Newport Beach Homes – Harbor Realty

When considering which type of property to purchase in Newport Beach, it may prove useful to have a greater understanding of the types of property available, such as condominiums, townhomes and single family homes. Below are some basic definitions of these types of homes for sale in Newport Beach.

• Newport Beach Condominiums – Condos in Orange County are generally one unit within a larger building. The ownership of common areas (such as the interior and exterior walls, roof, swimming pools, gardens, lobby, etc.) is shared by all owners of units within the building. Assessments are paid monthly in order to keep up with the maintenance of these areas. In Orange County you will generally find condos in Costa Mesa and many newer condos in Irvine. One thing to understand about Newport Beach condos, though, is that what is typically known as a condo elsewhere (within high rise buildings, for instance), is not always the case here. In fact, many people consider their home a condo with only one shared wall.
• Newport Beach Townhomes – This type of property will usually have shared walls with connecting dwellings, and be built in a row. They may share amenities such as a pool or gardens and will often share the cost of maintenance for things such as the roof, or driveways. You’ll find some lovely Corona del Mar townhomes on the market with lovely ocean and city lights views.
• Newport Beach Single Family Homes – This term is used to define a detached property, upon its own lot, which shares nothing with surrounding properties. Most often, the owner is responsible for all maintenance and upkeep of the property, and can potentially improve and extend the structure. Find single family homes in Newport Beach as well as throughout all other Orange County communities.

These three terms describe the three main forms of home ownership within the area of Newport Beach. Depending upon your lifestyle and financial situation, one may be more beneficial for you than the others, it is suggested you contact a professional Orange County REALTOR® for further information.

There is an old saying, nothing is for free, and this is true of the Orange County real estate industry as much as any other. Due to the relatively high value of Newport Beach real estate transactions, it may be useful for you to understand why a commission is paid and to who, when buying or selling your Newport Beach home.

Newport Beach Home Sellers

If you use the services of a professional within the real estate industry, such as a Newport Beach REALTOR®, you will be expected to pay for their services as a home seller. Your Newport Beach REALTOR® will receive a percentage of the commission received by the brokerage, typically 3%-4%.

Always try to remember that it is in the best interest of your Newport Beach REALTOR® to make sure your property deal is handled professionally and quickly. The cost of advertising your home during the search for a buyer is handled completely by your REALTOR®.

While some will still operate upon a flat fee the vast majority of Newport Beach REALTORS® work on a commission basis. REALTORS® paid a flat fee generally do not take care of all of the details of the selling process for you such as advertising. It is then your own responsibility to advertise your Newport Beach home for sale within your own advertising budget. This can be quite the headache for the inexperienced. What you save by using a flat fee Realtor is essentially used to advertise your home anyway. The services you receive from flat fee REALTORS® will vary from agent to agent. Whereas the services you receive from a REALTOR® paid by commission will not fluctuate. You’ll receive the full service of your REALTOR® from start to finish.
As a seller, it is generally in your best interest to utilize the services of a Newport Beach REALTOR® paid by commission because they will handle all the details of the home selling process for you.

Newport Beach Homebuyers

As a homebuyer it is always in your best interest to use the services of a REALTOR® to help you find homes in Orange County. However, it’s not a bad idea to start your search for that agent and home online. Becoming familiar with Orange County real estate markets such as Newport Beach will give you a good understanding of the current market conditions helping you find a neighborhood that is suitable for your family in price and amenities. As a buyer, the commission of your agent is paid by the home seller. This leaves no reason to not utilize the services of a professional Newport Beach REALTOR® who can properly guide you to the city and neighborhood that is most suitable for your family.

Anybody who has been involved in the purchase of a property will already know how complicated things can become. It is important to be as prepared as possible prior to committing to the purchase of a home in Orange County. Below is a very basic outline of the process of buying a home, especially useful for first time buyers or those who have not purchased a property in many years.

1. Make sure you really want and need to buy your own home; in some cases rental homes can be a better option for people.
2. Decide if you are financially ready. Can you afford the regular commitment? Work out your buying power (get an Orange County loan pre-approval letter) and decide if this will get you the kind of property that suits your needs.
3. Contact professionals. A good starting place would be an Orange County REALTOR®, who can help you with every step of the home buying process. It is also important to contact your bank or mortgage broker to obtain loan pre-approval. Additionally, learn about the costs associated with home insurance.
4. Find the right home. This can take a long time for some people; again a REALTOR® in Orange County that is familiar with the areas in which you are interested would be able to help with this considerably.
5. Making an offer. This involves having your REALTOR® write an offer to buy your home to the seller.
6. Counter-offers. It is unusual that the first offer made will be accepted. Generally, sellers will counter your offer. You may also choose to counter their offer. Once the offer has been accepted, the actual sale takes place.
7. Closing day arrives; you take ownership of your new property.
8. Hire a moving company to help move your possessions or you may choose to do it yourself. If you need to save money, it may be best to move your belongings yourself. However, if you have any items that need special care, such as a piano or other furniture, you may choose to hire a moving company for those specific items.

This is a very basic outline of the entire home buying process. It is advised you get professional advice before embarking on the potentially perilous journey of purchasing your own home. Being prepared, flexible, and having excellent guidance from Harbor Realty can help ensure that you have a good home buying experience.