Best Place to Buy in OC for First Time Buyer

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aradman_IHB

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Hi everyone,



I'm new to this forum. I'm looking to purchase my first home and I'm debating where in OC I should get it. My work is in the South Coast Metro area, but in the price range I'm looking at ($4ooK or less), all of the condos or homes in the Costa Mesa area in that price range are just too old, too ugly, too small, and in bad areas.



There are plenty of condos in that price range in Ladera. It's a nice area and I've seen some decent deals there (stuff about 1600 SQFT for $380K range), but it's a bit of a drive to South Coast Metro, and I'm wondering if it's a wise investment in the long run.



I've also seen similar prices in Aliso and Mission Viejo. You guys think it's wise to buy in that area, or would I be better off buying an older condo closer to the Costa Mesa, Irvine, Orange, Yorba Linda, Anaheim Hills areas? I saw some new condos from Lennar and Centex in Orange that were in the low 400's, but the neighborhood is just total ghetto. I know Irvine has some condos in that $400K range, but most of them like Costa Mesa, are just old and beat up, and just plain ugly. So far, based on what I've seen and my kind of limited budget, it seems like Ladera or Aliso are my best bets, given that I want to live in a decent neighborhood, and in a newer condo (meaning no more than 10-15 years old).



Anyway, any advise would be appreciated.



Thanks,



Al
 
I go for location. I think that's more important. I prefer a smaller, older home in a more convenient or desired location. The newer home has an appeal when you first live there, but after a year or two, it loses its luster.
 
[quote author="Al" date=1213191118]Hi everyone,



I'm new to this forum. I'm looking to purchase my first home and I'm debating where in OC I should get it. My work is in the South Coast Metro area, but in the price range I'm looking at ($4ooK or less), all of the condos or homes in the Costa Mesa area in that price range are just too old, too ugly, too small, and in bad areas.



There are plenty of condos in that price range in Ladera. It's a nice area and I've seen some decent deals there (stuff about 1600 SQFT for $380K range), but it's a bit of a drive to South Coast Metro, and I'm wondering if it's a wise investment in the long run.



I've also seen similar prices in Aliso and Mission Viejo. You guys think it's wise to buy in that area, or would I be better off buying an older condo closer to the Costa Mesa, Irvine, Orange, Yorba Linda, Anaheim Hills areas? I saw some new condos from Lennar and Centex in Orange that were in the low 400's, but the neighborhood is just total ghetto. I know Irvine has some condos in that $400K range, but most of them like Costa Mesa, are just old and beat up, and just plain ugly. So far, based on what I've seen and my kind of limited budget, it seems like Ladera or Aliso are my best bets, given that I want to live in a decent neighborhood, and in a newer condo (meaning no more than 10-15 years old).



Anyway, any advise would be appreciated.



Thanks,



Al</blockquote>
Have you considered looking at Huntington Beach? There are a few 10-15 year old condos out there that fall within your price range plus your drive to CM won't be bad at all. If not, take a look at Tustin Ranch. I would still pick Irvine over both of those so maybe you have to wait for a bit for prices to come down a little more. Are you working with a realtor?
 
compare the tax rates too. CM is pretty low (.0103 or so) and no Mello Roos. It can add quite a bit to the monthly outlay. When you say ugly, do you mean you dislike the floorplan/architecture, or just cosmetic? Flooring, paint, cabinets, counter tops and appliances can do wonders for a cosmetically ugly place. Throw in some new baseboards and maybe some molding, consider the windows and a condo can look brand new. If it's priced super aggressively, it might be worth it to go cosmetic fixer as you at least get to pick out exactly what you like.
 
As Stepping Up said about the tax rates, keep that in mind. Ladera has really high mello roos and HOA dues, and Aliso has mello roos. For Ladera you will be looking at a 45 minute drive <em>minimum </em>each way (it's about 40 to Irvine), each day. Is that really something you want, with gas going up who knows how high?



Don't get me wrong, though. I like Ladera, but it has its drawbacks. I would say if you are only deciding between Ladera and Aliso, go with Aliso because of its general better proximity to freeways for work. Be careful with either area, though, because there are lots of foreclosures in the pipeline.
 
Thanks everyone for your responses. Yes, I had noticed the high HOA, tax, and other fees associated with Ladera, on top of the commute which makes it less attractive. I think if I do south county, probably Aliso is a better option. I've looked at Tustin Ranch and just haven't really found anything in my price range. I saw listings for a couple of new ones over by Tustin Field, but they turned out to be under some income restriction affordable housing type deal and I didn't want to touch that. In HB, most of the stuff I've seen are pretty old, I did see one that was close to the Harbour and was in an excellent area, but it wasn't all that, plus it had an ungodly $411 HOA.



I see these huge new homes in Corona going for mid $300's and get tempted at times, but I know that's probably the stupidest thing I can do at this point!



I'm not sure about waiting too much longer because of the interest rates. It sounds more and more like the rates will keep going higher, so I'm thinking the next 3-4 months is probably the best time to buy rather than waiting another year.
 
I would opt for lower home price vs lower interest rates...



Keep in mind: Home Price = Property Tax



That's why when builders are offering incentives, and people are using it to upgrade the interior... I always ask "can I use it to lower the price of the house?". In the recent past... this was NEVER an option. Now, I have been surprised to find that many builders are allowing these incentives to be used towards the price of the house. Much better to get a lower tax rate... just my 2 cents.



GITOC
 
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