin your home search. Conventional loans require larger down payments. You should examine the terms of the loans available when you are ready and make your decision based on a long term financial plan. A very good lender should be able to assist you with your long term plan. Often when buyers purchase their first home they have a plan to sell it in 5 to 7 years and trade up. If you decide to do this then you may decide on a different loan product than somebody purchasing a home they plan on living in for either a long time or forever. Keep in mind that the best of plans can be laid to waste by a major life change. For instance, somewhere in the middle you could fall madly in love, get married and start a family. That would change everything.

One of the things that first time home buyers often don't consider initially is after purchase cash.  If you buy a home or a condo that requires work, you will need to have after purchase cash reserves for this.  After purchase repairs can become more costly than originally planned for and often do.  If you are not careful these repairs (and upgrades) can quickly deplete your bank accounts.  Read also...

• Buying Long Beach Homes - Issues for 1st Time Buyers - Great Information for today's first time home buyers.
• Buying Fixer Upper Homes in Long Beach -This article highlights issues that many 1st time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement.

If you decide to purchase a condo, townhouse, or buy into a planned development you should have at least a basic understanding of HOA's (Home Owners Associations) and how they affect you and your finances directly.  This article tackles some of these issues:

• Long Beach Condos - Buyer Tips for a Smart Purchase - Buying condos is serious business, learn how to arm yourself with necessary information.

I absolutely love that you are just starting out and I have the opportunity to educate you on several huge pitfalls most people never consider when they purchase their first home.  California is a community property state.  If you purchase your home before you get married and handle it properly as separate property going into a marriage, you will still own it coming out of the marriage if things don't work out.  People don't like to think about this, love is very powerful, but the truth of the matter is that the divorce rate in California is astronomically high and these things need to be considered.  It is in your best interest to learn about separate property laws and how to protect your assets in the event of a divorce:

• Divorce and Real Estate
• Separate Property- Whats Love got to do with it?   

If you purchase your first home while married the home will be considered community property, as will all major items purchased during the marriage.

I hope you find this information helpful and that it gets you off to a good start.

Feel free to sign into my site.  When you do you will find an area to leave a message.  Go ahead and explain that you are future planning and do not wish to be contacted.  We will honor your wishes and allow you to search freely and undisturbed.  When you are ready to purchase let us know, it will be our pleasure to assist you when you are ready.  In the meantime, if you have any further questions do not hesitate to contact me. 

Warmest Regards,

Laurie Manny