Should You Buy A Los Angeles House Now ?

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Deciding whether to buy a house or to continue renting is usually a very tricky situation for most people in Los Angeles. It’s very tempting to want to continue renting a house and avoid the all too complicated process of buying or owning a home but then again it’s also hard to not want to make a big investment such as buying a house as you are getting older. However you can consider these factors to decide whether to buy a house or to continue renting.

How Long You Plan To Stay

One of the most important factors that you need consider when deciding whether buy a house or to continue renting is how long you plan to stay in that area. If you plan to stay in area for a long time, then it’s definitely advisable to buy a house in that area. If you are not certain how long you might be staying in that particular area then it’s best to hold off buying a house until you are sure that you will be staying in that area for a long time.

Home Price

The home price is usually the determining factor that most people use to decide whether they can buy a house of continue renting. It’s not always straightforward for people to know whether they can afford to buy a house or not but you can use certain signs to determine. If you are in deep debt, then it’s not a  good idea to buy a house. If you can’t afford the deposit then you can’t afford the house and if you spend more than 30% of your income on rent then you are not quite ready to purchase a house.

Additional costs

Owning a house involves way more than just paying the monthly mortgage payment. If you own a house, you will have to pay for the maintenance, property tax and other costs that you don’t normally have when you are renting. Fees to brokers and other professionals that are involved in the purchase of your house should also not be forgotten. If you don’t prepare or can’t afford the additional costs then it’s good to postpone buying a home.

You need to look at not just the sticker price but the additional costs too if you want to have a smooth process of buying a house.

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