You’ve decided to settle in Los Angeles, and that’s amazing. However, even though people are excited about such decisions, they bring several worries they need to think about. Buying your first home can be stressful, especially if you don’t have a lot of experience with real estate. That’s why we wanted to make it easier for you and prepare you for the buying process. Here’s everything you should know about buying your first home in LA and settling down in one of the most popular places on the planet.
Should you buy your first home in LA?
Purchasing such an expensive property comes with a level of doubt. However, you shouldn’t worry when buying a home in LA. This will surely be an excellent investment, as there is a massive demand for homes in this area. Furthermore, moving to LA means you can expect positive changes to your lifestyle, as you will be moving to one of the hottest places in the country.
Sort out your budget first
One of the things you need to know when buying a home is your budget. Contact your financial institution and do all the necessary checks on what kind of home you can afford. However, when buying your first home in LA, you can expect that financial institutions take a closer look at your employment status. This means you need to have a steady income for at least two years before you decide to purchase a property. That’s why if you’re planning to settle down in LA, be sure not to quit your current job, become self-employed, etc. Any change in your employment status might cause complications with your payment system.
Expect to pay Mello-Roos
When buying a home in California, you can expect that you might have to pay Mello-Roos taxes. These taxes apply to new districts and help them finance various infrastructure projects, improvements of parks, schools, etc. Homeowners within those districts have to pay this tax, so be sure to check that with your agents. Even though this can be an unpleasant surprise and burden to your budget, this money will surely be put to the best use and improve the lifestyle of locals, including your family.
One agent can represent both buyer and seller
In California, you can expect to have dual agency throughout your buying process. This means that a single agent can represent both buyer and seller. It can be very cost-effective and convenient. However, the agent may find it hard to achieve what’s best for both parties – with you being the one who won’t get a better deal.
You (don’t) need an attorney
In the Los Angeles real estate market, you don’t need to hire a real estate attorney to help you with closing. However, when buying your first home in LA, this might be necessary. If you don’t have much experience with the buying process, it’s good to have someone help you out.
You can expect a detailed description of the house
Seller disclosures in Los Angeles are regulated by law in detail. It means that sellers should list everything they know about the house’s condition. As the city is located in an area with a higher risk of natural disasters, this information is invaluable. You can expect various details in the seller’s disclosure:
- problems with electricity or the heating system
- damage in the roof or foundation area
- traces of natural hazards in any part of the property
- presence of mold or radon
- any legal issues related to the house.
These pieces of information should be carefully listed in the seller’s disclosure, but you can also talk to your agent about this. They are required to disclose any information they have on the house. Gathering these details about a home you like can affect your decision, help you make future renovation plans, etc.
Buying process comes with moving
Apart from dealing with the buying process, you also need to plan your move as soon as possible. The careful and on-time organization will ensure you relocate without any additional challenges and stress.
Schedule your move on time
Once you make the purchase final, it’s time to schedule your moving date. Do this as early as possible, so you can start preparing for the big day on time. Contact a couple of moving companies so you can get details on your move, as well as estimates. It will give you a better insight into the services and costs you can expect when moving to LA so that you can choose a better deal.
Pack items by categories and let pros assist you
Packing for the move is undoubtedly stressful for all families. However, people often have trouble with more oversized items such as furniture pieces or bulky instruments than smaller objects. You can pack and transport smaller items on your own. However, when it comes to furniture, it’s best you have all the pieces transported in no time by professionals. It will save you a lot of time and energy. More importantly, it will minimize the risk of you getting hurt due to incorrect lifting techniques.
Plan where all the items will go
Another great thing to do when moving house is to compare old and new home floor plans. It will help you organize bulky items even before they arrive. Measure everything and tell your movers where to put every item. You can do the same thing with moving boxes. Just label them correctly – write what’s inside and which room each box should go to. Having your items sorted out this way will make the unpacking process a lot easier and faster.
Los Angeles welcomes you
Even though homes tend to be expensive in LA, there’s a good reason for it. It is an attractive location with almost 4 million residents. You can expect the diversity of cultures, fantastic cuisine, nightlife, and job opportunities. And this is why you shouldn’t hesitate but go for buying your first home in LA.