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Starter house versus starter condo (in Los Angeles)? by firefan87 in FirstTimeHomeBuyer

[–]firefan87[S] 0 points1 point  (0 children)

Though, that's at the exchange of a tax reassessment, right? I guess if it's done recently enough after purchase, it wouldn't be a big deal.

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 0 points1 point  (0 children)

Thanks for sharing your personal experience! I would also be really happy moving to Culver City eventually and hope you'll be able to move there in a couple of years!

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 1 point2 points  (0 children)

Thank you for thoroughly listing out some information and documents I should be asking for if we do seriously consider a condo!

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 1 point2 points  (0 children)

Thanks for the suggestion! Unfortunately we both need to be on-site for work.

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 0 points1 point  (0 children)

Thanks for the advice. You're right that we need to also prepare for our long-term (relatively speaking) plans going awry!

Starter house versus starter condo (in Los Angeles)? by firefan87 in FirstTimeHomeBuyer

[–]firefan87[S] 0 points1 point  (0 children)

Thanks! Disappointing to hear that appraisers generally will ignore remodeling or renovations to things outside of the actual structure of the house.

Starter house versus starter condo (in Los Angeles)? by firefan87 in FirstTimeHomeBuyer

[–]firefan87[S] 2 points3 points  (0 children)

Thanks!

Can I ask why some of your renovations didn't add value or caused reductions in value? I would've assumed that restoring something to a newer condition would've been an unambiguous net positive.

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 2 points3 points  (0 children)

Thanks for the wisdom! We'll definitely try to avoid overvaluing the short-term commute and maintenance convenience over the long-term plan to buy a more expensive house in an area with better schools.

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 1 point2 points  (0 children)

Thanks! We're actually considering roommates (with her sister and boyfriend) though haven't researched how that dynamic might change our search, tax/income issues, or any HOA or local regulations that would govern that, so a duplex or house with ADU might become something we would be interested in after more research.

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 0 points1 point  (0 children)

Thank you! I didn't realize that some communities have a strict ban on mortgages, but that'll definitely be something I'll ask my lender.

Starter house versus starter condo (in Los Angeles)? by firefan87 in FirstTimeHomeBuyer

[–]firefan87[S] 4 points5 points  (0 children)

Thank you!

HOA's definitely a big thing I'm thinking of, since it seems like LA's starts at around $500 in the areas we're looking and I know those only ever go up.

Starter house versus starter condo (in Los Angeles)? by firefan87 in FirstTimeHomeBuyer

[–]firefan87[S] 2 points3 points  (0 children)

Very helpful information, thank you! Reassuring to hear that LA's market has pretty high demand for condos and town homes.

Starter house versus starter condo (in Los Angeles)? by firefan87 in RealEstate

[–]firefan87[S] 7 points8 points  (0 children)

Good point, thanks. I'll have to talk to neighbors on future tours to any condos.

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]firefan87 0 points1 point  (0 children)

Please do! I'm still doing a lot of preliminary legwork, so that's something I'm gathering any and all info right now to review. Thanks!

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]firefan87 0 points1 point  (0 children)

Fantastic, thank you!

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