Analysis: Buying First Home, Newbie here
Hi,
My wife and I are in our early 30s and looking to buy. We saw a property today, here are the specs. It's in LA, pretty good neighborhood (Mid Wilshire area)
$929,000
Brand new townhouse style SFH, in a 6 unit project with a shared driveway.
Sq Ft: 1,614
2 bd / 3 bath
Roof dec
It's on a street with multiunit buildings, very few SFHs. Walkable and reasonably close to parks, shops, restaurants.
We'd have to do ZERO renovations, only moving and furnishing the place. And likely no major repairs for first 3-4 years, I'd imagine.
We're thinking of putting down cash for DP, and financing 700,000 at hopefully 3.6% over 30 years. We may also be able to get a lower rate by doing a 10/1 ARM.
It's Los Angeles, where everything just seems to be going up and up, and there is a housing crisis here. We'd likely stay there between 5-7 years, then either keep or sell and move somewhere else.
Thanks in advance for your feedback,
Humble Houser