Los Angeles is an expensive city to do anything in, including buy homes. The area holds the prestigious position of the fourth highest number of renting community in the entire nation; making the number of renters in Los Angeles to be about half the entire population.
With the overwhelming number of renters, and how expensive it is to buy homes, prospective buyers might be deterred from making the real estate moves of their dream. However, it is not absolutely impossible to venture into becoming a homeowner in Los Angeles.
Condominiums are an option available to people looking to spend less money, while still getting good value for the money spent. Condos are units situated within larger building, where tenants dwell. Condo dwelling can be for anyone from the elderly retirees, to the young millennial student.
With that in mind, here are the 6 things to know before making that condo unit purchase in Los Angeles;
Your location matters
Inexperienced condo buyers might think that all condos are cut the same, and even the ones situated in busier and more accessible areas would go for the same selling price as the less swanky neighborhood condos. The location of the condo you pick should also be close to your often visited places, i.e. work, school, or other facilities. A shorter commute to and from work will cut back on the expenses incurred living in Los Angeles.
Financing
Purchasing a condo unit in LA does not differ too much from other cities’ laws in regards of financing. Just as with a single-family home, you will need to apply for a mortgage with a condo, and also be insured against damages. Homeowners insurance will suffice for this purpose, and condo insurance will make sure that your own condo unit is protected in case of disasters in the building.
Association Fees
Condo units may be more attractive for their lower rates, but eventually, homeowners will have to pay homeowners fees, which is a fee paid monthly, annually, or however the condo association deems fit. The fees are usually paid by each condo unit owner, and are mostly funnelled towards the maintenance of the building and its amenities.
Association Rules
Living in a condo unit in LA is not like single home dwelling where no one can dictate how you decorate your home and the pets you can have. Before buying a condo unit, ensure that its association board does not have rules in place which do not suit your lifestyle. Some complexes have rules that restrict noise after certain hours, pets, cars, and even grass length.
Lower Maintenance Costs
Maintenance costs and the time dedicated towards it are significantly lower in condo units when compared with other houses. Most of the damages and security detail will be covered by your homeowner fees, and usually the condo association will take care of any fixes and repairs.
Privacy
Privacy is often a matter of debate when weighing the pros versus cons of owning a condo unit. Some see having a close community relationship as a benefit, and others do not particularly like the limited allowance for privacy in condos. If privacy is something very important to you, buying a house might be a better option.
Conclusion
So if you are contemplating making a condo unit purchase in Los Angeles, you should keep these in mind, and possibly make a list weighing your pros and cons. That way, you should have better information on your options, and make a buy that suits you perfectly. If you are ready to buy your next/new condo unit in Los Angeles, look for the best real estate brokers Los Angeles to get all kinds of information about latest condo deals. If you want a luxury condo in Brentwood, you can find some popular Brentwood luxury real estate agents. Know he basics of buying a condo as mentioned in this article and make smart real estate investments.