Los Angeles First-Time Home Buyers Beware of Hidden Costs

If you are a Los Angeles first-time home buyers you need to be aware of costs for home ownership over and above the  Principal, Interest, Taxes and Insurance (PITI), amount presented to you by your Lender. Some will be monthly, others may be a one-time initial cost.

These are some points to consider:

  • Utilities:  gas, water, electricity, cable, telephone.
  • You may not be able to handle your landscaping and may need to employ the services of a gardener.
  • If you are thinking of buying a condominium of a home in a PUD (planned unit development) then there will be association dues, anywhere from the mid $200s to the $500s per month for an average unit, and significantly above that amount in luxury high-rises.
  • Will you need to renovate? You may want new appliances and, as a first time home buyer, furniture.
  • And then there is maintenance, an unknown factor, that needs to be budgeted for.

Buying a home is a wonderful investment, before jumping in over your head and being house poor, make the necessary adjustments for the amount of house you are going to be able to afford.

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