Most people get a case of the pre-buying jitters when a seller accepts their offer – and that’s totally normal. Here’s a quick list of the “what-if”s that might be plaguing you – and how to deal.
3 “What-If”s You’ll Encounter When You Buy a Condo in DTLA
It’s totally normal to get excited about buying a condo in DTLA – you should be excited, because it’s a big step. However, you’ll also probably ask yourself plenty of questions – we like to call them “What-If”s. These are three of the most common:
- What if I can’t afford my mortgage payments?
- What if something better comes along?
- What if I overpaid?
What if I Can’t Afford My Mortgage Payments?
Here’s the deal: Everyone becomes concerned about not being able to afford mortgage payments at some undetermined point in the future. The good news is that with your employment history and credit score, your lender thinks you will – and if you look back, how many times in the recent past have you had a hard time making your current mortgage payments or rent payments?
Your housing payments and condo association fees should be less than 28% of your gross income. That way, you know that only 28% of your income will be required to make the monthly payments you need to make.
What if Something Better Comes Along?
Before you found the condo you loved, you probably looked at several – both in person and online. You didn’t just pick this one out of thin air… you have great reasons for liking it, and other condos that hit the market won’t check all the boxes that this one does.
This feeling is totally normal, though, so don’t freak out if you’re worried about it. Just try to trust yourself and the decision you made.
What if I Overpaid?
The bottom line is that a condo is only worth what someone is willing to pay for it. In this case, that “someone” is you. If you’re afraid you overpaid for the condo, ask your Realtor(R) to show you comparable condos in the area so you can see what they’re all going for. You might be pleasantly surprised!
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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