When it comes to buying a home, location matters. Areas that are considered highly desirable tend to be areas that provide a high standard of living, and there are few locations where this rule of thumb is more aptly demonstrated than the state of California. Southern California is a place people want to be, and for good reason. It has a lot to offer, and its popularity has had a dramatic impact on the state’s housing market. Home purchasing tips for buyers looking to settle in the sunshine state are slightly different than tips for buyers looking in other locales because there are more considerations and variables that need to be taken into account with California property, especially in a county as big and diverse as LA. Familiarize yourself with the LA freeway system and find out which cities are most likely to be a good fit for you.
No two parts of LA are exactly alike. Buying a house in Beverly Hills isn’t going to be the same experience as buying a house in Long Beach or Venice or the LA Valley area. Learning about your target location is crucial. Spend some time in and around your desired locale before deciding to purchase a home there and get a true feel for it.
Cost
Luxury property in Los Angeles can boast some pretty large price tags, but it is good value because of the incredible amenities that you can enjoy. Median cost for a single-family residence 1100-1400 square feet in size is 650,000. Downgrading to a condo cuts around 100,000 dollars off the asking price, but in a lot of areas, living in a condo comes with significant monthly HOA fees.
If you need more room, 2000 square feet of LA indoor living space runs right around 880,000 dollars. That means the average LA home costs about 440 dollars per square foot. Perhaps one of the best home buying tips for a future LA resident is to make sure that they are financially prepared. Consult with your financial institution ahead of time to be sure of what your budget is. Research prices in your desired location and create a budget that would make home ownership feasible. Make sure you can obtain financing and secure a mortgage rate that won’t eat up your entire paycheck. The California Federal Housing Authority is a valuable source of information for first time buyers in the state and offers programs that can help you secure your ideal luxury property.
Wants and Needs
You should have a clear idea of what you are looking for before you begin your home search. In LA, it’s important to keep in mind things like traffic, availability of public transit, and how long ago the majority of the residences in a given area were built. You may not be able to find everything you want in a home and in a location, therefore it is a good idea to narrow your list of wants down to ten must haves and go from there.
Professional Help
While online apps are great resources, it isn’t recommended for first time home buyers in LA to try to do it all on their own. A real estate agent is a professional, and they have knowledge and training that the rest of us don’t. Using a real estate agent is the best way to ensure you get the most for your money and streamline a process that can be stressful and confusing. Your agent will be able to provide you with information that online aps can’t and are familiar with the more complicated aspects of purchasing a home. Don’t try to do it all on your own. Enlist the pros. You won’t regret it. The luxury real estate market requires the assistance of a real estate agent that is a specialist in this specific segment.
Don’t Rush
When buying a home, the last thing you want to do is hurry. Rushing can result in making a poor decision and having to live with or in that decision for the long haul. In LA, when it comes to making a home purchase, time really is on your side. The housing bubble and the housing crisis that followed the great recession are still impacting the market, and the state of the nation’s economy has turned the real estate sector into a buyer’s market. Because property values in the state of California are relatively steady and relatively high when compared to most other states, homes tend to stay on the market a little longer. It’s always better to make a rational, informed decision, so take the necessary time to consider all aspects of your purchase before you move forward with it.
A qualified agent with years of experience in the luxury real estate market can help you find your ideal home. When you’re ready to start looking, connect with us today. We’re happy to help!
