Your First Home in Downtown Los Angeles #firsttimehomebuyer #dtla
The L.A. Loft Blog gets information from thousands of buyers, sellers, renters and landlords, along with hundreds of local real estate professionals. Today we’re sharing the proven path to urban home ownership.
Home is Where The Wealth Is
Most who buy a home come to find that it turns out to be the biggest and most successful financial decision they ever made. Compare the average renter situation to the average Downtown Los Angeles homeowner financial outcome: Renting since 2014 total average loss $88,200 while owning the total average gain is $99,000. The difference in financial outcome is that Downtowner who purchased the average home gained a net worth that is $187,000 higher than the average renter of that 3 year period.
Fears and Facts about buying a first home — New York Times Bestselling real estate writing team Gary Keller, Dave Jenks and Jay Papasan have cut through the doubt that some first time buyers have. Many think that they cannot afford to buy a home now, while the truth is that many actually cannot afford not to a buy a home now. There is always a home that is affordable that will be a smart purchase. Renters can afford to buy. They need to include the tax deductions when calculating the true cost of ownership as compared to renting that has no tax deduction. The homebuyer must also include appreciation that has been a steady 6% per year in Downtown Los Angeles of the past few years.
Those who believe that they should wait until the real estate market gets better before buying will find that the truth is that there is never a wrong time to buy the right home. Waiting for the right time seldom works to the buyer’s advantage. Trying to time the market for the short term rarely works, and causes the buyer to miss timing for the long term. Equity build-up, value appreciation and tax benefits always make the home purchase the right decision in the long run.
Many believe that they need 20% or more for a down payment, while the truth is that 5% down or sometimes even less is enough. Also, home buyers do not need 700 or 800 credit scores.
Some believe that they should not buy until they can afford their dream home. The truth is that the fist home is the first step to buying a dream home. The best way to get closer to buying a dream home is to buy a first home. The equity gained from the first home is the big financial boost needed to buy a dream home.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
