6 Mistakes Everyone Makes When Buying a House in and Around Torrance, CA
1. Not Hiring a Great Real Estate Agent
In California, there are currently more people looking to buy a home than homes available. Therefore, it can be extremely hard to beat out the competition and find a beautiful property. Many buyers believe they can do so without the help of a real estate agent, but this isn’t always true. If you don’t have a lot of experience in the property market, you might not know what kind of offer to make, or you might accidentally buy a home that is not in good condition.
As a result, you could lose a lot of money and time. To prevent this, you should get in touch with a competent agent like Teresa Mack, who has been working in the local area for many years. Your realtor can help you put together a compelling offer, and they can also alert you to new homes on the market, often before they are available to the general public. This drastically increases your chances of finding what you’re looking for.
2. Waiting to Buy
Some people wait to buy their property because they believe that the market will crash and they will be able to purchase their home at a better price. However, California has been experiencing a seller’s market for decades, during which properties have risen in value continuously. If you wait to buy, you might miss your chance, since the price of real estate often rises faster than the general inflation rate.
Instead of timing the market, you should speak to your real estate agent about the best deals currently available. While most homes are expensive, there are always bargains available, especially in up-and-coming areas. You can also reduce the price of your home by getting a low-interest mortgage rate and negotiating with the buyer. Your realtor can help you with this.
3. Buying in the Wrong Neighborhood
Such a buyer should consider a more central location such as downtown LA. A good realtor can help you decide which neighborhood is best for you and thereby narrow down your search. This can make it much easier for you to find appropriate homes since you won’t be viewing properties in neighborhoods that are not a good fit for you.
4. Neglecting Due Diligence
In addition to a structural inspection, you might want to have a pest inspection, since there are homes in California that suffer from ants, termites, cockroaches, and rodents. If you find that there is a problem with the home, you might have to have additional inspections performed. Once you have all the information you need, you can decide whether it’s worth purchasing the property or whether the repairs will be too expensive.
5. Getting Distracted By Flashy Elements
The reason why some people buy a home that is not in good condition is that they get distracted by flashy elements such as a pool, beautiful decor, or a manicured garden. Many real estate agents in the area are very good at making homes beautiful for viewings, but you shouldn’t only consider the way the property looks right now.
Remember, you can change most elements once you own the place, so a fixer-upper could be just as nice to live in as a put-together house. In fact, buying a less well-presented home can sometimes be an excellent choice because it might cost up to 20% less than a home that has been upgraded before the sale. Together with your realtor, you should look at various kinds of properties and discuss the advantages and disadvantages of each.
6. Forgetting About Additional Costs of Home Ownership
You can’t spend all the money you’ve saved up on buying your home because there are additional costs associated with purchasing and running a home. When you buy the house, you’ll need to pay for various items such as the appraisal, the inspections, the taxes, and the insurance. There will also be charges for the title and escrow.
Once you’ve moved in, you’ll have some ongoing costs, which include your bills, insurance premiums, and property taxes. Many homeowners benefit from extremely low taxes because of Proposition 13, which limits the annual increases, but this won’t apply to you at first because you’ll be a brand-new owner. Therefore, you’ll pay the full taxes until your home has increased in value, at which time you can start to benefit from Proposition 13.