California boasts perfect weather, gorgeous national parks, an abundance of entertainment options, and a great beach to top it all off. If you are intent on buying a house in California, there are a few essential tips to keep in mind as an out-of-state buyer.
Have a goal in mind
It is more than necessary to understand what your primary goal is. Why do you wish to purchase a house in California? Is it because of your career, education, or do you want to have a unique home here? Having the primary reason for your relocation in mind will enable you to conduct preliminary research and be better prepared for your future out-of-state move. Additionally, it will allow you to better manage your expectations.
Do thorough research on the state
One of the most crucial tasks on your relocation to-do list is researching the state you will be moving to. When making a significant decision like relocating, planning is highly beneficial. Since you are intent on buying a house in California, now is the time to do extensive research. You might want to research the weather, legislation, history, culture, job opportunities, and much more.
As an out-of-state buyer, do not forget other important aspects. For example, if you are moving from Florida, transporting your valuable car may be your top priority. And ensuring your vehicle is taken care of by hiring movers experienced in this type of specialty item is a must. Thorough research on the topic will provide you with all the vital information you need for this task.
Contact a top real estate agent
If you want to buy a house in California, you should find a qualified buyer's agent that will significantly help you during the process. A buyer's agent is a real estate agent that must operate with your best interests in mind. Their main task is finding homes for sale that fit your desires and tastes.
They will also be able to view the properties in person, help with negotiations, inspections and refer you to professionals for other services. If you are an out-of-state buyer, all of these will prove to be beneficial. Be sure to choose a reliable and professional buyer's agent. Research various real estate agents, inquire about their previous experiences, and get a clear sense of what you might expect from them.
Choose a reputable mortgage lender
Typically, you will need to get a mortgage to pay off your future home in California. This is a very common occurrence and will need to be something you pay close attention to. Finding an adequate mortgage lender can be just as important as finding a good real estate agent.
Your mortgage lender should have experience working with out-of-state buyers, provide excellent customer service and be knowledgeable. Furthermore, mortgage interest rates, loan restrictions, and lending programs differ by state. As a result, you must inquire about necessary criteria or procedures. Finally, understand that a 30-day escrow is nearly impossible in California. Because of the previous lending crisis, a 45-day escrow has become commonplace.
Explore your options when buying a house in California
Picking your dream home should not be taken lightly or be done hastily. Luckily, this is a fun task you must do to buy a house in California. Inform your chosen real estate agent about what you're searching for in a new property. During this process, be as specific as possible. The more details you provide, the more likely it will be to find the house of your dreams.
As an out-of-state buyer, you may be shocked to learn that there are alternative options if you cannot physically visit California. Your buyer's agent will be able to see the properties in your name. Additionally, they might give you a tour using online services such as FaceTime or even find homes that offer virtual tours of their property. Take your time exploring all the options California has to offer until you are happy with your final choice.
Take a trip before making an offer
It is, however, recommended you travel out to California and visit the house you plan to purchase before making your final offer. Even if you've taken the virtual tour or seen all the available footage, nothing can beat visiting the house in person. Purchasing a home is a considerable investment, so make sure it fits all of your expectations.
While walking around the house, pay close attention to how it makes you feel and what it looks like in person. Understand what maintenance the house might require since specific homes, such as oceanfront homes, require different things. You should also stroll around the area and make a list of sites you wish to visit. Lastly, hire professionals to inspect the property for any damage, issues, or complications. The inspector should check everything from the roof and foundation to plumbing and writing. You'll have peace of mind knowing your future house is fully functional and ready for you to call it home.
Finish up with your current property
It is essential to tie loose ends before starting a new chapter in your life. If you live rent-free, this step will be as easy as informing your housemates of your future move. Moving out after renting, on the other hand, is subject to the landlord-tenant agreement. Check your lease and follow any procedures that may be required.
However, this task may be more challenging to do if you own property. You'll have to decide whether to sell, rent, or keep your current home. If you want to sell it, a few home improvements could increase the value of your property. Buying a house in California as your primary residence while renting out your previous property is also a lucrative option since it will provide a continuous stream of income. You can accomplish both with the assistance of professionals and online resources.