I wonder if it is at all possible to buy a home in or around Los Angeles for 1500 and under per month for payments?
2006-12-07 16:53:27 · 7 answers · asked by Michelle N 5 in Business & Finance ➔ Renting & Real Estate
Sure, it might be a real dump though, or most likely you would have to put down a ridiculous amount as a down payment (say 70-90% and your loan is small).
For a rough ballpark figure, for a monthly payment of $1,500 a month, you are looking at a maximum mortgage of probably about $150,000 to $175,000. This also doesn't take into account property taxes or homeowners insurance that you should be budgeting for as well. Homeowners insurance might cost you around $75-100 a month and property taxes are 1.5% of the purchase price a year.
2006-12-07 17:03:45 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
I believe that is the problem right now...People are going to begin to lose their homes as they got into their current home with a very low interest loan for 5 years or the like but after the 5 years...ouch. And the loan set up like that adds thousands if not more onto the amount of the loan. For example...what some people have is negative amortization which means you pay less than the interest and so are continuing to go into debt with every payment. I would say that saving until you have a large enough downpayment or buying a lower priced condo until you have saved enough. Go here for an interesting way to buy and pay off sooner.
www.normandmike.com
2006-12-07 17:11:25 · answer #2 · answered by blgrad2000 2 · 0⤊ 0⤋
You probably won't find anything with that price in any of our beach cities...Torrance, Carson or Lomita are good in the South Bay. Steer clear of Harbor City or Harbor Gateway. There are some really nice parts of Lakewood and Long Beach, but you really need to to know the areas...most parts north of the 405 fwy seem to be OK. You can look in the valley....Northridge, Van Nuys - but it gets really hot out there...too hot for me. Plus like the other user said, you want to try and find something close to your work or school. Commuting in LA is a pain. I drive 30 miles to work and it takes me almost 2 hours!! Thank goodness I get to telecommute half the time!! Good Luck!
2016-05-23 05:43:48 · answer #3 · answered by Susan 4 · 0⤊ 0⤋
It's possible but it's not going to be very nice. Most 1 bedroom apartments are nearly that price in L.A.
2006-12-07 17:01:09 · answer #4 · answered by wizo1fan 2 · 0⤊ 0⤋
go to www.realtor.com
put in the zip codes of the area you like
also consider a room mate to give you extra income.
2006-12-08 00:08:41 · answer #5 · answered by m2 5 · 0⤊ 0⤋
well, if u have ummmm.....i think its called section A, 8...argh, something like that, this is not helping, i know, but around where im from, and im sure other places too, u can get housing thatll help
2006-12-07 17:01:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sure. It's called a cardboard box.
2006-12-07 17:00:51 · answer #7 · answered by jare bare 6 · 1⤊ 2⤋