Rent or Buy When Relocating? (Irvine, Orange: real estate market, apartment, rentals)

[5FLgirls]

My husband starts a new job in Irvine in 2 weeks. We came out 2 months ago and a realtor took us around Orange County and helped narrow down what we like. Of course, what we like, we can't afford! (We are in our mid30s and have 4 small children) We finally got it down to Dana Point, Laguna Niguel and Dover Shores in Newport Bch. Commute-wise Newport is the best option--pocketbook wise--it stinks. So now we're down to Dana Point and Laguna Niguel. Today I talked to the realtor and she mentioned Rancho Santa Margarita and told me that we would not be happy in Dana Point. My question is: How do you know what is a good fit for your family unless you live there? Isn't your best bet when relocating cross country to just rent in an area you think you want to live in? My husband's attitude is to go out and lease a house for a year in an area we might want to buy in and take the year to check it out. I'm apprehensive about moving and then moving again and having to put my daughter into a new school. Thanks.

[lexi]

Originally Posted by 5FLgirls

My husband starts a new job in Irvine in 2 weeks. We came out 2 months ago and a realtor took us around Orange County and helped narrow down what we like. Of course, what we like, we can't afford! (We are in our mid30s and have 4 small children) We finally got it down to Dana Point, Laguna Niguel and Dover Shores in Newport Bch. Commute-wise Newport is the best option--pocketbook wise--it stinks. So now we're down to Dana Point and Laguna Niguel. Today I talked to the realtor and she mentioned Rancho Santa Margarita and told me that we would not be happy in Dana Point. My question is: How do you know what is a good fit for your family unless you live there? Isn't your best bet when relocating cross country to just rent in an area you think you want to live in? My husband's attitude is to go out and lease a house for a year in an area we might want to buy in and take the year to check it out. I'm apprehensive about moving and then moving again and having to put my daughter into a new school. Thanks.

Yes, Rent!!! Better to find the perfect fit and move your kids once more
than to move and realize you missed the area that fits you best. Plus..
you'll save money by waiting the extra year. Prices all over California will
continue to come down for a while. (a few years most likely). My vote
is definitely rent, no doubt about it. If everyone loves it in a year.. it's just
a matter of finding the right house. If not...you aren't stuck and can move
where you think you'll like it better.

[nevercoldcall]

Prices are most definitely dropping around here. I live in Newport Coast and prices values are in a steady decline. As for where to live, never listen to a realtor, very very few have your best interests in mind. As for me I'd take Dana Point in a heartbeat over RSM!

[VeronikaW]

Originally Posted by nevercoldcall

Prices are most definitely dropping around here. I live in Newport Coast and prices values are in a steady decline. As for where to live, never listen to a realtor, very very few have your best interests in mind. As for me I'd take Dana Point in a heartbeat over RSM!

I agree with that. I like Dana Point much better than RSM! I also agree that renting for a year is a better bet. Laguna Niguel is nice, too. I'd prefer that over RSM, as well. I've never worked with a realtor that actually listened to what I wanted. I don't think they're very trustworthy sometimes. Good luck in your search!

V. =)

[Dangerouskurvz]

Most definately rent....as mentioned before, prices are dropping all over. Consider putting your kids in private school as well.

[Axiom]

We did the rent first before buying thing once and I swore I'd never do it again. Moving is stressful, especially with kids, and honestly I think our across town move was as bad as our across country one. Sorry, I know that's not what you wanted to hear.

That said, given the current real estate market in CA it's tough to recommend anything but renting looking at it from a financial standpoint.

We're also going to be moving soon and we'll probably bite the bullet and buy, but our decision is complicated not only because we're uprooting kids, but because the relocation package offered by the company is much more generous if we purchase a house. Hopefully it will be enough to offset the loss we're likely to take when the market continues to slide.

[OCCASparky]

Rent for starters--but make sure you have either a short-term lease or one with an opt-out clause in case you do buy, otherwise you'll be on the hook.

[AptHunt]

They've all got the right idea, rent and get accustomed to the area before settling down. You should be able to find something with a negotiable lease, or even month-by-month options in or near the area that you want to live without too much trouble. Even if it's not what you want to stay in long-term, it's best to get a feel for the neighborhoods before you commit. Otherwise, you'll either end up staying in a hotel for a few weeks while you check out the available properties (since most landlords won't even talk to you until they can see you face to face) or worse, get stuck in a lease for a year in a place that you hate. :P

Go to someplace like Cragslist, or better yet, try an apartment hunting company, like apartmenthunterz.com and find something short-term so you don't get stuck.

[OCCASparky]

Originally Posted by AptHunt

They've all got the right idea, rent and get accustomed to the area before settling down. You should be able to find something with a negotiable lease, or even month-by-month options in or near the area that you want to live without too much trouble. Even if it's not what you want to stay in long-term, it's best to get a feel for the neighborhoods before you commit. Otherwise, you'll either end up staying in a hotel for a few weeks while you check out the available properties (since most landlords won't even talk to you until they can see you face to face) or worse, get stuck in a lease for a year in a place that you hate. :P

Go to someplace like Cragslist, or better yet, try an apartment hunting company, like apartmenthunterz.com and find something short-term so you don't get stuck.

I'd be really careful about month-to-month. The rental market in OC is still pretty full (over 96 percent) and landlords aren't in a hurry to rent to anyone month-to-month unless they're already an established tennant, and even then you're still going to pay 25 percent or more what you would normally pay over a 6-12 month lease.

Try to avoid the major corporate properties since they don't have as much wiggle room or need to negotiate as a single-owner landlord.

[kturbe]

Renting isn't always the best option in this type of market because as people sit on the fence buying the demand on rentals is skyrocketing. I am working with a couple of clients who can't find anything to rent. Rancho Santa Margarita is a nice place, but it is not the beach so you have to decide if that is ok. It is great for families. Many people who want the beach but not the $$ do pick homes in Coto, Dove, Trabuco Canyon area or if you don't mind a little commute San Clemente is nice. If you decide to rent your Realtor can help you with that as well. Have you interviewed a couple of Realtors. It is difficult when you are new to an area but if you have provided your Realtor with what you really want, socially included, they really should be able to find you something great.