4 Tips for First Time Home Buyers in San Diego

So, you have decided to buy your first home in San Diego. Buying a home is a big financial decision with a long-term commitment towards a lender. Even though finance is readily available to eligible buyers, you need to be financially and mentally prepared to take this big step of home-ownership. Here are some top tips for first time home buyers to make this endeavor smooth and easy for them.

1.      How big a home you can buy?

You know the price range of homes in San Diego when you look at any realty site. But you are not aware of the price range that you can afford or the price for which you are eligible. By looking at how much money you can put forward as down payment and what you can afford in the form of monthly repayments, you can easily arrive at the maximum price of house that you can buy in San Diego

2.      Save enough money in your bank account

Most buyers are under the assumption that they can easily buy a house once they have saved around 20% of the total value of the property in their bank account. Believe me, there are many more costs involved with home buying that need money in addition to down payment. In general, you should have 5% more money in your account after paying for down payment. It will make you feel confident when buying the house. There are miscellaneous fees and closing costs that you have not anticipated.

3.      Hire the services of a reliable and experienced realtor

Many people start house hunting on their own without hiring a real estate agent. It is the seller of the property who pays for your agent and not you. You are not going to save anything by not hiring the services of a real estate agent. On the other hand, this professional can help you at every stage of home buying and make the procedure smooth and easy.

4.      Get preapproved by a lender

This is a very important step in home buying. Before conducting a house hunt, hand over your financial statements to a lender to get his preapproval. This document not only lets you know how much money the lender is ready to finance for your purchase but also reassures sellers and they take your offer seriously. Preapproval letter gives you leverage at the time of negotiations also.

Located on the Pacific Coast in Southern California, San Diego is a city that is famous for its beaches, warm climate, and beautiful parks. You cannot have a dull moment if you are fond of outdoor activities when you are in San Diego. This is because there are so many beautiful places in and around San Diego where you can have a wonderful time during your vacation.

San Diego Zoo

San Diego Zoo is the place where you should be if you are with your family and kids. Located inside the famous Balboa Park, this zoo is one of the largest zoos in the whole of America. You can see many exotic animals including the white pandas in this zoo. There are many hills and a canyon along which the zoo has been built. Kids will enjoy the animal enclosures that have been created to simulate natural environment for the creatures.

Seaworld

Seaworld is one of the most famous tourist attractions of San Diego. Located in Mission Bay on the waterfront, this beautiful structure has been there since the 60’s. Kids can enjoy wonderful sea creatures like whales, sharks, dolphins, and sea lions in Seaworld.  It also contains lots of joy rides and water slides for the full entertainment of the whole family. It has an aquarium where you can see large sea creatures through a tunnel.

Seaport Village

This is a beautiful place in San Diego to spend your afternoon. Located on the waterfront, this village contains many shops, boutiques, and restaurants to shop and have wonderful food. There are many beaches where tables have been laid out for families to enjoy picnics. There are also mesmerizing performances given by artists for the visitors.

San Diego Museum of Art

Do not miss this wonderful building if you are a lover of history and art. You will find some mesmerizing Spanish busts and statues here made of silver and terracotta. There are also busts of famous painters from Spain whose works are exhibited inside this museum. There are antique pieces collected from around the world dating back to more than 7000 years inside this museum.

Point Loma and Cabrillo National Monument

This is a historic monument where you find a large statue of Juan Rodriguez Cabrillo who arrived at this place way back in 1542. His historic voyage is told to the visitors through exhibits and displays at this national monument. There is also a historic Lighthouse in this monument.

Best School Districts in San Diego

When you are buying a home in San Diego County, the choice of city depends heavily on the quality of school district in the area. Most parents like to move to a city where schools are served by the best School District as they want to ensure great educational facilities for their kids. Even if they don’t have school going kids, many buyers know that the resale value of their property will be impacted by the quality of school district in the area.

The following is a list of top most school districts in San Diego based upon data provided by niche.com and greatschools.org. This list has been prepared to serve as a guide for the parents when short listing a place for buying a home in San Diego County.

1.      San Dieguito Union High School

SFUHSD gets highest ranking from both niche.com as well as greatschools.org. It is an award-winning district that serves communities in the coastal areas of San Diego such as Leucadia, Encinitas, and Cardiff by the Sea. Other cities served by this school district are Solana Beach and Del Mar. There are 5 Middle Schools and 4 High Schools under this district.

2.      Poway Unified School District

PUSD is a top-ranking school district in San Diego County. It serves schools in the northern part of the county and nearly 35000 students get education in schools under this district. PUSD is operating 25 Elementary Schools, 8 Middle Schools, and 5 High Schools. Most of these schools are in the city of San Diego while many are also in Poway.

3.      Coronado Unified School District

Ranked third overall, this school district in San Diego is serving 5 schools and nearly 3175 students. Experts believe this school district has services of some of the best school teachers in the whole of California.

4.      Spencer Valley Elementary School District

This is a small school district covering an area of nearly 10 sq. miles in the northeast part of San Diego. Spencer Valley district is considered the safest school district for students.

5.      San Marcos Unified School District

SMUSD is a large school district in San Diego serving nearly 20913 students. The schools in communities like Carlsbad, San Marcos, Escondido, and Vista are covered by this school district.

In addition to these, other highly respected school districts in San Diego County are Carlsbad Unified School District, Grossmont Union High School District, Chula Vista Elementary School District, San Diego Unified School District, and Lakeside Union Elementary School District.

Real estate investment is a very safe tool of investment that is also very beneficial. Not only do you create an asset for yourself but also see its value appreciating with passage of time. Of course, you must spend money on its maintenance and property taxes, but you can also start to earn rental income. The mortgage you avail also brings tax benefits for you. Here is a list of benefits that you stand to receive when you buy an investment property.

You can feel and enjoy the asset

Whether you buy a home for your family or an apartment building with many units, you create an asset for yourself that you can see and feel. You become the boss of the property and enjoy ownership.

Your asset grows in value

Unlike share market and commodities where the market is volatile, and you face lot of uncertainly, your investment remains safe with real estate. Also, it grows with passage of time as property prices continue t appreciate all the time. Be careful in terms of location when buying your investment property.

Your tenants pay off your mortgage

If you can secure low vacancy in your rental income property, you can easily pay your monthly EMI’s with the help of rent collected form your tenants. In fact, you can also expect some income after paying your monthly obligations. In a way, your mortgage is repaid by your tenants and you become the owner of the property by simply paying the down payment.

Tax benefits

Buying a property also brings tax benefits in its wake. You can save a substantial amount of money every year in the form of deductions that are allowed by the government on your repayment of interest on your mortgage. You can enjoy this saving year after year if the term of your mortgage continues.

Buy another property with built up equity

Your income property appreciates in value with passage of time depending upon the housing market in San Diego where it is situated. Once it has sizeable built in equity, you can get another mortgage by using this built in equity as down payment. Imagine becoming owner of second income property using your first property. This way you can increase your rental income also.

In addition to the proud feeling of ownership and the solid monthly rental income, your investment property also gives you a feeling of security as it secures your future.