Aspiring homeowner in SoCal looking for advice
I’m setting my sights on buying a home in Southern California within the next 3-5 years. I’m flexible about the location; it doesn’t have to be right in Downtown LA, but ideally, I’d like to stay within a 100-mile radius of the area. I’m here seeking wisdom from those who’ve navigated these waters. How should I be strategizing financially? Are there specific savings or investment strategies that worked well for you? Also, should I consider pausing my retirement contributions to pool more resources for a down payment? I’d love to hear any tips or personal experiences, especially from fellow young aspiring homeowners in SoCal. Thanks in advance for your help! TC: 300
What’s your budget? You don’t need to get that 20% down. Get in as early as you can. That might be even the 3% down. You’ll probably be refinancing in the future with rates this high. Even if the house loses value, just pick something you can easily make the payments on. Go smaller not bigger. Play it safe and don’t be house-poor.
Why 3% over 20% down. Is this based on getting the house sooner rather than later, even with PMI
Ahh man I could put like 40% down today and prices and rates are still ridiculous idk who can actually afford anything. I’d be tripping out to put 3% down on a house. Maybe a 1 bedroom apartment or something
Whatever you do, don’t buy a high rise condo. Rent it instead.
Get a house in Redlands!