The LA housing market is unique in many ways. The market is competitive, so any potential buyer should be ready for a bidding war or for negotiations. In addition, those who are new to the area may be in for a shock, in terms of housing prices. $500,000 won’t get the same home in LA, as it might in a Midwest city. The good news is there is a wide array of housing styles in LA, so nearly anyone can find the style they want. For tips on buying a house in Los Angeles, read on.
Prioritize
Whether neighborhood, price, or other features are most important, it helps if buyers make a list. Don’t expect to find a dream home on a limited budget. By prioritizing the most important features at the top of the list, it is possible to find a home with some of the most necessary features. For those who have difficulty getting around, layout may be the most important feature. For those who like a Spanish style, concentrating on stucco homes may be desirable. Every buyer will have a different set of priorities. Remember, features like upgraded cabinets, granite counter tops, and custom built showers can be added at a later date.
Be Realistic
Buyers won’t find their dream home in LA, with a modest budget. But, a home with a good foundation and structure can be turned into a dream home. Try to have a vision for what could be, when looking at each property. If neighborhood is important, it may be necessary to look for a smaller home that will fit the budget. Consider if a smaller home can have a sun room or enclosed patio, for additional living space.
Think About Future Needs
Whether looking for a home to retire in or a first home to raise a family in, keep future plans in mind. Older couples and retirees may want to consider how easy it will be to get around as they grow older. Families will want to look for a home with some space to grow into.
Negotiating
In Los Angeles, it’s not uncommon for potential buyers to become engaged in bidding wars. Set a maximum price and don’t stray from it. There will be other homes to bid on. Be prepared for tough negotiations, if not bidding wars. Banks and sellers know what their homes are worth and will try to get as close to that price as possible. Those who are nearing the absolute top of the budget may do better by finding a home with a lower price tag, which allows more room for negotiations.
