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Home ownership
The works and perks
Home ownership is likely one of the largest purchases of your lifetime. Finding, financing, purchasing, maintaining, refinancing, and selling a home can be a complicated financial process but it is also an exciting time!
Investing in a real estate agent saves you time, keeps you organized and answers your questions as they come up. Read below to learn more about home ownership!
Great Reasons to own
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Historically, real estate has had long-term, stable growth in value and served as a good hedge against inflation.
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Money paid for rent is money that you’ll never see again, but paying your mortgage month over month and year over year lets you build equity ownership interest in your home.
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If you itemize deductions on your federal tax return, the U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes (up to $10,000 according to current tax law), and some of the costs involved in buying a home. Be sure to talk to your accountant to see if it's advantageous for you to itemize
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Building equity in your home is a ready-made savings plan. And when you sell, you can generally exclude up to $250,000 ($500,000 for a married couple) of gain without owing any federal income tax.
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Unlike rent, your fixed-rate mortgage payments don’t rise from year to year. So, as a percentage of your income, your housing costs may actually decline over time. However, keep in mind that property taxes and insurance costs may increase.
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Unlike rent, your fixed-rate mortgage payments don’t rise from year to year. So, as a percentage of your income, your housing costs may actually decline over time. However, keep in mind that property taxes and insurance costs may increase.
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Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.
Costs of Home Ownership
Credit report fee
Appraisal fee
Home inspection fee (optional)
Down Payment (can be a gift from family member)
Closing Costs (can range from 2%-6% of purchase price)
Purchase price or Monthly Mortgage Payment
Homeowners Insurance
Property taxes (November/February)
Supplemental taxes (typical one time costs with new builds)
Mortgage Insurance (if down payment was less than 20%)
Homeowners Association Fees (if part of an HOA)
Home Maintenance
Furniture and appliances
It starts with financing
Always Start With Financing
It is important you know your financial situation prior to starting your home search. Meeting with your Mortgage loan officer to get prequalified for a home loan can correctly set your home affordability expectations and will streamline the home buying process.
Always start with a pre qualification
The general documents needed for initial financing:
Application with all borrowers listed
Pay stubs, w-2s or other proof of income
3-6 months of bank statements and proof of assets
Credit History (we pull this with your approval)
Gift Letters (If down payment is being gifted by family)
Photo Identification of all borrowers
Renting history (If you do not already own a home)
THE FINANCE PROCESS
Property owner
A Guide for Rental Properties
Landlord Responsibilities
Implied warranty of habitability: Stemming from the pivotal case Green v. Superior Court, California landlords must ensure rental properties are in good repair and meet basic structural, health, and safety standards. This obligation includes maintaining essential services such as plumbing, heating, and electrical systems.
Click here for the California Tenant Guide
Security Deposits
As of 2024, landlords can charge a security deposit of up to one month's rent for any rental unit, ensuring protection against potential damages or unpaid rent. This amount is standardized for furnished and unfurnished units. California landlords must refund security deposits within 21 days post-tenancy and provide valid documentation for any deductions. Non-compliance may result in penalties up to three times the deposit amount.
Rent Control
Property owners are subject to rent control laws that limit how much they can raise rent. According to state law AB 1482, the maximum annual rent increase is limited to 5% plus the local cost-of-living adjustment.
Property Access
Landlords are permitted to access their properties for emergencies, scheduled repairs, maintenance, and showings, provided proper notice is given to tenants. Property owners must give a 24-hour notice for entry, detailing the date, time, and purpose, except in emergencies like fire or flooding. Entry should occur during business hours unless under specific exceptions. Notice delivery can be in person, near the entrance, or via mail six days prior.
Collection of Rent Payments
Landlords maintain the right to collect rent, providing a consistent income from their properties. This includes late fees, which must be reasonable and outlined in the lease agreement.
Prompt Repairs
Property owners must complete necessary repairs within 30 days or immediately for urgent health or safety issues, like broken heaters or plumbing. Tenants may use remedies like "repair and deduct" or rent withholding for unaddressed urgent repairs but must follow legal protocols. Landlords are presumed retaliatory if evicting after repair complaints, underscoring their duty to maintain habitable conditions as per state and local codes.
