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Should we buy a home in Los Angeles in 2010?
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2009 Nov 5, 8:11am 12,665 views 55 comments
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elliemae
2009 Nov 15, 3:19am
The economy is a bitch right now, but I think future employers will have some compassion. Especially if that employer is well known in the community. The insurance thing is scary, and I won't pull out my soapbox (you're welcome). But she needs to get more insurance within 63 days or risk having a pre-existing condition that will affect her for years to come.
Yet another reason to untether health insurance from jobs. Now they're getting married (possibly very very quickly) to make sure she's covered...
4X, why not take whats being offered eh? They keep extending benefits and CA will be taking what, 10% more out of his income for the next few months too.
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My fiance and I are both 29... soon to be 30. Getting married in a June 2010. (Paying for it all ourselves... and have the savings to do it).
After the wedding... not factoring in any cash gifts... we should have about $30K left over in liquid savings.. and another $40K in 401K accounts).
Our combined incomes will be just under $150K, both are college educated, with hopefully our highest income earning years ahead of us... I work in the entertainment industry, she works in insurance. Both have had steady jobs for over 4 years.
We currently rent a 600 sq ft 1 bedroom in Hollywood for $1250.
We want a house in the Valley... And what we want is a minimum of a 3bed/2bath 1800+ sq feet with pool/decent yard for a dog and outdoor BBQs. Also the trickiest part is a good school district where we don't have to send our future kids to private school. Also an under hour commute to Hollywood area for work would be nice.
We've seen homes for between $450-$550... that match most if not all these criteria. Not a huge selection though. It's still scary to spend nearly a half a million on a home. We obviously won't have enough for a 20% downpayment on such a home for another 2-3 years. So an FHA 3.5% loan would be the way we'd most likely go...
I've calculated buying in 2010 would return us nearly $30K over the next two years in tax refunds.
Also... do you think it'd be better to buy in slow season of winter 2010? vs. waiting until after the wedding and buying in 2010-2011 slow season when the $8000K credit may be gone?