A Guide To Buying Real Estate In Los Angeles You may have lived in a rented apartment in Los Angeles or are complexly new to the G...
A
Guide To Buying Real Estate In Los Angeles
You may have lived in a
rented apartment in Los Angeles or are complexly new to the Golden State and
now planning to buy a house or apartment for the accommodation of your family.
Whatever it is, you need to know some basic things about Los Angeles real estate
market before you make a home/apartment or condo buying decision. Buying a real
estate is always a daunting task and that is even truer in Los Angeles. So,
this short guide can help you make a good real estate buying decision in Los
Angeles.
Kinds
Of Homes Available in LA
Single
Family Homes: this refers to a typical American single
family home that is located in its own land with a swimming pool and a small
backyard. As the single family homes are quite costly in LA, not all single
family homes come with a pool or backyard.
Condos/Apartments:
This kind of property is large in numbers as the more and more people are
opting out to live in condos for many reasons. Condos are significantly cost
effective option. Plus, condos are located in strategic locations in major
cities and buying single family homes in those locations can be too costly for
many. Little or no maintenance work required, a good sense of community living
and modern amenities are other reasons people are opting for this kind of
accommodation or housing.
Townhomes:
These are more like small family homes but function like the same way as condo
units does. The residents of this kind of property have shared ownership and
pay monthly homeowners dues.
Small
Lot Homes: This kind of property is unit to LA. It may look like townhomes from distance but
more likely single family homes.
You can research more about
the kinds of properties available in LA
Setting
Up Your Budget For Properties In Los Angeles
The median simple-family
home value in Los Angeles is $585000. While condos are considered significantly
less expensive but the median condo price in Los Angeles is around
$500000. So, if you are targeting a
property in a city center, you should have a budget over these numbers. On the
other hand, if you have lower budget, you may have to look for residential
areas outside the major city centers. If you want to buy a condo in Los
Angeles, you can look out for lists of condo for sale in Los Angeles
to understand the quality of condos available and also to know exact prices.
Consulting real estate
agents is a good idea to have a complete understanding about a real estate
market in any given area. Where there are large real estate agents in Los
Angeles, you can go for area specific agents for better results. Say for
example, if you want to buy a condo in Santa Monica, you can consult one or
more of the real estate agents in
Santa Monica.
Down
Payment
The down payment when buying
a property in LA is 20 percent. But it
can vary slightly from place to place in LA.
Buying
Vs Renting
Finding some homes or condos
expensive in LA, you might be interested in renting instead of buying. But if
you do the math, it is always a good idea to own than renting.
