You are a buyer who has been waiting for that perfect Los Angeles home to come along for a while now. You have specific criteria and cannot see past those:
- You want a specific neighborhood.
- You need a specific number of bedrooms and bathrooms.
- The place has to be move-in ready.
- You want a specific floor.
- The parking situation does not meet your requirements.
- You don’t want to pay more than $X.
In this market, with very little inventory matching your criteria, it’s time to get creative. Yes, you can continue waiting, but there are a number of other people looking for the same thing so maybe you can head them off at the pass. What are you prepared to really do to end up with a home you will end up loving?
- Why are you stuck on a certain neighborhood? Is it because of the schools or the walkability? Check out other areas with good schools. And as far as walkability goes, you can always drive to a walkable area. Walkable areas in Los Angeles tend to be more congested and you may not get the space or views you are looking for at a price you are comfortable with. What is more important?
- If you are buying a house, investigate the ability to add on, both in terms of availability of space and planning permission. If you are buying a condo there may not be much you can do about the number of bedrooms and bathrooms. but there maybe a den area you could work with to use as an office or space for those pesky visitors.
- You want to be on the top floor. Maybe because you don’t want people stomping around above you. Maybe the condo building you are investigating is very well insulated. Maybe you can insulate the unit yourself. So maybe you can live with not being on the top floor.
- You find a place that needs work. It is definitely not up to your move-in ready standards. But hopefully it is priced accordingly. Bring along a contractor to see how much it would cost to bring it up to your standards. You may even enjoy the project of designing your own home.
- The house you are buying may not have a garage. You want covered parking. Maybe the garage was converted and you can convert it back. Can you build a carport? If there is not enough parking on the property does the area have sufficient parking? Can you get permits?
- If you are stuck on a particular price then you will need to really understand what you are going to be able to get for that amount. Set your expectations accordingly. There are no deals in this market. You really do get what you pay, and sometimes, overpay for.
If you find a property which meets some of your criteria, really take a look to see if you can make it work. Get creative!
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