5 new buyers talk about owning a home in LA

It’s been more than a year since my husband and I bought our Craftsman home, and I’m happy to report that we don’t count ourselves among the four out of 10 millennials who regret purchasing property. (There’s plenty of time to change our mind as we spend the next 29 years paying off our house.)

For those who didn’t catch the series the first time around, here it is in a nutshell: After finding out that our family of three was becoming four, we decided to move from our tiny West Adams apartment and attempt to buy a house in LA.

We searched in South LA and the Valley and ultimately found a three-bedroom, one-bathroom house in the city of San Fernando for under $470,000.

After spending most of my adulthood as a renter, playing my own landlord has its first-world pros and cons.

Rites of passage have included installing a Nest thermostat (and discovering that our breakers are mislabeled), upgrading bathroom faucets (oh, the joys of a basin wrench), and learning to sidestep all of the creaky floorboards that might wake a napping baby.

Like many new homeowners, we’re slowly building our collection of home maintenance tools and binge-watching every HGTV renovation show. (Vintage Flip, we’re taking notes.)

Today’s shoppers face an uphill battle in their search for a new roof over their heads. The City of Angels is an incredibly pricey place to live, and while home prices dipped last month to a median $607,500, the dwindling supply of houses hasn’t stopped people from buying in LA.

Since I’ve already revealed my own journey searching for a home, I asked a handful of fellow millennial homeowners who also bought houses within the last one to two years to share their honest experiences.

Here, five Angelenos tell us what it was like for them to buy in one of the least affordable cities (at least when it comes to mortgages). Read on to find out where they bought, how they saved for their down payment, what they wish they knew about the loan and buying process, and ultimately, the burning question, “Do you regret buying a house in LA?”

Renee, South LA

Architect Renee, 29, and her husband Gray, a 31-year-old freelancer who works in sound production, bought their first home in South LA’s Chesterfield Square at the end of June 2017. The couple (along with their tuxedo cat, Ellie) moved into their Craftsman home, built in 1912, just in time to “throw an awesome Fourth of July housewarming, with no furniture or fridge, that is.”

Their house features two-and-a-half bedrooms and one bath, “perfect for our family size, plus a little room for growth,” says Renee.

What do you love about your home?

There are original built-ins and molding throughout the living room and dining room. The kitchen was reworked at some point into a more open layout, making the 100-year-old house feel very modern in flow. We love that the house has great natural ventilation and is comfortable with windows open most of the year. We also love our fireplace and our open backyard with all of its open potential.

Where did you move from and why?

My husband and I moved from Boston to LA in 2013 due to his need to be closer to the film industry and my love of the weather. We originally settled in a back house near USC, and when we started looking for our house, we knew we loved the South LA neighborhood.

If you were previously renting, approximately how much was your rent?

We had a great deal with our rent at $1,450 a month for a one-bedroom when we moved out. But we were starting to burst at the seams and weren’t able to find as good of a deal for a two-bedroom.

How did you save for your down payment?

My husband had a trust fund from his grandparents who sat him down when he was 14 and told him it was for his down payment on a house. We were very privileged to have this down payment passed down to us.

In retrospect, what do you wish you had known about the loan application?

I was surprised, actually, at how easy it was to get a loan assessment. It’s a lot of paperwork for us freelancers, but loan representatives were very helpful and turned it around very quickly. The number they say they will let you borrow is way too high, at least in our case. So I hope most people also do their own calculations to make sure they understand what their mortgage, taxes, and insurance are going to be each month.

What was the most difficult aspect of your search process?

Being an architect, I had a lot of hangups about the style of the house—I initially wanted something Spanish- or bungalow-style which was really narrowing my search perimeters—so eventually I just went with neighborhood and budget, which is much more reasonable.

Any unexpected issues during the search, loan application, or inspection process?

The inspection process was a doozy. We had at that point really thought we had found ourselves a winner, right price, great street, etc. Then the inspection came back, and it was like, you need new foundations and plumbing, and you have a serious bird and termite infestation. A few people advised us to walk away; instead we negotiated with the seller for a reduction in price. We didn’t get as much as we wanted but the compromise felt okay, and I was able to get good deals on the renovations.

What do you love about your new neighborhood?

My neighborhood, especially my street, is a close-knit community going back decades. My neighbors have been so welcoming and helpful, and it’s really been a joy getting to know them. I also love that I’m basically 30 minutes from most places in LA; you can’t beat the commute from here.

What’s the biggest lifestyle adjustment you’ve made?

It’s funny, as an architect I deal with contractors all the time. But it’s usually general contractors, and it isn’t my house. Re-learning how to properly get three bids for every project, negotiate the price, show up, and make sure the work gets done properly was the biggest adjustment we’ve had to homeownership. Since we have both rented our whole adult lives, it’s hard to get out of the mindset of, “This problem needs to get solved now.”

Lastly, any regrets?

On the one hand I wish we had bought two years earlier when the market was better. On the other hand, buying a house and making that financial decision is huge and hard on a relationship. I’m also glad we waited and gave ourselves two years to mature and be ready for the curve balls that looking for, buying, and then owning a house throws at you.

The type of Craftsman you’ll find in South LA.

Angela, South LA

Originally from Glendale, 33-year-old Angela bought a home in South LA last July. The LA native works in university fundraising and was living in Mar Vista before moving into her two-bedroom, one-bathroom Craftsman with her blind cat, Pantoufle, in tow. Her 1920s-built house includes a small den along with an unfinished detached garage with its own separate small office space.