What would you buy? Condo in Irvine or house in Lake Forest?

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Irvine_Kat_IHB

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I have a 1st grader and a 5th grader. The 1st grader is in learning disabilities and receives extra help at school. We rent in Irvine and I work in Irvine. I would like to buy in Irvine just for the schools. For the same money as a condo in North Irvine, I may be able to buy a home in Lake Forest. However, the quality of the schools seems much lower and I would have a small commute to Irvine. We live in the U. Hills area. The only think I could afford in this area is a 2 b/1 bath with a carport!



Any thoughts? Should I continue to live in small quarters for the Irvine school district? Or take my chance in Lake Forest?



Thanks!
 
Okay Kat, I'll bite. Why are you so determined to buy right now? For the same amount of monthly outlay as you're looking at for an Irvine condo/Lake Forest house purchase, you could rent a gorgeous McMansion in NorthPark and still have extra cash left over every month for Disneyland for you and the kids.
 
<p>You can probably rent a house in Irvine for less than what it would cost you to buy a condo in Lake Forest. Rent for a few years and enjoy your children and not worry about the maintenance and aggrevation of owning a house. The money you will save can go towards a better home in the future or your children's education in the future.</p>

<p>House values are only going down right now.</p>
 
Hey irvinesinglemom, I am too. I am determined to buy now because I'm preapproved for a loan with the State's home loan "moderate income" mortgage program. I can get down payment and closing cost assistance. The mortgage rate is high 6.5 but since I do not have a down payment, I like the idea. Plus, I share a bedroom with my darling 7 yr old son. He never complains but the apt is closing in on me.



You and skek suggesting renting a bigge place, I like the idea and need to think about it. My rent is $1200 for a 2 bedroom, so it is hard spending several hundred more for a rental.



Thanks so much for the comments.
 
Great twist on the same sugggestions CalGal. Your right, enjoy the children, spend the extra money to have a bigger place, and buy in a few yrs.
 
You guys are right, that would solve all my problems and I can afford a bigger place. I just need to remind myself that it's okay to spend the money.
 
Just curious how you plan to pay the mortgage? Will likely be 3 times what you pay in rent.... I only ask this b/c you indicated that "several hundred more for a rental" did not seem like it was something u were interested in doing.





Did you just mean that you didn't want to "throw" several hundred more dollars away on extra rent?
 
Yes, Trooper, I don't want to waste money on the extra rent. As for the mortgage payments, I think I can manage. I am very resourceful, I've rented rooms in the past when things were tight.
 
<em>I think I can manage.





</em>Your statement should be, I KNOW I can manage. If you have to possibly rely on renters to make the mortgage, you shouldn't be buying a house.





Wait another couple of years to buy....prices are dropping. Those programs will still be around in some way, shape and form.
 
<p>If you rent a house, you'll pay money to your landlord every month. If you buy a house, you'll pay money to your bank every month. You'll just be renting from a landlord instead of a bank.</p>

<p>You'll have a lot less stress knowing you didn't buy right now. Imagine buying a house now and in a year your neighbor's house sold for 10% or more LESS than what you bought your house for. It's not a fun feeling. Keep reading these forums - it will make your decision easier.</p>

<p>Have you read these articles yet: <a href="http://forums.irvinehousingblog.com/discussion/1702/new-members-start-here/#Item_10">http://forums.irvinehousingblog.com/discussion/1702/new-members-start-here/#Item_10</a></p>

<p>Catch up on some of these articles from this website, and I know you will decide to rent instead of buy. Most people on this website can easily afford to buy a house - they choose not to because of the current housing situation.</p>

<p>Good luck!</p>

<p> </p>
 
Irvine_Kat, please keep researching the current status of the housing market and think carefully about whether now is a good time to buy. These guys are all right... you can rent something very nice for a lot less and get a much better deal on your purchase if you can wait it out a year or two. Even if you found a house for $450K in Lake Forest you are looking at almost $3,000 / month with that interest rate.
 
Happy medium: Rent a killer house and get roommates. (but research the crap out of who they are, since they will be around your children. Demand a copy of their lack of an arrest record... check credit)
 
Just in case you whisper back, I'm off to find some dinner! You have given me sound, neutral advice. I do really appreciate it! Thanks again.
 
<p>IrvineKat...</p>

<p>I think of it this way. Buy a 450k house and lose 10-20% of what you paid in one years time(45-90K). If you wait you spend someting like 18k which is about 1/3rd the money you'd lose on a house. I'm kinda slow, but if i'm losing money I really want to minimize it, not maximize it. I also want to invest in things that will make me money now, not sometime in the future.</p>

<p>Anyways good luck</p>

<p>-bix</p>
 
You are right, my comment, I think I can manage, shows I'm not prepared and making a bad decision. I am going to wait and stop looking. Hmmm, maybe I'll go buy a new car..... (just kidding!) Thanks again! Irvine Kat
 
That was easy. Chalk another one up for the team !


<img width="150" height="150" src="http://www.adrants.com/images/easy_button.jpg" alt="easy_button.jpg" />
 
IHB saves another person from making a bad financial decision!





Is anybody keeping track of how many people we have saved from sleepless nights and horrendous stress?





Yay Team!
 
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