Corona del Mar, meaning ‘Crown of the Sea’, is a luxurious beachside community nestled along the California coast, roughly an hour’s drive from Los Angeles. Many people love this coastal community for its stunning beach locations and luxurious neighbourhoods. If you are among those planning to purchase a vacation home in this upscale community, the expensive properties demand careful consideration. Here are some tips to consider when buying a vacation home in Corona Del Mar to help you make an informed decision.
Consider Your Budget and Financial Options
Corona del Mar is a luxurious waterfront community with high home prices. The community represents one of the most sought-after and exclusive real estate with its beachfront setting, luxury homes and suburban village vibe. The current vacation homes for sale go for as high as $2 to $20 million. Therefore, it’s essential first to determine your budget and financial options to ensure you can afford them. Some financial options include trusts, home equity loans, traditional mortgages, all-cash purchases and LLCs. Consult a loan lender on terms and rates before you start home hunting.
Explore Corona Del Mar Neighborhoods
The Corona del Mar real estate varies by home design, location and architecture. You will find vacation homes from ocean-view estates to harbor-side condos here. Explore the neighbourhood to find the best one based on ocean views, lifestyle, aesthetics and available amenities. For example, Mediterranean villas are famous for their unique architectural styles, while Harbor Island is famous among boating enthusiasts.
Comprehend Zoning Regulations
While Corona del Mar is open for buyers from outside the city, zoning laws forbid using vacation homes as long-term rentals. Check out the regulations on the period in a year you can rent out your vacation home. If your priority is to generate rental income with the vacation home, do calculations that include complying with the zoning regulations.
Get Ready for Ownership Responsibilities
After successfully buying a vacation home, extra maintenance is needed to maintain investment value and enjoyment. Therefore, it’s essential to prepare to manage the logistics of owning a vacation property such as hiring a manager to be in charge of guest stay and the property. You will also need housekeepers and landscapers to maintain the home well.
Make Comparisons
To find the best vacation home, comparing the various homes and neighbourhoods is essential. A real estate agent will help you schedule home showings on your wish list and offer insight into current market trends. By comparing home sales with similar designs and neighbourhoods like the one you desire, you will know how much you should expect to pay for such a home.
Work with Tim Tamura (VALIA OC) Realtors
Corona del Mar is an affluent community that offers scenic ocean views and a lavish real estate lifestyle from condos to upscale villas, restaurants, boutique shops and outdoor recreations. While these tips will make buying a vacation home in this community easier, working with an experienced Corona del Mar real estate agent like Tim Tamura (VALIA OC) is essential. The team will offer expert advice and help you find a vacation home in this coastal paradise at the right price. Reach out today for more information.
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