Are You Ready For Home Ownership?

Owning a home may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.

Some people have a notion that homeownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes, and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.

Questions for Prospective Homeowners

Are you ready to buy?

Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of homeownership with a realistic expectation of the rewards.

How much can you afford?

It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make homeownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.

What is your debt-to-income ratio?

This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%.

What do you want?

Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you.

We Can Help

You need a good agent who will work hard for you. The IET Real Estate team is dedicated to helping you find the right home, at the best price. We want you to find a home that will make you happy and successful in real estate ownership.

When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.

Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.

Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be dodgy, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.

Make the offer. This can be a maze of "buyer", "seller", "chattels", "deposit", and "completion". We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.

Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint, and mold. They'll also check for evidence of pests, faulty wiring, and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.

Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!

Contact us here or give us a call at (323) 412-9060 for more information about first-time home purchasing in the East Hollywood area and beyond.

East Hollywood

Sort by:
New
4959 Sunset Boulevard, Los Angeles

$145,000

4959 Sunset Boulevard, Los Angeles

0 Beds 0 Baths 0 SqFt Business Opportunity MLS® # GD23097495

Jack Topalian JohnHart Real Estate

New
736 N Edgemont Street, Hollywood

$949,000

736 N Edgemont Street, Hollywood

3 Beds 2 Baths 1,400 SqFt Residential MLS® # SR23094423

Michael Melik-bakchian JohnHart Real Estate

New
1250 N Mariposa Avenue, Los Angeles

$3,295,000

1250 N Mariposa Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # DW23096194

Rickird Rey Ramirez Ally Commercial Real Estate

New
1310 N Kingsley Drive, Los Angeles

$1,100,000

1310 N Kingsley Drive, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # BB23092054

Greg Simitian Redfin Corporation

5442 Virginia Avenue, Los Angeles

$2,750,000

5442 Virginia Avenue, Los Angeles

0 Beds 0 Baths 5,670 SqFt Residential Income MLS® # 23275157

Anna Kampling Colliers International Greater Los Angel

New
968 N Ardmore Avenue, Los Angeles

$1,900,000

968 N Ardmore Avenue, Los Angeles

0 Beds 0 Baths 10,296 SqFt Residential Income MLS® # 23268976

Yohann Bensimon Keller Williams Hollywood Hills

775 N Heliotrope Drive, Los Angeles

$1,875,000

775 N Heliotrope Drive, Los Angeles

5 Beds 5 Baths 3,452 SqFt Residential MLS® # 23275015

Natalie Kraiem Equity Union

5439 Fountain Avenue, Los Angeles

$4,780

5439 Fountain Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Commercial Lease MLS® # 23273825

Jonathan Jay Bruce Jay Associates

506 N Madison Avenue, Los Angeles

$1,250,000

506 N Madison Avenue, Los Angeles

0 Beds 0 Baths 3,496 SqFt Residential Income MLS® # 23273201

Jason Tuvia Marcus & Millichap

542 N Commonwealth Avenue, Los Angeles

$1,700,000

542 N Commonwealth Avenue, Los Angeles

3 Beds 3 Baths 2,947 SqFt Residential MLS® # 23253999

Imraan Ali Compass

616 N Juanita Avenue, Los Angeles

$1,295,000

616 N Juanita Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # 23271247

Darren Hubert Avenue 8, Inc.

4957 4959 W Melrose, Los Angeles

$2,699,000

4957 4959 W Melrose, Los Angeles

0 Beds 0 Baths 5,004 SqFt Residential Income MLS® # 23269871

Alessandra Ferracuti Compass

968 N Ardmore Avenue, Los Angeles

$1,900,000

↓ $395,000

968 N Ardmore Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # 23269601

Yohann Bensimon Keller Williams Hollywood Hills

822 1/2 Sanborn Avenue, Los Angeles

$589,000

822 1/2 Sanborn Avenue, Los Angeles

1 Bed 1 Bath 945 SqFt Residential MLS® # 23269035

Mark Grimes Compass

423 N Harvard Boulevard, Los Angeles

$4,700,000

423 N Harvard Boulevard, Los Angeles

0 Beds 0 Baths 11,797 SqFt Residential Income MLS® # 23268791

Roderick 'rick' Raymundo Marcus & Millichap

1032 N Berendo Street, Los Angeles

$2,250,000

1032 N Berendo Street, Los Angeles

0 Beds 0 Baths 0 SqFt Commercial Sale MLS® # CV23077487

Sevilla Gonzales GOLDEN DOVE REALTY

1135 N Commonwealth Avenue, Los Angeles

$1,095,000

1135 N Commonwealth Avenue, Los Angeles

3 Beds 3 Baths 1,571 SqFt Residential MLS® # 23267041

Michael Kafaei Keller Williams Beverly Hills

1537 N Kingsley Drive, Los Angeles

$1,499,000

1537 N Kingsley Drive, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # 23266635

Arman Mahmoodi Keller Williams Beverly Hills

1537 N Kingsley Drive, Los Angeles

$1,499,000

1537 N Kingsley Drive, Los Angeles

0 Beds 0 Baths 2,086 SqFt Residential Income MLS® # 23266583

Arman Mahmoodi Keller Williams Beverly Hills

811 N Kenmore Avenue, Los Angeles

$1,249,000

↓ $41,000

811 N Kenmore Avenue, Los Angeles

3 Beds 2 Baths 1,555 SqFt Residential MLS® # 23260921

Chang Soo Lee Urban Real Estate, Inc.