When you’re searching for a condo or loft for sale in DTLA – especially if it’s your first time buying a home or if it’s been a while since the last time you purchased a home – these are three things you absolutely must know.
3 Things All First-Time Buyers Need to Know
Your DTLA Realtor(R) will walk you through the entire process, so don’t worry too much if you’re unfamiliar with the home-buying process. However, here are things you should know before you start actively home-hunting:
- How much house can you really afford?
- What are must-haves in your next home?
- Can you act quickly?
How Much Home Can You Afford?
When you work out a budget for your new home, look at all your current expenses. If you’re doing fine paying rent but know that if you had to pay more in a mortgage, you’ll know exactly where your monthly payments should be.
In order to get a mortgage, you should spend less than 36 percent of your income (before taxes) on all your debts, and less than 28 percent of that should go toward your housing costs.
What Are Must-Haves for Your Next Home?
When you buy, it’s a long-term investment. You’ll probably live in the home for quite some time, so it’s important that you list all your must-haves.
But here’s a tip most Realtors(R) won’t tell you: You should look at your must-haves five years from now, not necessarily your must-haves right now. If you’re planning on growing your family, or if you know you’ll need less space in the future, that’s the type of home you should look for now.
Can You Act Quickly?
Once you find your dream home, you have to be ready to pounce. Here’s the deal: If you love a home, chances are pretty good that other people do, too. That means they might beat you to the punch when it comes to making an offer – and you need to be ready to pounce with your preapproval letter in-hand.
Are You Buying a Loft or Condo for Sale 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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