Buying a New Home in Los Angeles: 3 Things to Consider before Shopping

Liz Lurie
Liz Lurie
Published on March 12, 2018

The home buying process is one that is full of decisions. Do you want a house or a condo? Should you shop for a newly renovated home or a fixer? Do you want to be in an up and coming neighborhood? If you settle on a condo, a whole new set of decisions enters the picture such as HOA fees and assessments.

The Los Angeles real estate market is one of the most competitive in the country and when you find a home you like, you must move quickly! Before you hop in the car to go to open houses, there are a few things you should do to protect yourself during the purchase process.

Lay the foundation properly, and you’ll make it to closing with confidence.

1. Get Clear on your Finances

Walking into a new-home purchase without knowing how much you can afford to spend on a house, is like going shopping without your wallet! You may be looking at a price range that you cannot afford or you may be able to afford more than you think! Since buying this home may be the biggest financial decision of your life, you owe it to yourself to go into the process with as much knowledge as possible.

See a lender before viewing even one home. Find out how much you can spend and then stick to that price range when shopping for a home. It’s helpful to know how your monthly payments will increase with a slightly more expensive house, sometimes it’s incremental.

Talk to more than one lender and then, compare lender quotes before making a final commitment. Lenders have access different programs and rates. Get the cost of each loan from every lender you speak with. It’s also important to choose the Lender that you mesh with and trust because you will be speaking to this person almost daily for the next 2 months!

Find more information on how to shop for a mortgage from the Federal Trade Commission.

2. Choose a Neighborhood 

Once you know your budget, and what you’re looking for in a neighborhood, it’s easier to narrow down where to shop.

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Use the form below to begin.

3. Find a Real Estate Agent in Los Angeles that you trust.

Buyer’s representation costs you nothing – the seller pays all real estate fees. So there is really no reason not to hire your own representation for such an important investment.

Ask your Agent for a walk-through of the new-home buying process—learn about the inspection process, contingencies, the role of escrow, and financial timelines. Not all agents are built the same!

Find Your Next Home

Use the form below to begin.

Arm yourself with as much information as possible and the process will go smoothly.

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