I think the better question is "What kind of a house do you want"? If your credit is in as good a place as your income appears to be then your options are far less limited and you are in what some would call an enviable position.
I am guessing that you are wanting an idea of your purchasing power and that question is truly best answered by a lender. I can help you find the property that fits your needs and your ability to purchase but I rely on my client's lender to help determine what the value we are working with should be.
In West LA there are cute bungalows built in the 20's and 30's, great condos and some more sprawling properties, it really just depends on which part of the city you want to be in. If you want to be in WeHo proper, (closer to Santa Monica Boulevard, past La Cienega and heading toward the beach) there are more multi-family homes in that area than single family ones. That doesn't mean that there are not some great houses nestled in there, but the vibe of the area tends to be more social.
If you haven't already spoken with a lender, then I would suggest that this is probably one of the first places you should start. Speak with a couple different folks to see who you "click" with and who has the best product to service your needs.
You should also be looking at meeting with a couple different Realtors to see who you would like to work with. Your opportunity to purchase, especially because of the financial position you are in, has truly never been better in recent years.
If you have any additional questions, or if I can be of any further assistance, please do not hesitate to get in touch.
Take care and have a great day!
Tisza Major-Posner, Realtor, IVPG Realty (213) 392-4084 or (909) 837-8922
Since 1988 I have been in real estate. I am the broker and owner of Centuryside Real Estate Inc. I am also a State Licensed Real Estate Appraiser and expert witness for Attorneys in court property evaluation cases. I represent you directly, not a part time real estate person or individual who just decided to get a real estate license to fill in the time while performing other home activities.
David Krecker, BSBA, SRA, MRA
Centuryside Real Estate Inc.
Broker/Owner/State License Appraiser
Serving the areas of Orange County, Los Angeles County, San Bernardino, and Riverside.
Oh, By The Way....if you know of someone thinking of buying or selling a home or investing in Real Estate, who would appreciate the kind of service I offer, I'd love to help them. So, when you think of these people, just give me a call or email me with their name and number. I'll be happy to follow up and tend to their Real Estate needs.
My recommendation is for you to do a couple of things:
Talk with a lender about different scenarios.
Also, talk with a Realtor about your options:
Depending on your short and long term goals I recommend:
1. If this is your first home and you are currently renting, consider purchasing a duplex or a triplex. The principles of appreciation and leveraging might surprise you if you are unfamiliar with them. Imagine buying your first home in a buyer's market, living in it for five years, then when it's time to move on retain the property and the tenants pay the mortgage!
2. Discuss the after tax implications with your CPA - that is probably one of the reasons you are looking at buying, right? Run the scenarios of owning a single family home versus an income property.
3, If you are looking at a single family home, it may be the right now you do not have children and a small home will do fine. However, some very good advice we received from our first Realtor when we purchased our first home...the most popular style of home is a three bedroom two bath.
The dilemma most first time buyers have is:
Do I buy a smaller home in a nicer area, or a larger home in an area that perhaps is not so nice (and it's all relative.)
Good l uck!
Prices vary, as others have told you and much depends upon where you want to live. In Culver City, the average home is priced in the 700-800 Thousand Dollar range, but they can go higher. To give you an example..a home priced at 750,000 will have a monthly mortgage payment of approx.$3,792.41 that is with a 20% downpayment and the current interest rate of 6.5% (30 year fixed loan). Interest rates change weekly however so that is just a rough estimate.
We do have loan officers in our office who will give you an exact figure if you are interested.
With 500k down you need to figure out how much of a payment you are comfortable with. I work work with a lender at Chase in Santa Monica that can come up with some payment scenereos. Once you determine what payment you are comfortable with than you can determine your price range. If you know what price range you are looking at, that would help me best answer your question. We need to know what you can afford and what your minimum requirements are for size, style and condition. If you like you can shoot me an email with that info and that way I can figure out what you can afford. Also, what towns on the Westside do you like best?
The Reavis Group
Keller Williams Wilshire
If you need a really professional, honest, hard working agent then please let me know. I know of some really great homes that are not even in the market in this area
Hope this Helps
First Team Estates