Buyers and Tellers: CONDO FITS HER BUDGET

I am a second-grade teacher. I fit these demographics: 28 to 48 years old; income: $28,000 to $48,000 a year.

The plan:

When I began house-hunting less than a year ago, my goal was to buy a city condo (Los Feliz, Hollywood, downtown) for $110,000 or less.

The agent:

Shop around. You must choose someone with whom you are to share your precious weekend hours. I spent four months surveying properties from Silver Lake to 11th and Flower. You want your agent to make the same sort of commitment.

The money man:

I did everything he told me to do. He came through as promised. He also would have lent me more money. If I’d taken him up on his offer to buy something more expensive, I’d have had exactly $7.81 monthly after my mortgage. You don’t want to buy too high, even if your lender will give it to you.

The quest:

I realized there isn’t a large inventory of condos east of La Brea Avenue. And that which exists is reduced by my budget limitations. This doesn’t mean I had no choices. I could choose:

* Views of the 5 or 101 freeways.

* Lower floors of high-rises, with views of the garage door.

* Higher floors of other high-rises--no balconies, no pets.

* The lake-view unit, with views across the balcony of the lake and, directly below the balcony, of a homeless encampment.

You have options. Prioritize.

Escrow and closing:

This will take longer than you imagined. Bank on it.

Condo peculiarities:

There is a communal concern between a condo and its homeowners’ association. Neighbors will be concerned that you not hang your Blasters album cover collection in any area of your crib where it can be seen from the street. They will be concerned about your attire, language and friends around the pool area. They will provide you with a phone-book-sized document called the codes, covenants and restrictions.

Not worth the extra bucks:

In your condo search, you’ll probably find a nice city building with previous sales in your price range.

Then you get to the unit for sale. It’s about $20,000 more. The selling agent will rave about its “totally redoneness.” You don’t want this.

A parquet floor in the kitchen? In my price range, the kitchen floor space is the size of a Saltine cracker.

The Euro kitchen is not worth the extra bucks either. Which would you rather do--cook in Euro or go there?

Worth the extra bucks:

Balcony, city lights view, proximity to the Good Luck Bar, bicycle path, girls or guys looking good wearing bike pants, a great skylight, an extra room.

Upon home purchase:

Go for the one-year home warranty. Each call you make will cost around $50. If you call a plumber, make sure he checks everything on one visit. Even if it ain’t broke.

Have your mortgage payment taken out electronically. They won’t forget, even if you do!

Use your bike path. Fall in love with your freeway view. Fall in love. You’ve got a nest now.

DARCY DIAMOND

Los Angeles