The breathtaking architectural marvels and scenic views in the Beverly Hills can be yours, but for a hefty sum. Buying a Beverly Hills condo requires massive investment! If it’s your first time buying a property, you may likely end up purchasing a home for more than it’s worth.
Real estate experts often suggest buying a home in Beverly Hills Flats when the prices are low. During summers, for instance, many families tend to purchase houses because it’s easier to move during holidays and so the market prices go high. By the year-end, these high prices usually start to come down and may also go below the average selling rates. Not sure what we’re talking about? Continue reading this article to learn the reasons why you should consider buying a property before the year-end.
Not many first-time homebuyers know that buying a property before the end of a year can minimize their tax liability. Closing a deal before or on 31st December makes you eligible for the deduction on tax-related to mortgage – such as property taxes, interest points, mortgages interest, etc. This helps in reducing your taxable income significantly and enabling you to save hundreds of dollars. These incentives mostly benefit the self-employed buyers or those who lie in a higher tax bracket looking for any possible tax deduction.
Builders Are Looking for Buyers
Builders who wish to meet their quotas will want to sell the newly built homes in Beverly Hills quickly. To do this, they may use marketing strategies such as giving complimentary amenities, little extras or even offer upgrades. Their desperation to sell the houses before the year-end is an opportunity for you to capitalize on and buy a home at a great price.
The Sellers Are Motivated to Sell Fast
Like most neighborhoods in Beverly Hills, winter is the most unfavorable season to shift homes in the Beverly Hills Flats. Additionally, with Christmas around the corner, people are not comfortable relocating or making major purchases and so generally postpone their property buying plans. For property owners, this means that the demand in the market reduces.
Even though this isn’t the best time of the year for the sellers, it can be a brilliant opportunity for you to buy properties at very reasonable prices. Sellers who want to benefit from tax savings on their next purchase tend to sell their properties quickly at lower bids. Also, you will have an increased negotiating power because the buyers’ pool will be smaller. There is a highlight likelihood that the motivated sellers may become desperate and settle for deals that they would never have in times when the demand was high.
It is Easy to Move
One of the greatest concerns when shifting to a new house is the amount of time and effort that goes into moving. The end-of-the-year house purchases are advantageous because the moving companies are easier to contact and book at short notices by year-end. Otherwise, during summers, booking a moving company can be a headache, and you will be required to inform them six to eight weeks before you move. But in winters, a couple of weeks’ notice will suffice.
Competitive Moving Prices
When the real estate market slows down at the end of the year, it also impacts the moving prices. Because the moving companies are relatively free, they may pitch discounted offers to attract customers. In comparison, during the busier periods of the year, the moving prices also rise considerably. This becomes a burden on your finances, especially after you’ve spent so much money on the purchase of the house.
Even if you don’t intend to move to a different home, you can choose to invest smartly. By buying a home in Beverly Hills Flats before the year-end, you will likely land an incredible deal on a beautiful house or apartment which you can turn into a rental property. The loan that you take to purchase the house can be paid back through the rental income that you generate by leasing your property.
Are you thinking of buying a home in Beverly Hills Flats or near the Beverly Hills neighborhood? If yes, then contact the Pezzini Luxury Homes right away! The leading real estate company in Los Angeles has helped in closing successful deals and gained a reputation over time. Dial 1-310-275-2076, or click here to get in touch with an expert agent near you.