Deciding to Buy
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.
Why Do You Want To Buy?
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
Has Your Income Grown?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
Buyers guide FAQs – Los Angeles
The first step is to review your finances, talk with a local LA‑area lender, and get pre‑approved so you know what price range and neighborhoods are realistic for your budget.
From accepted offer to closing, most LA home purchases take about 30–45 days, depending on your financing, inspections, appraisal, and how quickly everyone signs and returns documents.
Yes, a dedicated LA buyer’s agent tracks new CRMLS listings, analyzes value, writes competitive offers, negotiates terms, and guides you through disclosures, inspections, and closing.
Many LA buyers put 10–20% down, but some conventional and FHA loans allow as little as about 3% down if you qualify, while jumbo or higher‑priced homes may require larger down payments.
LA buyers typically pay closing costs of roughly 2–4% of the purchase price, including lender fees, title and escrow services, appraisal, recording charges, and prepaid property taxes and homeowners insurance.
Yes, a professional home inspection is strongly recommended to uncover structural, safety, or systems issues that may not be visible during showings and could affect your decisions or negotiations.
Yes, many lenders and programs in California and LA support first‑time buyers, and approval will depend on your credit profile, income, debts, and any down‑payment assistance you qualify for.
Yes, self‑employed buyers purchase in LA all the time, but lenders usually review at least two years of tax returns, business income, and bank statements to document stable income.
Many lenders prefer your total housing payment to stay around one‑third of your gross monthly income or less, even in a higher‑cost market like LA.