Eviction Process
Landlords can initiate an eviction process for lease violations or breaches of landlord-tenant laws. New regulations, like Senate Bill 567, dictate more stringent guidelines for no-fault evictions, requiring landlords or their family members to occupy the property for a certain duration post-eviction.
Retaliation
Retaliatory actions by landlords are illegal in California. This means landlords cannot increase rent, decrease services, or attempt eviction in response to tenants exercising their legal rights, such as reporting housing code violations or participating in tenant organizations.
If such retaliation occurs within 180 days of a tenant's action, courts generally presume the landlord's actions are retaliatory. Affected tenants may be entitled to up to $2,000 in additional damages per act, with potential tripling if the tenant is known to be elderly or disabled.
Required Dislcosures
Lead-based paint: Disclosure is required for properties built before 1978, informing tenants of any known lead paint hazards.
Bed bugs: Landlords must give written information about bed bugs, adhering to specific language requirements.
Mold: Any known mold in the rental unit must be disclosed to tenants.
Common Utility Use and Payment: Tenants should understand how utilities are calculated and allocated.
Asbestos, meth, and fentanyl: Disclosures are required for buildings with known asbestos (pre-1979) or any property with known drug contamination.
Sex offender registry: Tenants have the right to access the registry, and landlords must inform them of this right.
Demolition, military ordinance, and death: Disclosures are needed for properties facing demolition, located near explosive ordinance, or with non-HIV/AIDS-related deaths within the past three years.
Pest control and flood zone: Tenants should be informed about pesticide use in their unit and if the property is in a known flood zone.
Smoking policy: Landlords should disclose any imposed smoking policies
Tenants
A Guide for Renting
Lease Agreement Laws
Tenants are expected to comply with all terms and conditions specified in the lease agreement. This includes restrictions on pets, subletting, and making alterations to the property, which typically require prior written approval from the landlord.
Upon reaching the lease term's end, the California agreement automatically expires. Tenants planning to renew or terminate their lease must follow the procedures in the agreement.
Click here for the California Tenant Guide
Tenant Duties
Tenants are responsible for keeping the rental unit clean and sanitary. They are expected to undertake minor repairs and maintenance, such as replacing light bulbs and keeping the premises tidy. Tenants should promptly report more significant issues to the landlord.
Evictions
Please keep in mind the landlord may evict the tenant for many reasons; Rental property agreement breach., Criminal activity and or Failure to pay. In these cases, the landlord can give a three-day notice to the tenant to either pay or quit. If the agreement wasn't written, a tenant might receive a federal standard up to three months' notice. However, at-will tenants are entitled to at least 30 days' notice or 60 days' notice if they've been renting for more than a year.
Tenant Responsibilities
Keeping the rental unit in clean and habitable condition
Keeping fixtures clean and sanitary
Using the rental unit for living, sleeping, cooking, or dining purposes only
Paying rent on time
Respecting neighbors and other renters' privacy and quiet enjoyment
Tenant Rights
The right to a safe and habitable living space.
The right to privacy and quiet enjoyment.
The right to dispute eviction notices.
A capped security deposit of one month's rent
Protection against eviction for contacting law enforcement or suspected criminal activity.
Stricter conditions for owner move-in evictions.
Rental Agreement Disclosures
List of parties involved in the rental agreement.
Description of the property.
Amount of rent, due date, and payment methods.
Late fee policy.
Lease termination policies.
Eviction policies.
Security deposit policies.
Additional mandatory disclosures (Common utilities, pests, mold, lead-based paint, etc.)
Farmer and the market
A guide to OC Farmer Markets
GREAT PARK
Sundays 10:00am - 2:00pm
8000 Great Park Blvd. Irvine, CA 92618
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IRVINE MARINERS CHURCH
Saturdays 8:00am-12:00pm
Bonita Cyn Dr & Turtle Ridge Dr Irvine, CA 92603
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3323 Hyland Ave Costa Mesa, CA 92626
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PCH and Marguerite Corona Del Mar, CA 92625
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OC : Running in this Town
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