Planning to Buy? Have a Plan for What Comes After?

5 questions help you look ahead to home ownership

Buying a home comes with a huge financial stake, a lot of responsibility, and even more fine print. While investing in this aspect of the American dream is exciting, it’s important to reflect on your current and future plans before buying. Here are five questions to consider:

  1. What Are Your Goals for the Next 5 to 7 Years?
    Are you happy with your job and feeling content with how your life is going? Do you anticipate any career, family, or financial changes in the next few years?

    If you’re considering growing your family or changing careers, factor into your budget any anticipated changes, such as extra room for a baby or an income cut. That’s better than taking a financial loss by having to turn around and sell your new property.

  2. What Will It Cost to Both Purchase and Own Your New Property?
    A general rule of thumb is to keep your PITI (principal, interest, taxes, and insurance) costs below 28% of your gross monthly income, while your overall debt-to-income ratio should be no more than 36%.
  3. Are you buying a bigger space than what you currently have?
    Don’t forget to factor in increased heating and cooling costs. Also, plan for homeowner’s association dues if applicable.

    In addition to the funds you have for your down payment, don’t overlook the following expenses you’ll incur once you purchase your home:

    • Moving costs
    • Closing costs
    • Home repairs
    • Painting
    • New appliances
    • Fixtures
    • Furniture

    I recommend opening a separate savings account in addition to your down payment fund to save for these expenses.

  4. How Will You Handle Home Repairs and Maintenance?
    Is there a lawn to mow or a pool to clean? Do you enjoy the idea of tinkering with appliances and fixing things around the house? Consider if you’ll DIY or delegate. If you’re a delegator, price services ahead of time to ensure there’s room in your budget.

    One of the first things I told my husband upon seeing our new backyard was that I don’t do landscaping. Apparently, neither does he, because 12 months in, we have a monthly line item in our budget for a gardener.

  5. How Will Your Ideal Location Affect Your Fixed Monthly Expenses?
    It’s important to consider more than just the home price in your desired community. Will you be farther from or closer to work? How will your home’s location affect your commuting costs? Our family purchased in a community that has a toll road, so we’ve added tolls to the monthly budget.

    In addition to transportation costs, consider whether your food and utility costs will increase or decrease, and whether you’ll enroll kids in the local school district or opt for private schooling.

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New Listing – Gorgeous, Must-See Home in Torrance

Listing Price: $1,249,000

3108 Carolwood Lane, Torrance CA 90505
Listing ID# SB19136299
2,370 sq. ft.
4 bedrooms, 3 baths
Built in 1976

Beautifully remodeled, this 4 bedroom, 3 bath home offers views inside and out. It features an open floor plan with formal living and dining room with high ceilings and stately fireplace, stunning kitchen and large family room. The kitchen has been remodeled with a Huge granite island, gorgeous Alder wood cabinetry and built-ins and stainless steel appliances. It opens out to the family room that includes a fireplace flanked by custom built-ins and french doors that allow access to the park-like backyard.

The master suite is a private haven with city views from the large slider and viewing deck (which it shares with the living room) and features high ceilings and a custom walk-in closet. Imagine yourself in the soothing jetted tub in the master bathroom which includes a dual vanity, granite counters, and separate shower area. One bedroom and bath are on the entry level and are perfect for visiting guests or use as an office. The laundry is upstairs, conveniently close to the bedrooms.

Designer features include (but not limited to) wood flooring, granite countertops, Alder wood cabinetry, newer windows, A/C. Direct access from 2 car garage. Located on one of the largest lots in Torrance’s prestigious Country Hills tract and is in the Torrance Unified School district.

FOR MORE DETAILS AND VIRTUAL TOUR

If you would like to view this home, call Lucy Garber at (310) 293-4866 for a private showing.

New Listing – Beautiful Home in Torrance’s Country Hills

Torrance Country Hills home is for sale

Listing Price: $1,199,000

3024 Glenwood Circle, Torrance, CA 90505
Listing ID # SB19105563
2,302 sq. ft.
4 bedrooms, 3 baths
Built in 1976

This beautiful, 2-level home is cozily tucked away on a cul-de-sac in the prestigious Country Hills area of Torrance, CA. On the main level is the gorgeous formal living and dining rooms that have high ceilings, wet bar and fireplace. Views of the city, including Downtown L.A., can be enjoyed here. The kitchen has been remodeled and features a HUGE granite island and stainless appliances. From here you move into the comfortable family room, which features a floor-to-ceiling wood burning fireplace and built-in cabinets, and sliding doors that open out to the amazing yard. The yard includes a retractable awning, playhouse, a party deck with killer views and lots of fruit trees.

The private master suite has a skylight, high ceilings, walk-in closet and views of the city from its large window. The ensuite master bath features a soothing soaking tub, separate shower area and dual vanity. The bedroom and bath located on the entry level are perfect for guests or for use as an office. Other amenities include manufactured wood flooring, custom plantation shutters, newer windows, central air and heating, updated bathrooms. There is direct access to the 2-car garage, where the laundry area is located.

A house that is so beautiful, warm and inviting… this could be your new home!

If you would like to view this home, please call or text Lucy Garber (310) 293-4866.

CalBRE License #: 1100090

New Listing – Wonderful San Pedro Home

Listing Price: $699,999

827 W. 26th Street, San Pedro, CA 90731
Listing ID # SB19050470
1,428 sq.ft.
3 bedrooms, 2 baths
Built in 1924

NEW LISTING! This wonderful home is located in the desirable Palisades area of coastal San Pedro. The great floor plan features a combination living and dining room that is large and open but still retains the original charm of the house. The kitchen and full bathroom have been remodeled – the kitchen now includes quartz countertops, white cabinets, large garden window and stainless appliances and the full bathroom is HGTV-ready. The large Master suite features “wood look” tile floors that extend to the en suite bath that has a newly remodeled double-vanity. Plenty of storage space is provided by a long wall of mirrored closets. A laundry room is conveniently located in the hallway, tucked away behind a sliding barn door.

The outdoor area is a treat with its patio kitchen and BBQ entertainment area. Along with the nice yard, the space is ideal for pets, family gatherings and parties. The long driveway that leads to the 2-car, detached garage provides ample parking for many cars or even an RV. Roof and windows are newer and a tankless water heater has been installed. The ocean can be viewed from the front yard and street and you can see the fireworks on the 4th of July. You’ll want to call this house, “Home!”

If you would like to view this home, please call or text Lucy Garber (310) 293-4866.

CalBRE License #: 1100090

New Listing – Super Nice Condo in Gardena

Listing Price: $274,900

2502 Manhattan Beach Blvd # 30, Gardena, CA 90249
Listing ID # SB19050365
603 sq.ft.
Built in 1971

Great opportunity for the first time buyer! This condominium (number on the door is 31!) has a spacious floor plan with 1 bedroom, remodeled full bath and kitchen. The kitchen was remodeled in 2018 with quartz counter tops, new cabinets, stainless steel appliances and tile and the bathroom update includes a new shower/tub, tile floors and vanity. The huge bedroom can accommodate lots of furniture and the 2 large closets and space above the carport provide additional storage. A sliding door opens out to the courtyard and BBQ area. Situated within a gated community, called the Thoroughbred, which includes a pool and spa, club house and laundry room. HOA dues cover all utilities (electricity, gas, water, and trash). Conveniently located near freeways, schools and shopping.

If you would like to view this home, please call or text Lucy Garber (310) 293-4866.

CalBRE License #: 1100090