If you’re buying a loft or condo for sale in DTLA, use these tips to create the most successful deal possible.
3 Pro Tips on Buying a Loft or Condo in DTLA
- Buy less than you can afford
- Visit the condo or loft at various times of day before you make an offer
- Remember that money isn’t everything on an offer
Buy Less Than You Can Afford
You should always, always buy less house than you can afford. That’s true whether you’re buying a condo, a loft or a single-family home. Being “house rich and cash poor” is a real thing – and it can happen to you if you buy a house that’s tough to pay for. Try to keep your mortgage payments under 20 percent of your monthly household income and you should be in good shape… because you never know if you’ll be laid off, or if you’ll have to move and temporarily leave the home vacant while you search for a buyer.
Visit the Condo or Loft at Various Times of Day Before You Make an Offer
You want to make sure you’re going to love living in your new condo or loft at all times of day, so it makes sense to check it out in the morning, afternoon and evening. And if you’re up for it, visit at night, too. Check out the street traffic, see if anyone is loitering outside, and check to see if you can hear loud music coming from inside.
Remember That Money Isn’t Everything With an Offer
Money isn’t everything when you submit an offer. Sometimes a high earnest money deposit can win you the deal, or you could include a nice letter to the seller that warms him or her up to your offer. Talk to your agent about putting in an offer that really stands out.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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