7 Tips for Buying a Property in Los Angeles

With close to four million residents, Los Angeles is known as the cultural, commercial, and financial sector of Southern California. Commonly referred to as the City of Angels, LA is home to a wide array of beaches, iconic landmarks, and sunny skies.

If you’re thinking about making the move to Los Angeles, it’s important that you take the right steps towards fulfilling the American Dream of homeownership. To help get you started, here are 7 tips for buying a property in LA.

Talk to a Lender

Before you begin the process of purchasing a home in LA, your first port of call will be to talk to a lender. If you don’t already have a lender, your realtor can help provide you with recommendations. Engaging with a professional who has a solid understanding of the Los Angeles market will make sure that you complete a successful real estate deal.

Find a Realtor

Once you have spoken to a lender, you will need to find a realtor who can help you buy your LA property. The role of a realtor is to assist you through the complete buying and selling process, giving you practical tips such as price advice, as well as how to negotiate a price that both the buyer and seller agree on. A realtor will also ensure that all documents are up to date and submitted on time.

Define Your Criteria

Once you have spoken to a lender and found a realtor, the next step is to have a sit down and define your criteria. As Los Angeles is a big city, you will have tons of options to pick from, so deciding on what is most important to you can help narrow your list down. There are numerous factors to consider such as location, lifestyle, schools, and the type of property you’re after. Once you’ve taken all these factors into account, you will have a much better chance of finding a home that suits your needs.

Start Your Search

Once you’ve created a list of criteria, you will need to have your financing in order. Your realtor will work alongside you to find homes that you may be interested in. If you want to really take your time and view many properties, you will need to find temporary accommodation. Blueground offers furnished apartments in LA, located in some of the most sought after areas, giving you a home base that you can use during your property search. Alternatively, if you want to forego the entire house hunt, the company can provide a move-in ready home as soon as you arrive at LAX. If you choose to stay in a Blueground apartment during your time in Los Angeles, you can rent their properties for a month, a year or even longer.

Inspect the Property

Just like you would with buying a car, it’s important that you conduct a home inspection before you shell out cash on an LA property. As this could be one of the biggest purchases you will ever make, it’s only natural that you will want to get excellent value for money. Having a set of experienced eyes view and examine your new home before investing your hard-earned dollars can help put your mind at ease and give you confidence that you’re making the right decision. There are common defects that are found at home inspections that you need to be on the lookout for, such as lack of maintenance, plumbing leaks, foundation defects, and roof issues.

Make an Offer

Once you have viewed a number of properties and found one that you would like to purchase, you will need to decide on a price that you are prepared to pay. Each property has an asking price, as well as a price that the seller will accept - both of which may not be the same. To help you get the best deal on your LA home, you will need to master the art of negotiation. The last thing you want is to be naive when signing on the dotted line, so whether it’s asking for items to be included in the price, or making sure you can move in by a certain date, being confident with your approach is key.

Prepare to Move

Once your offer has been accepted and you’re given a move in date, there are several things that you need to think about. These include changing all the utilities into your name, making sure that the locks are changed on the day of close of escrow, as well as ensuring that you have insurance in place. Getting everything in order will mean you can move into your LA home without any worries or concerns.

Whether you’re close to LA, or moving states, moving to a big city can be a daunting experience. To ensure you get good value for money, make sure to take all the suggestions listed into account, helping you to find the property of your dreams.