She Strengthens

Taking the Leap: My Journey to Condo Ownership

As I embark on this major milestone, I’m filled with a mix of emotions – excitement, anxiety, and a sense of accomplishment. Buying a condo may not be a groundbreaking feat, but for me, it’s a personal triumph.

The Trigger

It all started when I found myself suddenly single and facing the harsh reality of Los Angeles rent prices. I realized that buying a place would not only be more cost-effective in the long run but also allow me to build equity. My requirements were clear: a two-bed, two-bath condo with separate living spaces, in-unit washer-dryer, and a safe neighborhood with individual parking spots.

The Financial Hurdle

Saving aggressively for years, I managed to set aside $40,000 for a down payment – a modest 10% for a two-bedroom condo in a less-desirable area. Although I’ll have to pay Private Mortgage Insurance (PMI), the rent savings will more than cover this new expense. By crunching the numbers, I realized that owning a condo would reduce my monthly spending by $1,200-$1,400, making back my down payment in under three years.

The Search Begins

Armed with this knowledge, I turned to online real estate platforms like Redfin and Trulia, setting alerts for properties that fit my criteria. Their mobile apps were a game-changer, allowing me to browse listings from the comfort of my bed or while waiting for a date. Although Redfin seemed to have a better selection of fresh listings, I didn’t have much luck with Zillow.

The Agent Conundrum

Finding a reliable agent proved to be a challenge. I met with six or seven agents before settling on my current one, who has been instrumental in my search. My first agent, courtesy of Redfin, lacked knowledge about the neighborhood, while others were either slow to respond or too focused on making a sale. By working directly with listing agents and attending open houses, I’ve been able to take control of my search.

Lessons Learned

One crucial lesson I’ve learned is that good bones beat modern amenities any day. In a hot market like Los Angeles, investors with cash are snatching up units, leaving me in the dust. Instead, I’ve opted to bake renovation costs into my mortgage application, allowing me to find a place that fits my budget and can be tailored to my taste.

The Final Push

With five offers under my belt, I’m hopeful that I’ll soon find my dream condo. It’s been a wild ride, but I’m starting to see the light at the end of the tunnel – a light that shines bright with the promise of a cozy townhouse, plenty of natural light, and a renter-friendly space. Wish me luck!