Santa Barbara, California is not a place to go to expecting to live in reasonable housing. In fact, Santa Barbara real estate is one of the more expensive things. If you want to move to Santa Barbara and buy a Santa Barbara house, there are a few tips and tricks to know before you come. The Rancho San Carlos is one of the most expensive homes in Santa Barbara and cost a large amount; eighty-five million dollars for the home and land. This home features a lot of cool things to do with the family or by yourself. While this is a very large investment, it doesn’t mean every home in Santa Barbara is going to cost this much. You can expect to pay a little less than that but more than what you would if you purchased a home in a different section of California.
Are Santa Barbara Residents Wealthy?
Santa Barbara is just like any other town in the fact that it does have some wealthy but its not all made up with wealthy people. Santa Barbara is an expensive place to live however, you don’t need to be a millionaire to put down roots in this location. You just have to be stable enough in your career that you can make it work. Before moving to Santa Barbara, you will want to find employment to ensure that you can stay in the Santa Barbara area and not have to commute to another location and back every day to find work. If you run your own business, you can do that from your new home in Santa Barbara while using all the most modern tools available including high speed internet.
Buying your Home in Santa Barbara
The first thing you will want to do is start your search online for available homes in Santa Barbara. The location of your new home is everything. There are several neighborhoods in Santa Barbara that is nice to live in, such as Hope Ranch, Capinteria/Summerland, The Riviera, The Mesa, and Montecito just to name a few. Each community comes with their own activities and rules to make their neighborhood unique and enjoyable to live in. You will need to know what must-haves you will require in your new home. Do you need a lot of privacy? What size lot do you need? How large of a home do you need, such as how many bedrooms and baths? Do you need a specific type of school district?
These things make your choice of home important. Before you talk about purchasing your home, you will want to know how much money you have to spend. You will want to go to the bank and determine how much they can lend you based on what your credit score is at that time. If your scores are lower than what you hoped, you may want to take a few months to straighten it up and raise it higher by paying off some of your debt. You may need to take out a small loan to make your payments to show that you are capable of paying the payments as you should. Give yourself about six months to straighten up your credit scores before going back to the bank and talking with them about your potential loan for a new home in Santa Barbara.
Your Credit Scores are up, Now it’s time to Search
Now that you have worked on your credit scores, you can now concentrate on finding your perfect home. Make a list of everything you need in a new home and then use a search engine to find all the realtors websites that focuses on Santa Barbara area. There are enough realtors in that particular area that will target the available home market so you won’t need to find a realtor that deals with other areas as well. You want all your attention to be on the Santa Barbara area. Find you a comfortable chair, get you a cold drink and spend the next few hours searching through homes available in the Santa Barbara real estate websites. There are so many to choose from all the time. Make a list of all the homes that appealed to you in your search so you can directly click on them again. All houses have numbers for the realtor to reference when you are discussing with them what you are looking for. Be prepared to give the realtors that number so they can better understand what you need and help you to find the home of your dreams based on your preferences.
Once you make a list of homes that you are interested in, contact a realtor to schedule a time to visit each on the homes you were interested in. Take a video recorder with you as you tour the home so you can record it and go back later on and watch the videos to determine which homes you like the best. After you have narrowed down your choices to five, go for a second visit so you can reduce the five down to a two.
Going Back to the Bank
Now comes the hard part. You will need to go to the bank with your two choices and determine which one you can afford to purchase, if any. If the bank won’t work with you on either one, you will need to go back and search until you find two more you can work with using the banks requirements and then see what you qualify for. You will most likely need to come up with a 20% down payment for your new home in order to purchase it as banks and financial institutions will normally lend out only 80% of the purchase price. Once the papers are ready to sign, you can go to the bank and become the new owners of a home in Santa Barbara.
Closing on your New Santa Barbara House
Now that you have the bank on your side, its time to finalize all the paperwork as part of the closing section of buying a home. There are a few things that cannot be avoided before the purchase is final. The bank and the realtor will work together to determine if the appraisal was accurate and if so, everyone will be able to sign off on the appraisal and that is also necessary in order to sign the loan papers. If you have escrow to put down on your home, you will need to make sure that you sign the paperwork for that as well. If repairs are needed prior to you buying the home officially, the homeowner will need to have them done at this time. Your new home is in escrow, the loan papers are getting drawn up, and now you need to get everything finalized in order to move on with your deal.
Signing the Papers
Next, you will go to the bank and sign papers so that you will be able to move into your new home soon. These papers are not your ordinary small loan papers; there are several papers that you need to sign in order to close the deal and move into your new home. Once the paper work is signed in front of a notary, the lender will then disburse funds to the designated area prior to the closing date of the contract. The funds are normally sent into the escrow account.
Now the final step is recording. Everything that you have worked for comes to this one day. Your offer has been accepted, your money went into escrow, the loan papers are signed, the final dollar amount was transferred into the final account. Now the house is officially yours because the deed was transferred over into your name. That’s all there is to buying a Santa Barbara home. Its going to be difficult to find a home that you like within your budget and this is most likely what will take the longest. Once you find that home though, the process will move a little quicker.
Now that the paperwork is done, you will need to work on moving. You may need to hire a professional to help you move your home items, especially if you are moving from far away from Santa Barbara. Movers can come in and pack up your home and load everything and then deliver it to your new home or they can just pick up the boxes that you have packed and take them to your new location in Santa Barbara. Once you arrive, all of your items will be there waiting on you to unpack it. This is an expense, but it is less of a hassle than trying to move everything yourself. Your new Santa Barbara home will be worth all the effort you have put into the search and viewing of all the Santa Barbara real estate available to find the one that suits you the best.