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

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706 N Madison Avenue, Los Angeles

$525,000

706 N Madison Avenue, Los Angeles

1 Bed 1 Bath 400 SqFt Residential MLS® # PW21164517
1185 N Normandie Avenue, Los Angeles

$768,000

1185 N Normandie Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21764770
1554 N Hobart Boulevard # 9, Los Angeles

$705,000

↓ $33,000

1554 N Hobart Boulevard # 9, Los Angeles

2 Beds 2 Baths 1,093 SqFt Residential MLS® # TR21155868
1131 N Alexandria Avenue, Los Angeles

$1,260,000

1131 N Alexandria Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # PF21159691
4567 Lexington Avenue # 206, Los Angeles

$715,000

4567 Lexington Avenue # 206, Los Angeles

2 Beds 2 Baths 940 SqFt Residential MLS® # 21759278
1046 N Normandie Avenue # 8, Los Angeles

$430,000

1046 N Normandie Avenue # 8, Los Angeles

1 Bed 1 Bath 849 SqFt Residential MLS® # 21759670
5442 Virginia Avenue, Los Angeles

$3,000,000

5442 Virginia Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21760766
1250 N Kingsley Drive, Los Angeles

$6,100,000

1250 N Kingsley Drive, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21760746
1006 N Mariposa Avenue, Los Angeles

$6,800,000

1006 N Mariposa Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21760712
1018 N Mariposa Avenue, Los Angeles

$6,000,000

1018 N Mariposa Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21760734
1165 N Heliotrope Drive, Los Angeles

$1,200,000

1165 N Heliotrope Drive, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # 21760438
831 N Heliotrope Drive, Los Angeles

$1,225,000

831 N Heliotrope Drive, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21759480
1415 N Hobart Boulevard, Los Angeles

$5,500,000

1415 N Hobart Boulevard, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # SR21151378
516 N Westmoreland Avenue, Los Angeles

$995,000

516 N Westmoreland Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21757684
941 N Normandie Avenue, Los Angeles

$2,950,000

941 N Normandie Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21758614
542 N Commonwealth Avenue, Los Angeles

$1,425,000

542 N Commonwealth Avenue, Los Angeles

3 Beds 3 Baths 2,685 SqFt Residential MLS® # 21757444
723 N Edgemont Street, Los Angeles

$1,195,000

723 N Edgemont Street, Los Angeles

3 Beds 2 Baths 1,683 SqFt Residential MLS® # 21756520
1247 N Hoover Street, Los Angeles

$1,195,000

1247 N Hoover Street, Los Angeles

3 Beds 1 Bath 1,200 SqFt Residential MLS® # 21757114
762 N Edgemont Street, Los Angeles

$1,188,800

762 N Edgemont Street, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # CV21143527
668 N Mariposa Avenue, Los Angeles

$1,690,000

668 N Mariposa Avenue, Los Angeles

6 Beds 6 Baths 3,463 SqFt Residential MLS® # 21755436