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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740 N Ardmore Avenue, Los Angeles

$1,275,000

740 N Ardmore Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # PW22003855

Jason Jones Jason Jones, Broker

1245 N New Hampshire # 3, Los Angeles

$989,900

1245 N New Hampshire # 3, Los Angeles

3 Beds 3 Baths 1,366 SqFt Residential MLS® # TR22107627

Therina Lin Encore Realty & Financial

1245 N New Hampshire Avenue # 1, Los Angeles

$1,089,900

1245 N New Hampshire Avenue # 1, Los Angeles

3 Beds 4 Baths 1,479 SqFt Residential MLS® # TR22107227

Therina Lin Encore Realty & Financial

1245 N New Hampshire Avenue # 6, Los Angeles

$1,065,900

1245 N New Hampshire Avenue # 6, Los Angeles

3 Beds 4 Baths 1,460 SqFt Residential MLS® # TR22107261

Therina Lin Encore Realty & Financial

3907 Melrose Avenue, Los Angeles

$575,000

3907 Melrose Avenue, Los Angeles

1 Bed 1 Bath 580 SqFt Residential MLS® # 22158427

Mary Regal Compass

1258 N Westmoreland Avenue, Los Angeles

$1,296,000

1258 N Westmoreland Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # 22157353

Darin Spillman Hudson Commercial Partners, Inc.

1398 N Serrano Avenue, Los Angeles

$749,000

1398 N Serrano Avenue, Los Angeles

2 Beds 2 Baths 1,050 SqFt Residential MLS® # 22154279

Valeria Leininger Sotheby's International Realty

901 N Kenmore Avenue, Hollywood

$1,350,000

↓ $145,000

901 N Kenmore Avenue, Hollywood

4 Beds 3 Baths 2,495 SqFt Residential MLS® # SB22098702

J.woody Stahl Lyon Stahl Investment Real Estate, Inc.

4005 Monroe Street # 4, Los Angeles

$875,000

4005 Monroe Street # 4, Los Angeles

2 Beds 3 Baths 1,520 SqFt Residential MLS® # 22150369

Kirk Gerou Coldwell Banker Realty

1245 N New Hampshire # 2, Los Angeles

$969,000

1245 N New Hampshire # 2, Los Angeles

2 Beds 3 Baths 1,324 SqFt Residential MLS® # TR22100877

Therina Lin Encore Realty & Financial

311 N Heliotrope Drive, Los Angeles

$1,250,000

311 N Heliotrope Drive, Los Angeles

5 Beds 4 Baths 2,569 SqFt Residential MLS® # DW22086022

Mimi Lee Realty One Group United

4457 Rosewood Avenue, Los Angeles

$3,899,000

4457 Rosewood Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 22155231

Eliza Kerndian Keller Williams Realty Westside

537 N Kenmore Avenue, Los Angeles

$2,600,000

537 N Kenmore Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Commercial Sale MLS® # SR22097655

Alex Avery Coldwell Banker Realty

531 N Kenmore Avenue, Los Angeles

$2,600,000

531 N Kenmore Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Commercial Sale MLS® # SR22097536

Alex Avery Coldwell Banker Realty

315 N Heliotrope Drive, Los Angeles

$1,299,000

315 N Heliotrope Drive, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 22154749

Yongho Rho Max Mega Group

831 N Mariposa Avenue, Los Angeles

$1,800,000

831 N Mariposa Avenue, Los Angeles

4 Beds 2 Baths 3,119 SqFt Residential MLS® # 22154661

Dick Shirinyan P&S Realty

New
1402 N Alexandria Avenue, Los Angeles

$1,950,000

1402 N Alexandria Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # MB22095047

Giovanni Morales CENTURY 21 REALTY MASTERS

733 N Alexandria Avenue, Los Angeles

$995,000

733 N Alexandria Avenue, Los Angeles

3 Beds 1 Bath 1,351 SqFt Residential MLS® # BB22062091

Marie Frazier BERKSHIRE HATHAWAY HOMESERVICES Crest Real Estate

807 N Alexandria Avenue, Los Angeles

$1,400,000

807 N Alexandria Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 22153231

Isaac Fast Coldwell Banker Realty

741 N Harvard Boulevard, Los Angeles

$1,540,000

741 N Harvard Boulevard, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 22151705

David Lee Ruest Compass