Los Angeles is a place where everyone dreams to get a place to live. It has an amazing atmosphere, Hollywood, great beaches where one can surf, high ranking University of California Los Angeles (UCLA) and quite a lot of everyone’s favorite celebs residing there. It is one of the most luxurious cities in the world. However in the modern times buying a house is definitely a strategic measure which requires careful planning along with analysis of the real estate market in the neighborhood.
Los Angeles (City of Angels) has had a variety of trends going on when it comes to real estate. Understandably, the price of land is different in different areas of the city. The price of land varies solely because of the facilities available in the locality, ranging from millions of dollars in the central L.A. and reducing as we move out towards the suburbs. You might consider renting an option as well but the renting trends go the same way as buy a house. In fact, buying a home has a large number of benefits over renting. Firstly, the security of not being evicted and the pride in having a property of your own is remarkable and satisfactory itself. Another benefit is the increase in the value of property over time. A house that you buy today will return you in double, whatever you have spent.
Even in L.A. before you buy a house, you will have to understand your own price range and whether you can handle the down payment or not. Hiring a real estate agent helps a lot and the whole process tends to run smoothly. The realtor can handle the paperwork for everything smartly and free of discrepancies.
Let us now recognize different areas in L.A. with a variety of price ranges according to various factors. Hollywood Hills, Hollywood and Silver Lake have a median property price ranging from $671,750 to over a million dollars. The same goes for the Studio City and Echo Park. However Wilshire or Korea Town has a relatively lower pricing amounting to nearly $550,000. The Westwood, Los Feliz and Brentwood are the icing on the cake with a general price ranging above a 100,000 USD. All this price variation is due to schools, surrounding atmosphere, population, crime rate, utilities, transportation facilities etc.
In short if you buy a house in L.A. , consider yourself among those people who happen to live in the most luxurious and ‘happening’ city of the world.