THREE GOLDEN RULES OF BUYING A HOME IN COLLEGE-GLEN
Golden Rule #1 – Location:
When it comes to resale, you do not want to purchase in a few areas that will be hard to sell later. Those areas include homes that back to the freeway, homes that back to commercial or apartments and the busy/main streets through the neighborhood. The homes that either back to the freeway or are one house away, typically sell for 10-20% less. The homes that back to commercial or apartments can have a hard time selling because of the perceived fear that those homes have a higher potential for issues with non-residential backing to them. The houses that are on the busier streets (La Riviera/Occidental/Wisssemann/parts of Notre Dame/parts of Lake Forest) have some traffic issues with people speeding and a high volume of cars. This will put off families that are looking to buy in the neighborhood and make it more difficult when it comes time to resell. Lastly, it’s not a big deal for most homeowners, but if you live in close proximity to either one of the schools in College-Glen you will have a bit more traffic in the mornings and afternoons near your house during drop-off and pick-up times. The same goes for the Cabana Club when they have swim meets during the summer and the parks during baseball and soccer seasons; not major things but something to note that you would not know about until you actually move into the neighborhood.
Golden Rule #2 – Inspection:
Have the property inspected very well. Due to the age of the homes, this typically will include a whole-home inspection, a pest/termite inspection, roof inspection, sewer inspection and a pool inspection if applicable. Also, do not skimp on these inspections. You are making the largest financial purchase of your life. Do not try and save a few hundred bucks by going with a poor quality inspector. Just as I do, any good realtor should have excellent referrals for these categories. The inspections will hopefully turn out great but, if things come up, it could potentially lead to further inspections such as the chimney, foundation, pluming or electrical. Doing all your home work during the escrow process can help with negotiating repairs with the sellers and also provide you with all the information for making an informed decision now and not have surprises later.
Golden Rule #3 – Think long-term:
Many people that buy a home in the neighborhood end up loving College-Glen and stay for the majority of the rest of their lives. So there are two strategies to take, either buying a large enough place that will accommodate everything in your future or purchase a property that will make a great rental in the near future so that you can turn your house into an investment property and then buy something larger in the area when you are in need of more space.