Los Angeles is a city that changes constantly; yet one that has never lost its draw for people of passion, creativity, and intellect. Everyone who has lived in the City of Angels has a special place for it in their hearts, even if they end up moving away one day. There are many reasons to consider buying real estate in Los Angeles: here are five of the best.
Be Smarter with Your Money
Rent is sky high in LA, and every dime you feed to a landlord is money you lose forever. You can put that same payment towards a mortgage on a home of your own and get it paid off in record time. In LA there are no tax advantages to renting, but you get a break if you’re carrying a mortgage. Yes, you must pay for maintenance and repairs yourself if you own your own home; but you also don’t have to wait for a landlord’s convenience before it gets done. Best of all, you’ll never worry about rising rent again.
You Might Get Free Money
California has programs available for the first time home buyers. The LA County Development Authority and the Southern California Home Financing Authority work together to give grants for down payments, which can help you secure the home you’ve always hoped for. They also offer great 30-year fixed interest loan rates and give first-time buyers some help with closing costs. This is a deal you can’t find in every city, which means it could be worth your while to look at real estate in Los Angeles.
Stay in Control
Once you buy a home, you are in charge. You don’t have to ask someone before you can paint or change the landscaping. You don’t have to argue with anyone about which cable or internet provider to use. When you want to convert one of the bedrooms into an office, you can do that without worrying that a landlord will be on your case. If you’d like to get a dog or three, that’s ok, too. Once you buy, you are in control.
Los Angeles Is Becoming a Business City
In the past, many people visited Los Angeles for tourism or to study. A lot of the people coming in and out weren’t there for long, and the real estate market reflected that transience. In recent years, however, Los Angeles has been establishing itself as a real business hub. This attracts more long-term residents as work opportunities expand.
This influx has led to more and better housing options, but also to increased rental property prices. There are neighborhoods in LA where $5,000 a month would be a fairly normal rent and putting that kind of money into owning your own home puts you ahead of that pack in every respect.
Owning Real Estate in Los Angeles Is Emotionally Fulfilling
There are many economic reasons to buy a home, but when going over all the financials it’s easy to miss the more compelling and powerful reasons to buy a home: the emotional ones. Having your own home means stability. Even if the house isn’t perfect (and what house ever is absolutely perfect?), you never have to worry about rent going up or your landlord taking back the property because he or she needs it.
You’ll also have the peace that comes from knowing a place is really your own and that you have complete control over style and renovations. It’s impossible to express how fulfilling and relaxing it is emotionally to own your own home, you have to feel it for yourself.
Without the right support and guidance, buying a home can be very stressful. To find your dream property with minimal stress, give Teresa Mack a call and find out what options are available to you right now and make sure everything goes smoothly!