Planning to Buy Your First Home in LA

It’s essential to consider a number of factors before you begin the search for your home – from knowing how long you plan to live in your home, to what neighborhoods you would like to explore, to how much you can afford, to your risk tolerance, to determining what type of loan is right for you. There are many questions to ask yourself prior to the start of your house hunt. Before finding your home, ask yourself: 

How long do I plan on living in this home? Is this a starter home or do you see yourself here for a few decades? 

  1. Am I expecting significant changes in my personal or professional life? Are you hoping to get married or have children? Do you want to start working from home? Are you likely to relocate for work? 
  2. What matters most to me about location? How long do you want to spend commuting? Do you want to be in a particular school system? 
  3. What’s my risk tolerance? How would an increasing interest rate impact your finances? How would you react if your property value decreased over the next five years? 
  4. How much can I afford? How much have you saved for a down payment? What are you currently paying in rent? Do you have other major expenses on the horizon?

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