Chart the Right Course to a Larger Laguna Beach Home

This is an excellent time to step up to a new, larger Laguna Beach home. Interest rates are lower than soil samples. And Laguna Beach real estate prices are equally irresistible. But you easily can lose your way in a stormy sea if not prepared. With that in mind, here’s a navigator’s checklist that will help you chart the right course to your Laguna Beach home. 

Are You Ready for the Truth?  Pause for a moment of reflection and ask yourself why you’re itching to leap into a larger place. As you probe the depths of consciousness, you’ll fathom the real reasons for your voyage. Is it more space, better schools, proximity to boutiques, etc.?  Or do you simply intend to upgrade your social standing by pinning your name to a beachside Camelot?  Remember, glory has a price. And all sales are final.

Have an Equity Edge. If you intend to use the equity in your existing home to cover the down payment, the Coastal Property Experts recommend you go in with equity of at least 35%. For example, if you’re selling an $800,000 home and stepping up to a $1 million home, your equity should be $280,000.  This should comfortably cover a down payment of 20% ($200,000), plus closing costs for each home (typically about 3/4 of a percent), 5 % commission, and assorted moving expenses.

Can You Stay Afloat?  Unless you’re a tenured professor, a newly-elected mayor, or NBA superstar with a twenty-year contract, you’re drifting across a sea of job uncertainty.  Should your income unexpectedly drop to zero, you’ll need a lifeboat known as savings. Popular wisdom recommends stockpiling a mountain of cash that will keep you afloat for a year in reserves.

What Do You See In Your Spyglass? Are there additions to your family in the future? A larger home is a great way to accommodate the expanded crew. But, of course, with more square footage comes more care and upkeep to keep the place ship shape. Until your new little sailors are old enough to bribe, you or hired deck hands will be putting extra cleaning and maintenance duties. Oh well, your friends at Starbucks will just have to get used to seeing less of you.

Are You Sailing Into a Budget Reef? Unless you fork over a mighty fat down payment, stepping up to larger home means you’ll be anchored by a much heavier mortgage. If you have a rising income that can keep pace, great – you’re cruising through your comfort zone. If not, plan on brown bagging it much more often than you used to.

Are you ready to sail into a larger home in a seaside paradise? Contact the caring professionals at The Coastal Property Experts today to schedule your complimentary consultation.  We promise you’ll discover your perfect opportunity in the Laguna Beach real estate market…much sooner than you think.

The Coastal Property Experts

Transforming Integrity Into Results