Positioned perfectly for the beautiful city views, Trousdale Estates is an enclave that is an amalgamation of modernity and nature. And so if you’re thinking of buying a condo in this gorgeous part of Beverly Hills, then you’ve come to the right place! The architecture and the relaxed vibe of the neighborhood will tempt you to purchase every condominium that you set your eyes on. However, you may end up making a decision that you regret later on.
To save yourself from this trouble, read the following list of things that you should do before buying a condo in the Trousdale Estates that maximizes your experience living in Beverly Hills.
Be Aware of Your Financial Situation
One thing you can’t afford to overlook is your financial position. Whether you’re buying a property on cash or a mortgage, you must be well aware of what you can afford as well as of your investment’s impact on your long-term finances. Check your credit score before determining which mortgage option to opt for because your credit score will be significant in deciding the terms of the loan. A good score, for instance, can increase your chances of getting a loan at very low-interests rates.
When looking for a lender, don’t hesitate to compare multiple options and see which ones suit your pocket. It is always good to opt for mortgage rates that are the lowest because you will be paying it off over a long period. Other aspects to consider are the annual percentage rate and closing costs. While you’re shopping for a lender, do get a pre-approval that states that you are eligible for a loan.
Consider the Potential of Your Investment
Trousdale Estates is known for its extravagant and luxurious properties. So you will end up with more than one potential option. The key is to work closely with real estate experts and understand the market value of the condominiums you have short-listed. Sometimes purchasing a fixer-upper in a posh area ends up giving you more returns on investment than buying a condo in an average area. Therefore, do list down the future financial prospects of the condo and the area in general when signing the agreement.
Be Prepared for Unforeseen Expenses
Buying a condo in the Trousdale Estates is going to be a costly endeavor in the first place. However, if you think this is all you’ll be spending on, you’re wrong. Purchasing a home in Beverly Hills is not easy. Some costs that require preparation are:
- Maintenance and inspection costs
- Down payment
- Closing costs
- Earnest money
- Property taxes
- Homeowners insurance
- Furniture and finishing
Verify the Listing Information
A listed condo may seem like the ultimate dream home from its description until you go check it out in person. And even when things may appear to be in place, you must verify that everything listed is correct. Be clear about what amenities and items you get to keep with the purchase and which ones the seller takes away. The pool table, for instance, that attracted you may not be a part of the final deal.
Also ensure that the renovations and essential maintenance measures have been taken, for example:
- Repairs and replacements of basic electrical appliances
- Inspection for any insect or mold infestations
- Fixation of electrical wiring and plumbing issues
Overlook Superficial Details
Most homebuyers tend to make the purchase decision by envisioning themselves living inside the condo they wish to buy. This is a good thing to do since it helps to figure out whether the property is suitable for the lifestyle of your family. But, at times, clinging on to superficial details can prevent you from buying a condo that has tremendous potential. Learn to see past the clutter, wall paints, and even the furniture in case you plan on personalizing the condo later. You will regret turning down a great property that fulfills all the criteria just because it had carpeting that you could’ve easily changed.
Hire a Real Estate Agent in Trousdale Estates
If you’re buying a condo in Trousdale Estates for the first time, you must be aware of the history of the areas and its unique qualities. An experienced and reliable agent will not only have extensive knowledge about the area but also know all the brilliant condominium buying options in the neighborhood. Pezzini Luxury Homes is a leading real estate company in Los Angeles with a history of successful sales. The expert agents will help you understand the home buying process and assist you in closing a remarkable deal!