by Steven Gluyas on September 3, 2010
There always seems to be confussion on what a condo is compared to a town home, well, there is a difference and it’s more about design then anything else.
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What we now call a San Diego town home is usually two stories attached by no more then 2 walls. A town home is more like a row home or a garden home. You don’t walk through hallways to gain entry and there is usually open space out your front door.Depending on the neighborhood, a town home will be more expensive and have a larger patio area with its own attached garage. [click to continue…]
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by Steven Gluyas on August 31, 2010
Many first-time San Diego condo buyers fear the possibility of buying a house, largely because of the unknown. They do not know enough about the whole process to make it look feasible. Lack of education and information can discourage many buyers in the San Diego condo market, but here’s a tip for those considering buying.
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When you start looking in the San Diego condo market, nobody tells you all the details and costs it can take to buy a home. Knowing in advance the costs and expenses involved, can help you be better prepared when the time comes to close on your first San Diego condo. Do not start the process of buying your home unless you know how much you pay now, at closing and in the future. [click to continue…]
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by Steven Gluyas on August 24, 2010
The pros for a FHA loans are that it makes it easier for San Diego Home Buyers to qualify for a mortgage, you don’t have A+ credit, you just have to have decent credit. It is easier to use a “Gift” (from relatives and friends) for your down payment or closing cost. You can finance home improvement into you loan if you’re buying a fixer upper. Your down payment can be as litlle as 3.5% and you can also finance your monthly mortgage insurance, and this is about to cost less – more on that latter.
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The Cons for a FHA Loan are first and foremost the availability of FHA approved complexes in San Diego County. This is a big deal, you cannot use FHA on a non-approved complex, saying that, this limits the inventory throughout the city. I would hesitate to guess but I’d say going FHA limits you to about 30% percent or less of the current condo inventory in San Diego. FHA requires that the owner occupancy level of a condominium complex to be above 51% in most cases, this also limits the availability of inventory. You can have an FHA approved property and still not qualify due to low owner occupancy levels. There are no longer spot approvals. [click to continue…]
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by Steven Gluyas on August 11, 2010
According to a recent survey commissioned by Move Inc., 23% of adults plan to buy a home in the next five years and 53.5% of them are first time buyers. If you are a buyer who is thinking about buying a home or San Diego condo, here are some talking points, you can share with your friends.
Low property values make the property more attractive than renting in many markets across the country. Paying for a mortgage is now cheaper than rent in many major metropolitan areas, including Miami, Las Vegas and Phoenix to Washington, DC, as well as smaller cities like San Antonio and Fresno, California. You can add San Diego condos to that list as well. [click to continue…]
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by Steven Gluyas on August 7, 2010
San Diego lifestyles is a new program that is able to provide information to San Diego Condo and home buyers on lifestyle amenities that San Diego Home Buyers hope to have in their lives. Today Home Buyers want more then just a house, they want to be able to choose a neighborhood with the best schools, a Trader Joe’s or even that favorite coffee shop to get your caffeine download.
To put it simply, San Diego Lifestyle is a geo-spatial neighborhood and property research tool that incorporates everything to help home buyers find the home that best matches their lifestyle. Compare activities, neighboorhoods, schools, shopping or that favorite Mexican restaurant with the great fish tacos!
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by Steven Gluyas on August 2, 2010
FHA mortgages have been created to help minorities and first time buyers to purchase a San Diego condo or home. Borrower must meet standard FHA credit qualifications. The borrower is entitled to approximately 96.5% of funding. This means you only need to put down 3.5% for the down payment.
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FHA financing is used more frequently today than almost any other time in history of the 76 year old Agency. Three years ago, Uncle Sam insured only 3% of total loans. Now the government says nearly a third of the loans is now government backed. [click to continue…]
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by Steven Gluyas on July 28, 2010
Downtown San Diego Condos – What’s Next?
Here we are in July 2010 and there are 511 San Diego condos up for sale in the Downtown San Diego area. Out of the 511 Downtowwn San Diego condo listings 20% are short sales and 6% are in foreclosure. Things are happening downtown that might be going unnoticed by some,the new library gets the go ahead and ,yes, rumors of a new Charger Stadium? All this action is going on in the East Village!
The Library- Officials Wednesday will mark the start of construction of 185 million new central library in Downtown San Diego East Village. The design of the project at 330 Park Blvd. Has a domed library with a nine-story auditorium, meeting rooms, sculpture garden, terrace, underground parking and a Charter School that will house approximately 400 high school students.
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by Steven Gluyas on July 26, 2010
San Diego Condos and home ownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.
Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for San Diego condos or home based on your financial and personal goals.
Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage? What about that tropical vacation you want to go on? Maybe that new Cannondale Mountain Bike you’ve been looking at? [click to continue…]
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by Steven Gluyas on July 23, 2010
San Diego Condos – Owning your San Diego Condo not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.
Here are six tax benefits for San Diego Condo owners
1. Deductions for loan fees
Typically, you can deduct the “prepaid interest” you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your San Diego condo, you can deduct prepaid interest fees.
However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you’re following the rules.
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2. Property tax deductions
In the year you purchase your home, you’re entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.
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by Steven Gluyas on July 19, 2010
For a long time now, buying a San Diego Condo in areas like UTC, La Jolla and even Pacific beach required that you have a considerable amount of money with which to make the purchase. However, one of the most interesting side effects of the housing market meltdown is the fact that San Diego condos are now priced considerably lower and offer amazing values.Take for example the Verano complex in the UTC area, the 2 bedroom 2 bathroom units were selling in and around the 500k mark, today they are hitting the market at 300k and below…quite a reduction I would say. What should you know about the market? What should you consider as you’re contemplating buying a new San Diego Condo in an area like UTC? [click to continue…]
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