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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725 N Normandie Avenue, Los Angeles

$1,374,900

↓ $25,100

725 N Normandie Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # PW20212428
New
4567 Lexington Avenue # 106, Los Angeles

$650,000

4567 Lexington Avenue # 106, Los Angeles

2 Beds 2 Baths 940 SqFt Residential MLS® # 21798474
New
436 N Oxford Avenue # 204, Los Angeles

$569,000

436 N Oxford Avenue # 204, Los Angeles

2 Beds 2 Baths 980 SqFt Residential MLS® # 21798312
New
630 N Westmoreland Avenue, Los Angeles

$1,669,900

630 N Westmoreland Avenue, Los Angeles

3 Beds 2 Baths 1,730 SqFt Residential MLS® # SR21229340
New
600 N Normandie Avenue, Los Angeles

$1,575,000

600 N Normandie Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # SR21232464
New
600 N Normandie Avenue, Los Angeles

$1,575,000

600 N Normandie Avenue, Los Angeles

6 Beds 2 Baths 2,196 SqFt Residential MLS® # SR21232405
New
552 N Hobart Boulevard, Los Angeles

$13,500,000

552 N Hobart Boulevard, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21797368
New
615 N Kingsley Drive, Los Angeles

$1,250,000

615 N Kingsley Drive, Los Angeles

2 Beds 1 Bath 1,454 SqFt Residential MLS® # CV21223258
3755 Beverly Boulevard, Los Angeles

$8,300,000

3755 Beverly Boulevard, Los Angeles

0 Beds 0 Baths 0 SqFt Land MLS® # 21796228
836 838 N Edgemont, Los Angeles

$1,159,000

836 838 N Edgemont, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 320008079
762 764 N Edgemont Street, Los Angeles

$1,090,000

762 764 N Edgemont Street, Los Angeles

3 Beds 3 Baths 2,151 SqFt Residential MLS® # SR21228937
1245 N New Hampshire # 3, Los Angeles

$1,024,900

1245 N New Hampshire # 3, Los Angeles

3 Beds 3 Baths 1,366 SqFt Residential MLS® # TR21228463
1245 N New Hampshire Avenue # 5, Los Angeles

$1,077,900

1245 N New Hampshire Avenue # 5, Los Angeles

3 Beds 4 Baths 1,382 SqFt Residential MLS® # TR21228533
1245 N New Hampshire Avenue # 4, Los Angeles

$1,087,900

1245 N New Hampshire Avenue # 4, Los Angeles

3 Beds 4 Baths 1,382 SqFt Residential MLS® # TR21228505
1245 N New Hampshire # 2, Los Angeles

$986,000

1245 N New Hampshire # 2, Los Angeles

2 Beds 3 Baths 1,324 SqFt Residential MLS® # TR21227855
1245 N New Hampshire Avenue # 1, Los Angeles

$1,155,900

1245 N New Hampshire Avenue # 1, Los Angeles

3 Beds 4 Baths 1,479 SqFt Residential MLS® # TR21227709
867 Serrano Place, Los Angeles

$1,500,000

867 Serrano Place, Los Angeles

5 Beds 4 Baths 4,442 SqFt Residential MLS® # 21794542
4959 W Melrose, Los Angeles

$2,995,000

4959 W Melrose, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21793972
719 N Madison Avenue, Los Angeles

$1,950,000

719 N Madison Avenue, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21793234
5380 Romaine Street, Los Angeles

$2,890,000

5380 Romaine Street, Los Angeles

0 Beds 0 Baths 0 SqFt Residential Income MLS® # 21791600