Ladera Heights Home Buyer 12 Tips. Finding a home in Ladera Heights can be a challenge. Are you looking for a single family home? Ladera Heights is three different sections. Old Ladera east La Cienega and south Slauson Ave. New Ladera is in two section. Low west La Cienega Blvd and south Slauson Ave. Upper Ladera west La Cienega and north Slauson Ave. 12 tips when buying a home in Ladera Heights. Ladera Heights is single family dense. There are sections with condominiums and residential income properties.
Tip # 1 – Hire a Local Ethical Real Estate Agent
Ladera Heights home buyer’s goal is finding their dream home. Today’s home buyers have a lot of online resources. Examples are Zillow and Trulia. Great information for active listings. But online networks do not really know the communities. Real estate is local. Hire Realtor that knows the local real estate market. Realtor will gives current active, pending and sold listings. They know the community and have seen homes that have sold. Will be honest about what you can and cannot afford. Ladera Heights Home Buyer 12 Tips. Number one tip is getting right real estate agent.
Tip # 2 – KNOW QUALIFYING MORTGAGE AMOUNT.
As a Realtor I meet prospective buyers inquiring about purchasing a home. You will ask the prospective buyer if they have a PRE-APPROVAL from a direct lender. Unfortunately the answer will be NO. BUT they know they can qualify for this home at this asking price. THE FIRST THING a buyer should do is get a PRE-APPROVAL from a direct lender. Have lender give rates and terms on conventional financing. Then buyer will have a realistic view of their home price range and purchasing power. Ladera Heights Home Buyer 12 Tips
Tip # 3 – Home Buyer Tip Find A House You Can Afford.
There’s a general rule of thumb when it comes to buying a home. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, that there are lots of considerations beyond the home’s selling price. Include in monthly housing expenses property taxes, home insurance, energy costs, etc.
Principal & Interest:$3,837.12
Mo. Home Insurance:$333.33
Tip # 4 – GOING TO SALE EXISTING HOME AND PURCHASE NEW HOME?
The housing market has improved and sellers are planning to purchase a new home after they have sold their existing property. Contact a local Realtor get a Comparative Market Analysis of your existing home. Are you considering refinancing. Then renting existing home. Is there enough equity in the existing property to purchase a new home? Or will the new purchase require selling existing home? Are there additional monies from saving? Selling existing home requires time. Current property has to be listed and receive accepted offer from qualified buyer. After offer has been accepted home enters escrow. The escrow period can be about 30 to 45 days. If your home is currently on the market the total selling process can take a few months. Prospective buyers allow time to sale current home. Currently sellers will not accept an offer contingent on buyer selling their current home. Therefore, sell current home. Make offer on new property with liquid proceeds from current home sale. Ladera Heights Home Buyer 12 Tips
Tip # 5 – Home, Condominium, Duplex, Triplex
Tip # 6 – The School Districts
Neighborhoods with the best schools have higher home values. Parents want their children in the best schools. Even if you do not have children school districts are good indicators of property values. Checking school districts in areas of interest. Inglewood Unified School District is Ladera Heights district. Wiseburn School District on inter-district transfers.
Tip # 7 – Crime
This is a big one. Check crime rates in area of interest. Get an idea of the crime rating over time. Searching for a home check Realtor for community crime rates. Areas with high crime rate and heavy police presences have lower values than communities with low crime rates.
Tip # 8 – Homes Position
Verify if residential street or busy commuter street with heavy traffic. Ladera Heights homes are on residential wide tree-lined streets. Homes on residential streets have higher value than homes on busy commuter streets.
Tip # 9 – Planned Unit Developments Dues, Fees and Special Assessment
Purchasing a Plan Unit Development (condos, townhouses, lofts) have monthly homeowner association dues. Generally, these fees are due monthly. Verify the homeowners associations month dues. Verify association reserves. Complexes with high reserves in good standing. Verify if there are any special assessments or law sues against association. Verify what are included in HOAs , gardening, landscaping, pool spa and or tennis maintenance, insurance and etc. Have a clear understanding with written verification. Ladera Heights condominium built in 1950’s and 1960’s. Majority of condominiums are apartment building conversions. Townhouses on Fairview Blvd are not conversions. Ladera Heights Home Buyer 12 Tips.
Tip # 10 – Fixer-Upper
Ladera Heights home buyers if you buy a fixer-upper know the cost to get the home up to your standards. What are the repairs cosmetic or major repair/replacements? The home or condo may be in the most desirable location. Have a professional inspection of roof, plumbing, electrical, chimney and etc. Shop contractors for estimated costs for replacement items including labor. Request referral from all contractors. What may appear to be a simple cosmetic job in the kitchen may end up being a home renovation. What are the costs involved to get the home up to snuff. Cosmetic repairs/replacements maybe $10,000.00 to $30,000.00. On the other hand, major replacements like roof, plumbing or foundation can run in the tens of thousand dollars. Do your homework. Add home’s purchase price plus repair costs. Calculate the total purchase price with repair/replacement costs if value is current market or over market values? Cosmetics repairs and renovation takes money, time and energy. Compare fixer home price plus repairs to homes in standard condition. Compare to renovated homes.The fixer maybe a great deal. On the other hand, the total price maybe discouraging.Get out your calculator.
Tip # 11 – Will Home Hold Value?
The “Great Recession” saw a decrease in property values of approximately 20% to 40%. 2013. Ladera Heights real estate has seen a leveling and appreciation in values. In 2013-2014 the real estate market rebounded. The market maybe depressed or strong. Ask yourself, what will happen to the values if the market changes tomorrow? The real estate market is up and down.Purchasing real estate is a long term investment. Average time frame is 7 to 10 years. Have your Realtor give you a snap shot of property values in last seven to ten years. A good real estate agent familiar with your neighborhood can supply statistical information needed. As a homeowner find ways to add value to the property. As time goes by homeowners may have to replace items (roof, plumbing, electrical and etc). Remodeled kitchens and bathrooms translate to higher values. Marina Del Rey Home Buyers 12 Tips
Tip # 12 – What Matters To Home Buyers
What matters to home buyers. Start with a empty slate. Then write down the most important things you want in your new home. When searching prioritize. Ladera Heights Home Buyer 12 Tips. Finding a home is a challenge. The Ladera Heights home buyers may be first time or seasoned home buyers. 12 things buyers should know when purchasing home? These 12 things will insure an successful home purchase. It takes time and planning. First find the right Realtor. Professional Realtor that knows Ladera Heights and the real estate market. Buyers should obtain a mortgage pre approval. Once, you know your financial ability then narrow area by affordability. Note the location of home or condominium. Research the neighborhood’s crime and school ratings. Walk around the neighborhood and visit local shopping centers, parks and etc. Consider home condition. Looking for fixer, standard or remodeled home. The price tag will be higher on a renovated home vs fixer-upper. Purchasing a home takes time. Ladera Heights Home Buyer 12 Tips
Ladera Heights Home Buyer 12 Tips
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