So, you’re thinking about buying a house in San Diego? Whether you’re moving locally in San Diego, or you’re coming from someplace else, buying a house here might seem challenging to you. It probably seems like a complicated process and it can leave you unsure of what to do next. And for all the right reasons, since you don’t want to make a mistake with something as serious as this. But, don’t worry, this guide will give you all that you need and lead you through the process step by step.
The financial aspect of buying a house in San Diego
It’s essential that you carefully create your budget when buying a property in San Diego. Of course, you’ll need the money for the price of the house. But, don’t forget about the deposit, which is usually 5% – 20% of the cost of the property. You shouldn’t forget about these costs:
- Costs of survey
- Solicitor’s fee
- Furnishing costs
- Mortgage arrangements and the fees of valuation
Then, you shouldn’t forget about the moving expenses, and especially the cost of hiring the movers. And if you’re not sure if you should hire them, you should know what to expect from full-service movers in San Diego.
Your credit score is important
Before you even qualify for the loan, you should check your credit score. The better the credit score, the more chance you have of getting favorable terms. However, if your credit score is not so good, you might get an interest rate that’s too high. Or you might not even get approved at all. Luckily, there are many platforms where you can check your score for free, so this is the first thing you should do.
Are you qualified for the mortgage?
Before you even start looking for the properties, you need to start the prequalification process. The thing is that you are going to need a letter from the lender, that proves that you’re qualified before you start making offers. After all, you don’t want to miss a great opportunity just because you don’t have a prequalification letter. Also, you should know that the California Residential Purchase Agreement requires that you provide a Conditional Loan Approval. This is based on your loan application and Credit Report.
What are you looking for?
There are many different houses and buildings in San Diego. So, you should know what you need and what you want, before you start searching for your new property. First, you should know what kind of neighborhood you want to live in. This is the time to tell your agent what you want and Check out some popular neighborhoods and see how they look and how convenient it would be to live there. Then, it also depends on what you need from this neighborhood. Do you want to live close to restaurants and entertainment, or you want to live in a safe neighborhood with good schools nearby.
Viewing the properties
Once you know what you’re looking for it’s time to view the properties that match your criteria. And in order to do so, you need to schedule appointments. This is not hard as 24 notice is enough to make an appointment. Of course, sellers are also interested in selling their properties, so they are usually quite accomodating. Some builders cooperate with realtors and realtors can save you time and trouble during this process. They should know what to look for in the property and they are able to notice the possible shortcomings. And when buying a house in San Diego, try to visit a few properties at least, before you make the choice. It’s good if you don’t choose the first one, even if you really like it.
Narrowing down your search
This is when you should be prepared to look really carefully. So be ready to visit at least 4 properties the first day and around 3 properties the second day. If you are suspicious of something, this is the time to ask. Check the electricity, the building, the plumbing, absolutely everything. Realtors are experienced with this, so feel free to ask them for their opinion. And think carefully and if you feel like it’s worth it to buy a property that needs a lot of remodeling and repairing. While it could really pay off, it can also turn out to be a disaster. So, since it’s a double-edged sword, ask your solicitor for an opinion. And don’t forget to ask all the important questions:
- How long has the property been on the market- useful to know when buying a house in San Diego
- Why is the property being sold in the first place?
- When can you move in? – important for obvious reasons
- Are there other offers that the seller is considering?
Finally, once you find the perfect property, it’s time to make an offer.
Making an offer
The next step when buying a property in San Diego is making an offer. This is the time to be careful and smart, as you need to make sure you’re getting a good price. First, in order to see if the price is right, you should check for the comparable home prices in the neighborhood preferably. Also, you should know the average days on the market of similar houses and the average price per square foot. Also, try to negotiate, but don’t suggest a price that’s too low, since you might lose the chance to buy it.
Once you are sure that you and the seller are on the same page, it’s time to put it in writing. California Residential Purchase Agreement contains the details about the property, close date, financial details, deposit, and other terms. Also, if there’s a need for financing, you’ll need a prequalification letter and Proof of Funds.
After buying a house in San Diego
After buying a house in San Diego it’s time to move in and start your new life here. And you’ll have some great options to enjoy after moving to San Diego. From great beaches to restaurants, bars, and museums. There are a lot of great options here to keep you entertained. And hopefully, you’ll love what this city has to offer.