Since I will be spending a few more years in LA plus my brother is moving over for school, my parents are considering getting a cheap condo and I will just pay them rent.
Good news for me because rent has been hefty for me and it makes more sense to buy one for the long run. I rather spend money on green fees.
However, I know NOTHING about buying properties, please forgive me.
I am looking at a small studio apartment in Downtown LA which costs about $130k. Nothing luxury or fancy.
Besides that $130k, what other tax & expenses do I need to spend? What's the estimate total damage on my wallet?
I heard down payment is usually 30%. What are the financing options and interest rate? (But I will probably pay all at once)
Thanks a lot!