If you are renting now..

NEW -> Contingent Buyer Assistance Program
[quote author="PeterUK" date=1208871742]We rent a 2 bed 2 1/2 bath Townhouse (IAC) in Westpark for $2270. We love it here, I chose the location and my wife chose the Townhouse, I didn't see it untill the Day we moved in (except for the outside one night) but I was happy because it's less than 2 miles from work (she has a 2.2 mile commute).



Are those that quoted DTI are they refering to gross or net on income? There's a huge difference.</blockquote>


I think that is gross income.
 
[quote author="irvinehomeowner" date=1208843317][quote author="waiting_to_buy" date=1208841985]wow thanks for all the replies..yeah i am not too thrilled with all the $$ that goes down with owning a house now, HOA, roos, and maintenance, OH and the lovely PROPERTY TAX YIKES !!



right now we rent a place 1 bd in fountain valley for $1300 and we're loving the rent but amenities wise its minimal and small 750 sq ?? so i think i am ready for a bigger and better place and renting is the way to go..maybe from there i will make the jump to buy in a few years. :) My husband's argument is we can stay where we are for another year or two and save some rent money but I want to move out.



I'll show him around the places you guys mentioned here as a start.</blockquote>
It's not that easy to find a house you like. It took me a long long time.



If you and your husband are interested in buying a housing in a recent future, I suggest you to:

1) Do a gain/loss calculation rent vs own.

2) If you think you should own a home, what would be your budget. Your monthly payment should not exceed 35% your total income (DTI)

3) Next, pick a city you are most likely interested in. Is good school district important to you.

4) If you plan to stay in the house for long time, make sure you have at least 20% down to avoid PMI and go with with 30 year fixed to avoid future headaches(ARM reset...).

5) Like many members here have indicated, waiting another 6 months or 1 year in this current maker is a good option.

6) Make sure you have enough savings to pay for house payment and all the expenses for at least 1 year even if both you or your husband are out of works (Safety net).





Good luck.</blockquote>


thanks for ur inputs. We do have enough for a 20% down but the longer we wait the better house we can afford...



our job is very stable so we are not worried about getting laid off but yeah i should work towards the safety net...basically all my money would go to the house....is that bad. I think 3-6 months should be sufficient? but of course the more the better.
 
[quote author="Anonymous" date=1208831039]There is a nice summary of each of the different Irvine villages here (http://www.irvinehousingblog.com/blog/category/community-profile/)



</blockquote>


wow thanks, I never knew those were on the blog. None of the areas feeding into Northwood High seem to be on there though. Did IR do all those pics himself?
 
[quote author="irvinehomeowner" date=1208833870][quote author="biscuitninja" date=1208832604]<blockquote>



thanks, i will try to convince my husband. He thinks that any more money you put into rent is a waste of money :roll:</blockquote>


Yes, pouring money into rent is a waste. Buying right now is a HUGE waste. Take a 500k investment, and then have it devalue something like 50k in the next 6 months. SOooo take your 2000 payment for 6 months, that's 12k wasted. Now take your 50k devalue alone in 6 months... that like 8k a month.... wasted. Humm... 2k or 8k.



Its not a trick question ya know.



Tell ya what, i'll buy 6-12 months later and have a good amount more saved as well as buying the same product for 20% less.



-bix</blockquote>


totally not true.

do you know 100% sure that her house will lose 50K in 6 months or you are just speculating? I bet you are.



let's say your speculation is right, but if she decides to keep her house in a long run, she'll be alright.</blockquote>


Yes it is speculation, have you seen the quarterly results? They are worse than anybody suspected, my feeling is that the results are a indicator to whats going to happen. Its only going to get worse because there are even more homes going to reset.







-bix
 
k.o. - you've got that right! Costa mesa is FULL of great, unique, high-quality restaurants, and Newport has a bunch as well. One other thing to boost CM and NB is the physical proximity of everything. I live close to 17th Street and can walk to almost everything (except big-box like Target or Home Depot). Hard, if not impossible, to do the same in Irvine.
 
[quote author="S_man" date=1208891522][quote author="PeterUK" date=1208871742]We rent a 2 bed 2 1/2 bath Townhouse (IAC) in Westpark for $2270. We love it here, I chose the location and my wife chose the Townhouse, I didn't see it untill the Day we moved in (except for the outside one night) but I was happy because it's less than 2 miles from work (she has a 2.2 mile commute).



Are those that quoted DTI are they refering to gross or net on income? There's a huge difference.</blockquote>


I think that is gross income.</blockquote>


Thanks
 
[quote author="hs_teacher" date=1208784848]Try Calypso on Jamboree/Alton. Although I'm not looking for a place to rent, if I was, I would check that place out. It's newly built so it's like living in a brand new home! With all these new places being built on Jamboree, I think it's a great time to check out all the modern amenities.



Although I love the location of Foutain Valley, it doesn't have all the cool new complexes like Irvine.</blockquote>


But hs, they're located right on a busy intersection
 
It is on a busy intersection. It'll be across from a new shopping center too. I know most of the people here like Irvine for its suburban appeal, but I think the urban thing is cool too. Personally, I would love to live in a busy city.



Hey, check out the Enclaves by South Coast Metro. I think they're opening now and their prices are more reasonable.



