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Old 04-15-2014, 07:35 AM
 
Location: Dana Point
1,224 posts, read 1,823,805 times
Reputation: 683

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Quote:
Originally Posted by russlancea View Post
Does OC still have a first-time homebuyer's program? My husband and I looked at a townhouse in Huntington Beach many, many years ago. This was my first time ever to see a "bad" area of HB. It wasn't drive-by South Central LA, but it was just rows of old apts with lower-income residents. I actually didn't want to buy in that area.

The townhouse I looked at was newer and actually pretty nice. It was also part of a program for first-time homebuyers and had an income limit requirement. My husband and I did not qualify, since we earned too much, so we couldn't have gone for that property even if we loved it.

I don't know if any of these programs still exist, but you might want to call up the cities that you'd like to buy in and ask if they have this.
You might be talking about the new-ish development near Main and Garfield.

Those homes have income requirements, and when you sell, you can only sell to another person who qualifies for the program. So in essence, one of the biggest perks of owning property (the value appreciation aspect) is taken out of the equation.

To the OP, I say rent for a while, be frugal, save up lots of cash, and buy when it makes sense to you financially. At this point, it clearly does not.
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Old 04-15-2014, 08:12 AM
 
18,547 posts, read 15,572,959 times
Reputation: 16225
Quote:
Originally Posted by JMel127 View Post
Thanks… I figured this is what I would hear, I just had to ask. :-P I just don't want to rent… I hate the thought of throwing my money away like that…
Rent isn't throwing money away any more than buying food or paying for health care. You are spending your money, not wasting it.

Sure, maybe you don't accumulate any equity in real estate, but if disciplined you can build your equity elsewhere by investing the difference between your rent and the expenses + mortgage.
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Old 04-15-2014, 08:21 PM
 
Location: Corona the I.E.
10,137 posts, read 17,472,767 times
Reputation: 9140
Don't fall in love with owning I am glad I just sold and rent now. Not my problem, landlord's problem

Besides you can get more home in So Cal renting vs owning. I will consider buying in the next crash.
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