If you’re a first-time buyer who’s looking for a condo for sale in downtown LA, you’ve probably read all kinds of first-time buyer advice, tips and tricks, and other guidance – and some of it probably hasn’t been as helpful as it could be.
This guide to buying your first condo in LA isn’t like the rest. It’s our job to make sure you’re as informed as possible when you buy your first home, whether it’s a cozy loft you’re buying with your significant other or it’s a condo in the heart of the city.
5 First-Time Buyer Tips You Can Really Use
#1. Fix Your Credit, ASAP
If you’re thinking about buying a home, you need a solid credit score if you want the most favorable rates and terms. Start cleaning up your credit report as soon as you decide you want to start looking at houses by paying down your debt, making sure you don’t have any late payments, and avoiding applying for new credit.
#2. Save As Much As You Can
The higher your down payment is, the lower your monthly mortgage payments will be – and the more favorably lenders will look at your application. If you can come up with a 20 percent down payment, you won’t have to pay for private mortgage insurance, or PMI, which protects the lender in case you don’t make your monthly payments.
#3. Shop for Homes You’ll Need in 5 Years
Although your first home, statistically speaking, won’t be your last home, it pays to buy a home that fits where you’ll probably be five years from now. Ideally, you’ll buy a condo or loft that you have room to grow into – provided that it fits in your budget.
#4. Be Realistic About What You Can Afford
Even if you’re approved for, say, $750,000, that doesn’t mean that you need to look at homes that cost exactly that amount. Instead, start your search with homes that cost less and work your way up if you don’t find anything. (This is one of the most common mistakes that all homebuyers make – even those who have purchased several homes.)
#5. Pick a Real Estate Agent You Like and Trust
This is the biggest financial decision you’ll ever make, which means you need someone you like – and someone you trust – by your side throughout the process. As a buyer, you don’t have to pay your real estate agent (the seller does that), so shop around for an agent you can rely on to help you find a home that meets your needs and fits within your budget.
Are You’re Buying a Condo in LA?
If you’re thinking about buying a condo in Los Angeles or a nearby community, call us at 213-254-7626 or contact us online.
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