I belive that what you buy a home and start a family, you would like to have a nice, spacious, quiet place. Whereas when you're renting or haven't started a family, proximity to businesses is a priority.
 
[quote author="CM_Dude" date=1209026074]k.o. - you've got that right! Costa mesa is FULL of great, unique, high-quality restaurants, and Newport has a bunch as well. One other thing to boost CM and NB is the physical proximity of everything. I live close to 17th Street and can walk to almost everything (except big-box like Target or Home Depot). Hard, if not impossible, to do the same in Irvine.</blockquote>


Hey Dude, I hear ya! I live close by to 17th too and there's great places I can walk to to grab a bite, or groceries, etc. And if I feel lazy and drive, its so close. The places definitely have character and while there are big box places and chains, there's still some of that non-conformist charm that the area exudes. After living in Irvine for most of my life, its a small change, but a nice one.



Oh, and I can grab a drink (or two), and walk back without having to worry about finding a DD.
 
k.o.,



The drink factor is another key - thanks for mentioning that! For YEARS, my place has been the pre-party spot, because we can then WALK to multiple bars, from Yardhouse and Chronic Cantina, to Goat Hill to the Little Knight and La Cave (I avoid Pierce Street AT ALL COSTS).



Does anyone know anything about Camden at Jamboree and Main? I had an opportunity to walk through those units when they were under construction, and was shocked that the many of ground floor units looked out onto the Souplantation/Mariott Suites PARKING LOT. You literally would have the front-end of a car 4 feet from your bedroom window, not to mention an extremely crowded and busy parking lot at lunch, dinner and on weekends, including a thriving Sunday brunch. I can't believe people would rent there.
 
[quote author="hs_teacher" date=1209046623]It is on a busy intersection. It'll be across from a new shopping center too. I know most of the people here like Irvine for its suburban appeal, but I think the urban thing is cool too. Personally, I would love to live in a busy city.



quote]



hs, do you mean <a href="http://avalonirvine.com/">Avalon</a> ? This is the one across from the Diamond Plaza.



I understand what you're saying, I could also live in a busy City such as London, Paris, Amsterdam or even Chicago but the Urban living thing will never work in Irvine, IMHO because you can't walk anywhere worth walking to plus you'd still need to own a Car which isn't neccessary in a true Urban environment...
 
[quote author="CM_Dude" date=1209101119]k.o.,



The drink factor is another key - thanks for mentioning that! For YEARS, my place has been the pre-party spot, because we can then WALK to multiple bars, from Yardhouse and Chronic Cantina, to Goat Hill to the Little Knight and La Cave (I avoid Pierce Street AT ALL COSTS).

Does anyone know anything about Camden at Jamboree and Main? I had an opportunity to walk through those units when they were under construction, and was shocked that the many of ground floor units looked out onto the Souplantation/Mariott Suites PARKING LOT. You literally would have the front-end of a car 4 feet from your bedroom window, not to mention an extremely crowded and busy parking lot at lunch, dinner and on weekends, including a thriving Sunday brunch. I can't believe people would rent there.</blockquote>


Hey, you could always rent one at the front overlooking the street then you could listen to the 18 wheelers drive past all day, open windows would be a thing of the past.
 
Maybe it is Avalon. And I agree, you can't walk around much in Orange County. But at least you can bike to nearby businesses. Actually, if you live by Main Street in Huntington Beach, you CAN walk anywhere.
 
I haven't been to Pierce Street for a while (4+ years), but people tell me not to go. Yet my curiosity has been building...
 
[quote author="hs_teacher" date=1209134245]Maybe it is Avalon. And I agree, you can't walk around much in Orange County. But at least you can bike to nearby businesses. Actually, if you live by Main Street in Huntington Beach, you CAN walk anywhere.</blockquote>


just not to a grocery store. its great for bars and restaurants, though (I live a few blocks off Main)
 
Check out Alta Court off of Main. They just called me an hour ago and said they are offering 1 month free and lowered rent so net rate for their small 2b was $1930 and large 2b was $1970. I live in Villa Coronado right now and Alta Court looked 10 times better. It was built solid and has better amenities than most Irvine complexes.



We ended up renewing our lease for 7 months as we think the winter might produce some good buying opportunities.
 
[quote author="hs_teacher" date=1209046623]It is on a busy intersection. It'll be across from a new shopping center too. I know most of the people here like Irvine for its suburban appeal, but I think the urban thing is cool too. Personally, I would love to live in a busy city.



Hey, check out the Enclaves by South Coast Metro. I think they're opening now and their prices are more reasonable.



I belive that what you buy a home and start a family, you would like to have a nice, spacious, quiet place. Whereas when you're renting or haven't started a family, proximity to businesses is a priority.</blockquote>


hi hs teacher- i went to check out enclaves, pretty nice! i dont like the location that much...u can see the freeways from some of the windows...but the fact that they're new def is a nice touch. They told me then only have 40 residents at the moment. Anyhow, i thought about it some more and i think i want to rent closer to work, if i am going to make the move, to save gas nowadays. :)

i am considering san paolo villa, san marco villa, santa clara villa, san leon, san remo area.
 
So I guess you're looking to live in Westpark? I used to live at San Marco years ago. Why don't you rent a condo at Tustin Fields? I don't know, but I still say you check out all the new apartments Jamboree. Being the first person to live in a new home just has a nice ring to it.
 
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