Old Torrance Real Estate and Homes for Sale

Old Torrance CA Real Estate and Homes for Sale

Why Buy A Home In Old Torrance Instead of Rent?

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One of the many questions potential buyers ask is why they should buy when generally renting is less expensive.  There are a number of reasons although it still may not be the best fit for you.  Everyone is different but in terms of long term planning it’s almost always better to own than rent.

Here are just a few of the reasons:

Smart Investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.

Tax Advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.

Planned Housing Costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.

Improvements to Your Taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.

If you have more questions about making the decision to buy a home, please feel free to call or email.

View many more first time home buyer tips and information.

Mortgage Musts – What A Buyer Needs to Do To Start the Mortgage Process

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If you are considering buying a home in Old Torrance you’ll likely be financing the purchase.  There are a number of things a buyer needs to do to get a mortgage. The earlier these are done in the process the less stressful things get while in escrow or scrambling to make an offer.  Knowing about your financing abilities or how much you can afford, eliminates many challenges and stresses that may come up in the home buyer process in Torrance and the loan process for any Southern California home.    Here are 5 essential steps to successfully navigating the loan and financing process:

  1. Get pre-approved:  It’s currently a sellers market and in a highly competitive housing market, it’s critical to be pre-approved or at least pre-qualified to give yourself the best chance of an offer being considered.  Most realtors and sellers won’t even consider an offer with financing if a preapproval letter isn’t included.
  2. Choose a realtor that can help avoid appraisal problems. A good realtor will meet the appraiser with the most current information in hand.  As a local real estate expert often knows more than the appraiser, the realtor may have insight and information not readily available to the appraiser.  Doing a bit of research to find out what the homes are in escrow actually sold for and the reasons why one home sold higher or lower can go a long way in making the appraisal go according to plan
  3. Know your credit score:    It’s not only important to have good credit and know your credit score, but equally important that your credit score stays the same throughout the escrow process.  No big purchases, no opening numerous new credit lines and no late or missed payments.
  4. Review the closing disclosure forms or CD.  Due to regulations, lenders must provide you with a closing disclosure at least 3 days before closing in order to see fees, details, etc.
  5. Make it through underwriting:  Before you get loan clearance and final approval, your mortgage has to go through the underwriting process.  Be ready and supply the underwriters with all requested documents quickly to avoid the stress of needing to ask the seller for extra time.  Most loan contingency periods are 21 days or shorter so time is of the essence in the loan process.

Future Proofing Your Kitchen

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As kitchen remodels are generally the most expensive project they can have tremendous impact on future value….but not always for the positive.  When kitchens become too custom and it’s suited to very specific tastes, it can sometimes make for a challenge when it comes to selling.  Here are some ideals to future proof your kitchen so that it won’t look dated in a few years.

The Homeownership Dream is Alive and Well

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Despite the high cost of housing in California, the South Bay and Old Towne Torrance, there is no shortage of those wanting to be homeowners.  Of the current renters some of the advantages they thought owning would provide:

  • Provides a great long term investment
  • Givest them the abiltiy to work on the home and do what they want to the home
  • Allows stability
  • Allows someone to plant roots for the long term

Benefits of Home Ownership

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Owning a home has so many benefits that it’s hard to argue against the merits.  While every owner has different reasons and some are more important to one homeowner than another, there’s no lack of great reasons….

Here are just some of the benefits:

  • Happiness.  While some investors might think this is frivolous, you simply can’t understate how important this is.  The feeling of owning your hown home is unlike anything else people own.  It’s yours and it’s simply not the same thing as renting.  You can fix it up, you can spend your time gardening or mowing the lawn, you can fix it up….knowing that….it’s yours.
  • Tax Savings:   Home ownership has long been a goal for buyers and the government alike.  The government rewards homeowners by providing excellent tax benefits.  Interest paid on your mortgage and other home related expenses can often be deducted, there are huge capital gains tax exemptions when you sell (primary residence) and more
  • Appreciation:  Home values have a welll documented history of going up over time.  While there may be temporary dips in the market, there’s no question that home values go up in the long term.  The increase becomes equity you can benefit from when you refinance or sell.
  • Equity:  Renting has often been compared to paying 100% interest, but when you own a home and a mortgage is in place, a portion of your payment goes towards the principal balance on your loan….meaning each month you own a little bit more outright.  This builds your equity and acts as a savings or retirement account.  When the home value goes up the equity accrues even faster.
  • Education:  Research shos that children of homeowners earn higher test scores and graduate at a higher percentage than those of renters.
  • Community Ties:  People who own rather than rent stay in their homes 4 times longer according to statistics.  This provide and opportuntiy to get to know you neighbors and connect with you neighborhood and local community.