House Hunting Tips for Holmby Hills Luxury Real Estate

Finding Your Dream California Home

Everyone has a dream home that he or she wishes to have someday. Regardless of how expensive it may seem or how lofty the requirements may be, there is always a way for you to live in your dream home someday. What is important, however, is to identify the necessary steps that will help lead you towards it.

Here are some key points you will need to consider in order for you to find your dream home!

    • Find A Qualified Agent – One of the best ways to start your journey towards your dream home is talking to a trusted Beverly Hills real estate agent. If you are already eyeing some properties but are unsure if they are on the selling block, talk to an agent as some of them knows when a prime property is already being prepared to be sold soon. This way, you will get a headstart compared to other prospective buyers.
    • Beverly Hills luxury Realtor

      Get a Feel of the Market – Another valuable tip is to get a better feel of the local market. Find out how much houses in your target area were sold in the past to get an idea if the house you are eyeing is within your projected budget. You can get information from your real estate agent or a trusted friend who happens to live within the area and have ample knowledge on the local market.

    • Get Acquainted with the Neighborhood – If you happen to be really sold on a particular property and you already have the money to purchase, don’t pull the trigger just yet until you have gotten to know the neighborhood. Check out the area by walking along the streets to get a better feel of how things work within the neighborhood.
  1. Ask Questions! 
  • Familiarize yourself with the locations of key areas like restaurants, parks, and local shops, among others. Feel free to ask the locals if you have any questions. Find out about the crime rate and the noise pollution to see if you can live with them, don’t be afraid to engage with neighbors and get their input of what its like to live in that neighborhood.
  • Use Technology – Technology can be your best friend when it comes to finding and acquiring that dream home.

 

  • Download real estate apps like Rightmove and Zoopla to check the pricing, location, and other important details that may help you in your search.

 

  • Get as much Info as You Can – Lastly, if you have already identified a particular house, make sure you get all the details and information that you can about it.

Talk to the agent as well as the seller and get the answers to some of the most important questions. How many offers had the home had? How long has it been in the market? Have there been renovations in the past? If so, what are they? How long has the seller been living in the property? These are just some of the questions you need to ask.

Real Estate Properties

Another important issue refers to the well known “acceleration clause” , which is an official word met in any mortgage document, meaning that the lender, after the real estate property is sold, can demand the payment of the remaining balance for the loan. Realtors can provide more information about this contractual right. If this clause is good or bad for a real estate transaction, it is hard to say, because it has its advantages and disadvantages.

Buying a real estate property which has already a mortgage loan represents a pretty raised risk. Why? Because first of all, if the mortgage loan was contracted for many years, depending on the interest’s rate, and marketplace evolution, you may come to pay the house’s price 3 times more. However, if you have experience in monitoring the market place, and find a right moment when every interest’s value drops, you could go for it. It’s kind of a gambling in this business, and Realtors, or individual real estate agents know it best.

Realtors and real estate agents are here on the real estate market, to help clients understand how they can value their houses, what should they look for when trying to sell or buy a house, how to negotiate, and how to win a real estate transaction. Some may say that buying or selling a real estate property is easy, but the fact is that pricing a house is a very difficult process. Many real estate agents, brokers, have suffered many defeats before their first good business, so do not expect their job to be an easy one.

Unfortunately, a concerning price and sales gains of these past years have determined in many cases quitting the real estate business. Many real estate agents who have seen the future preferred to do something else than real estate business. The credit market is also in a critical position, as many Realtors have observed. Mortgage values are also a result of real estate market position right now. Real estate investors have diminished their participation number to real estate auctions, as a sign they have seen it too.

The Fundamentals Of Residential Real Estate Investing- Part 2

Debt Pay down – Each month when you make that mortgage payment to the bank, a tiny portion of it is going to reduce the balance of your loan. Because of the way mortgages are structured, a normally amortizing loan has a very small amount of debt pay down at the beginning, but if you do manage to keep the loan in place for a number of years, you’ll see that as you get closer to the end of the loan term, more and more of your principle is being used to retire the debt. Of course, all this assumes that you have an amortizing loan in the first place. If you have an interest-only loan, your payments will be lower, but you won’t benefit from any loan pay down. I find that if you are planning to hold the property for 5-7 years or less, it makes sense to look at an interest-only loan, since the debt pay down you’d accrue during this time is minimal, and it can help your cash flow to have an interest-only loan, as long as interest rate adjustments upward don’t increase your payments sooner than you were expecting and ruin your cash flow.

Tax Write-Offs – For the right person, tax write-offs can be a big benefit of real estate investing. But they’re not the panacea that they’re sometimes made out to be. Individuals who are hit with the AMT (Alternative Minimum Tax), who have a lot of properties but are not real estate professionals, or who are not actively involved in their real estate investments may find that they are cut off from some of the sweetest tax breaks provided by the IRS. Even worse, investors who focus on short-term real estate deals like flips, rehabs, etc. have their income treated like EARNED INCOME.

The short term capital gains tax rate that they pay is just the same (high) they’d pay if they earned the income in a W-2 job. After a lot of investors got burned in the 1980’s by the Tax Reform Act, a lot of people decided it was a bad idea to invest in real estate just for the tax breaks. If you qualify, they can be a great profit center, but in general, you should consider them the frosting on the cake, not the cake itself. Any residential real estate investing deal that stands up under the scrutiny of this fundamentals-oriented lens, should keep your real estate portfolio and your pocketbook healthy, whether the residential real estate investing market goes up, down or sideways.