5 Things to Know About Buying a Home in Los Angeles
When people think about moving to Los Angeles, many first thoughts that come to mind include the city’s endless sunshine, miles of beaches, movie stars, and carefree nightlife. While these aspects of the city might hold true in some neighborhoods, there’s also a whole other side to living in LA. For example, many people don’t talk about the city’s mind-numbing traffic congestion that’s arguably worse than New York City.
Some people also don’t know about LA’s many construction projects, which might mean waking up a bit earlier than expected to the sounds of loud drilling and hammering. For a first-time homebuyer who isn’t quite familiar with Los Angeles, purchasing a home in this city may be daunting.
Here are five things to know about buying a home in Los Angeles.
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Stiff Competition
When searching for your dream home in LA, you’ll soon discover that the high demand for housing is real. If you managed to find a house in a central area with few renovations needed and great amenities at a fair price, expect to compete with multiple potential homebuyers. It’s not news that LA is currently going through a housing crisis, and there’s a shortage of affordable developments.
However, even though the city continues to build new residential developments in nearly every major neighborhood, it seems this still isn’t enough to meet the overwhelming demand. If you think you’ve found your dream home, be sure to offer a bid that’s substantially higher than the asking price.
Types of Homes
Los Angeles is currently going through a development boom, which means that older homes are either being revamped or torn down in order to be rebuilt into contemporary residences. When you’re searching for homes to buy in certain neighborhoods, such as Exposition Park, South Park, Playa Vista, Venice, or Mar Vista, which are all neighborhoods experiencing an explosion of new construction, it’s not uncommon to see an older home, or even a historic structure, located next door to a brand new build.
Noise and Congestion
Even though purchasing a home near a major intersection or a soon-to-be-skyscraper might seem appealing on the surface, be prepared to hear a lot of city noise. Unless you live in a secluded neighborhood or side street, many of the city’s main roads are congested with bumper-to-bumper traffic, especially during peak hours.
Even though buying a home in development-heavy neighborhoods like Downtown Los Angeles or Playa Vista sounds like a good investment, homebuyers should also be aware that their surrounding streets might be closed down for construction for a few years, so some traffic and delays should be expected.
Choose Your Location Wisely
In a city as large as Los Angeles, it’s crucial to know which neighborhoods are central to where you need to be. If you’re looking for a home in Downtown but you work in Santa Monica, your daily commute could add up to three hours in traffic. Similarly, if you want to buy a place in Hollywood but you spend a lot of time in South LA, your commute might mean switching to three different freeways just to get to your final destination.
In Los Angeles, if your commute is under 30 minutes in traffic, then that’s considered close. Neighborhoods in the city that are popular and centrally located include Mid-City, Fairfax, and Miracle Mile. These neighborhoods are also within walking distance of many nightlife options, boutiques, and shopping amenities.
Living Near the Freeway
The city’s main freeways include the 110, 10, 101, 405, and the 5. Living near the freeway might not be as beneficial for someone who primarily takes public transit, but it would save a world of time for the average commuter who needs to drive across town.
In a city like Los Angeles, even if the freeway is only a few miles away, this might translate to an extra half hour in traffic. However, for homebuyers interested in living close to the freeway while still having transit-friendly options nearby, neighborhoods such as Downtown Los Angeles, Culver City, and Hollywood might be ideal communities to consider.