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Old 12-01-2007, 02:20 PM
 
Location: Thousand Oaks, CA
75 posts, read 542,939 times
Reputation: 82

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Hello everybody!

I am planning to buy my first primary residence (condo) in about a year. However, I am not sure how much of my income I should spend on my housing. I hear 30-40% of your income (Gross or after taxes?) should be spent on housing to leave room for other expenses. Also, does this include the utilities/repairs for the property? Any other advice on first purchase in Los Angeles, CA?

Thanks!
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Old 12-01-2007, 04:20 PM
 
Location: Las Flores, Orange County, CA
26,338 posts, read 93,440,962 times
Reputation: 17827
Where in Los Angeles are you buying?
Where do you work?
Do you have kids?
Did you plan on buying an umbrella policy once you buy a home?
Are you going to buy a earthquake gas shutoff valve?
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Old 12-01-2007, 04:54 PM
 
Location: Working on relocating
800 posts, read 4,287,228 times
Reputation: 507
30-40% is just a guideline. Mortgage companies always want to loan you the maximum amount. I remember when I bought my first house, they wanted to approve me for a crazy amount--it was way more than I wanted to spend on a house. I prefer having only 25 percent or less of my income tied up in my mortgage. I'm almost done paying my mortgage though and I'm only 35 (married without kids).

It's best to go with what you can comfortably afford so you can have a life and not be a slave to your mortgage. Not sure this is possible for working class in Southern California though due to the high cost of housing, but with a bit of creative financing and budgeting, I'm sure you'll be fine
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