You are ready to buy a Los Angeles home. You have talked to a lender and chosen your Los Angeles real estate agent. What comes next?
Now you need to sit down with your agent and define your criteria. An area like Los Angeles gives you a large variety of options and you are going to have to decide what criteria are most important to you and narrow them down.
Here are some ideas:
- Location: Do you need to be near work.? How much of a commute are you willing to consider? L.A. freeway driving can be tough. However, sometimes you may be able to drive against traffic which will open up your buying options, especially if you are not finding anything in the city within your price range.
- Schools: Areas close to good schools are among the most popular in Los Angeles, and your choice will be considerably narrowed if this is a consideration. Do your research. There are many sites which provide information on schools.
- Lifestyle: Do you need to be near shops, restaurants, entertainment, etc? Check out Walk Score to find the best neighborhood if this is important to you.
- Type of property: house, condo, duplex, etc. Each has its benefits. Some examples. A condo you can just lock up and leave, and with the full amenity buildings you hardly need lift a finger. A house requires more upkeep. With income property, someone is helping you pay your mortgage.
- Features: How many bedrooms, bathrooms? Do you need outside space? Do you have to have a pool, or room for a pool, a view. Are you willing to buy a fixer and take time to make it yours? If so make sure you will be able to make improvements such as adding on square footage, building a second story, etc.
- Price: Determine the price. This will depend on the approval you have received from your lender and based on that, what you actually feel you would like your monthly payments to be. Just because you can afford a certain amount doesn’t mean you should spend that much. The number one thing you should not be doing is looking for a home before you have established you will be qualified to buy it. That will lead to disappointment.
These are a few things you need to think about.. While doing this make sure you prioritize. What do you have to have and what can you live without.
If your Realtor® is armed with this information they will be able to help you narrow down properties in the right area, with a good configuration, within your budget.
Buying a Los Angeles Home – The Series:
Step 1: Getting ready to buy
Step 2: Why use a Realtor?
Step 3: Define your criteria
Step 4: Start your search
Step 5: Make your offer (about the purchase contract)
Step 6: Be prepared to negotiate
Step 7: Go through the escrow process
Step 8: Taking Title
Step 9: The importance of a home inspection
What is not covered in a home inspection
Step 10: Prepare for your new home
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