So you’re ready to buy a home in Los Angeles. After many months of searching and saving enough money to afford the house of your dreams, you are finally ready.
That’s good and all, but have you thought about the kind of property that you want to buy?
With LA being a sprawling megapolis with many different types of properties, it is very easy to get confused as to what kind of home you’d like to live in. With that case in mind, let’s help you get that dream house of yours.
Checking your Budget
You’ve already established your need to buy a house. But since we’re going to decide on the kind of house that is right for you, you’ll need to rethink your budget once again. Also, buying a house in LA is no laughing matter. The city is notorious for selling the most expensive property known to man.
In fact, LA County’s median price was 650,000 for a single-family home while a condo would fetch up to $530,000. These prices are from November of 2020, so you can just imagine how much it’d cost people to buy homes in Los Angeles now.
Keep in mind that this is not to threaten you into buying a home in Los Angeles. This is simply to educate and to give people a good perspective on how much preparation and money you need to prepare for in buying a home in Los Angeles.
What Kind of Homes can I Buy in LA?
Once you’ve already determined and prepared your budget, it’s time to have a look at the kind of homes that you can buy in Los Angeles:
Duplexes/Triplexes – A property with more than one self-contained unit, this house usually has its own kitchen and bathroom. These houses are often quick to disappear since they are always snapped at once by investors. However, these homes are good options for buyers who want to buy homes with an extended family in mind. This property is also a good option for those who want to take on a renter who can help pay for the mortgage.
Single-family Homes – The classic American-style house that just sits there on its own in its own plot of land. There’s also the option of adding a white picket fence and a pool. Of course, those are sold separately!
Condos – Now we come to the more luxurious type of home. The condo is basically an apartment that you can buy. Unlike the single-family homes, the condo building and the land beneath where it stands are co-owned by everyone who each bought a unit. The amenities and upkeep of the condo are paid for by a homeowner’s association, which is funded through monthly fees paid by the residents of the condo.
Townhomes – Townhomes are often attached to neighboring units. These houses offer the space and feel of a single-family home, but they function more like condos. Residents share the ownership of the land around the homes while paying for the monthly homeowner dues.
Small-lot homes – A unique type of home that can only be seen in LA, the small-lot home look like townhouses from a distance, but they are actually more similar in function with the single-family home. The unit in small-lot homes do not touch and each unit sits on a tiny piece of land. In fact, the land is barely any larger than the small-lot home unit itself!
Co-ops – Co-ops are still around in LA, but not nearly as much compared in other cities, like New York. These units are similar to condos, except that buyers don’t technically own their units. Instead, what the buyers own are shares in an association that are run by a very powerful board that often vets potential residents.
Vacant Lots – Finally, you have vacant lots. It is possible to buy land and then build your very own house in Los Angeles, but there are rules and permits that you have to check and follow. Also, the process of building your own house can be very costly.
Whatever kind of home you’ve decided to buy, always remember to check with an engineer on local building codes. If you’ve decided to get a co-op, a townhouse, or a condo, check in with your local homeowner’s association for more information and for help regarding issues with your unit.
As for those who managed to buy a single-family home or vacant lot, always make sure to check on building permits and regulations before you start with any construction to avoid issues.