Whether you’re buying your dream piece of Palm Desert real estate or investing in a vacation home, there are many costs that you may not be aware of or forget about in the excitement of purchasing a new property. Here are a few things to remember so that the expenses of buying a home don’t shock you when they start adding up.
There are more costs associated with buying a home than your down payment, mortgage rates and tax payments. Once your loan is approved, there are other costs you will need to cover before you get the keys to your new abode. You’ll need to pay your agent or realtor fees and most likely want to hire an attorney to review and approve all the paperwork associated with the transaction. If your dream piece of Palm Desert real estate is a condominium or gated community, you’ll want to find out how much the Homeowners Association (HOA) fees will be so you can factor that into the equation.
Another important item to remember is Homeowner’s Insurance, which is necessary to obtain a mortgage. This type of insurance will cover your property and contents, though a standard policy won’t typically cover natural disasters such as earthquakes, floods,tornadoes and hurricanes. If you live in an area that is at risk for any of these type of disasters, you may want to take out an additional policy.
Depending on the size of the down payment you made on the property, you may have to obtain Private Mortgage Insurance (PMI) and Title Insurance. PMI is required when your down payment is less than 20 percent of the purchase price and is designed to protect your lender in case you default on your loan. Title Insurance protects you and the lender in the case of an unusual circumstance where another party tries to lay claim to the title and your property.
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If you’re looking at homes for sale in Palm Desert or the surrounding areas and are including condos in your search, there are a few things to consider before making a final decision. While there are many pros to buying a condo as opposed to a house, there are also some cons that may impact your decision—and what some may consider a plus, other may deem a minus. Read on for a few important elements to consider.
Convenience. Condos tend to have amenities that you would not otherwise have access to if you live in a purely residential neighborhood or buy a standalone residence. Many offers pools, fitness centers, play areas and clubhouses. Some even have tennis and basketball courts on the premises or a community park. In addition, building maintenance, landscaping and grounds keeping is typically included with your Home Owners Association (HOA) fees, which means one less thing to worry about.
Additional costs. Speaking of HOA fees—while condos are often cheaper than standalone houses and townhouses, there is an additional annual cost for enjoying all the amenities and upkeep. Often times, there are many rules and regulations in place that are enforced via fines and additional fees. While you don’t have to worry about paying for the type of building maintenance you would on a standalone home, there can sometimes be expensive renovations or maintenance projects planned by the HOA. Make sure to ask about HOA fees, carefully examine your contract and read the recent meeting minutes to make sure there aren’t any outstanding maintenance issues or upcoming projects.
Ownership. Technically, a condo is a building consisting of several apartments that are owned individually—condo owners do not have any ownership to the land that the structure is located on. On the flip side, if you are looking at standalone homes for sale in Palm Desert and find one you want to buy, you will hold the title to the land it sits on.
The social benefits. In a condominium development, you will be in close proximity to your neighbors and share access areas that afford opportunities to meet your neighbors. This can be ideal for some, but for others who appreciate more privacy, this may not be the perfect scenario.
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Whether you live in the desert cities or are in town to look at real estate in Palm Springs, this in an enticing week to be in town because Palm Springs Desert Resorts Restaurant Week is in full effect. It’s your chance to savor the flavor of Palm Springs via the more than 100 restaurants participating in this exciting culinary festival.
Founded in 2007, Palm Springs Restaurant Week showcases the spectrum of dining options available in the desert cities. While the event started with the participation of less than 30 restaurants, there are now more than 100 participating. The event was created by The Palm Springs Desert Resorts Restaurant Week Association, a committee of local hoteliers, restaurateurs and other business leaders in the region, to promote the hospitality industry and tourism throughout the Coachella Valley. In addition to the special three-course, fixed price menu for just $26 or $38 per person, many other local businesses such as hotels, spas and attractions offer special packages and rates to provide an exceptional value during this unique event.
Already in full swing, the 10-day event started on May 30 and will continue through June 8. Delicious menus with signature dishes are handcrafted by local chefs at restaurants everywhere from Indio and Palm Desert to La Quinta and Rancho Mirage. If you’re a local resident, visiting from another city in Southern California or are in town to look at real estate in Palm Springs, this is the perfect time to get a “taste” of what the valley has to offer.
While you do not need to buy passes or tickets to attend any of the events of Palm Desert, it is strongly suggested that you make reservations in advance to make sure that you are able to get a table. You can call the restaurants directly or use the OpenTable.com links on the Palm Springs Restaurant Week website.
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