Coronado has been a favorite travel destination for over a century. Situated in San Diego Bay, this island has a vibrant history dating back to 1886. From pristine sandy beaches to water sports and sunken ships, there is something for everyone here in the Crown City.
The historic Hotel Del Coronado has a vibrant 130-year history, cementing the site as a National Historic Landmark. Coronado offers residents an urban, suburban feel with many restaurants, bars, coffee shops, and parks. A small beach community with a unique island feel, Coronado is surrounded by San Diego Bay and the Pacific Ocean. It provides a distinctive lifestyle that residents and visitors enjoy. Coronado Beach is a must-see for any visitor or resident, as its glittering waters are a wonderful place to swim or enjoy s’mores around the campfire behind the Del!
Thinking about buying your first home is exciting, especially in a place like Coronado. But, even when you are ready to buy a house, it can take time to know where to begin. Here’s what you need to know as you start your journey to homeownership.
Figure out what you want
Creating a list of must-haves will help you remember what you need and avoid getting swept away by amenities you might not use. Must-haves can include the number of bedrooms and bathrooms, a garage, a front porch, or a yard. It would be frustrating to find the perfect house with breathtaking views and a serene backyard only to find out it doesn’t have enough bedrooms. Knowing how many bedrooms and bathrooms you want in a home will save you and your realtor time, as they won’t show you houses that don’t meet your non-negotiables. Housing websites also tend to have filters for the number of beds and baths in a home, so you can get more insight into how much real estate in Coronado is selling for and how much you could expect to pay.
Find an expert real estate agent
Your realtor will negotiate with the seller on your behalf, advise you on a counteroffer, and whether you need a home inspection before closing the house. They can also advise you on financing options and can recommend good movers or other professionals you may need. When interviewing real estate agents, ask about their experience working with first-time homebuyers in Coronado and how they might help you find a home.
Don’t assume you need to put down 20%
Check out available loans and homebuyer assistance programs
There are also conventional mortgages and USDA loans, which sometimes don’t require first-time homebuyers to pay a down payment. There are also options when it comes to the mortgage term. If you plan to stay in the home for a short term, then considering an adjustable-rate mortgage may be the way to go (rather than a fixed 15- or 30-year mortgage rate). Considering your plans in your new house is an integral part of the homebuying process, especially as you begin touring properties.
Additionally, numerous states provide first-time homebuyer programs, combining low-interest-rate loans with down payment and closing cost assistance. Sometimes, tax credits are also available through some first-time homebuyer programs. It’s also vital to ensure you are pre-approved for loans or homebuyer assistance programs before you begin searching for houses in earnest, as you won’t know how much you can spend. This information is typically available on local, state, and federal housing authority websites.
You’re ready to become a homeowner. Now what?
*Header photo courtesy of The Clements Group